The U.S. economy is driven by consumption. Unfortunately, over the past decade we have gotten used to over-consumption with the average American debt (excluding mortgages) surpassing $17,000 according to Experian, a credit reporting agency. Over 70% of the profits made by credit card companies comes from interest and penalties they charge. It is time for you to take control. Learn how to receive interest rather than pay it.
The quickest way to pay off all of your debt is to:
1. Determine what your total monthly debt payment is right now.
2. Sort your debts in the most efficient payoff order by using a system like WakeUpNow or PowerPay.org.
3. Continue to make the same total payment amount each month according to the suggested Payoff Plan.
4. As a debt gets paid off, apply those new savings to the next debt on the list and so on.
Applying an extra amount to the total monthly payment will also accelerate debt payoff even further.
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