First 3 Steps To Get Rid Of Your Debt
This morning on Clay & Company, we were talking about all of the debt that we have and the strategies that we have to combat it. Some work. Some don't. Money expert, Dave Ramsey has a ton of information, but he suggests quite the process, but they boil down to ideas like this.
- Start by listing all of your debts except for your mortgage.
- Put them in order by balance from smallest to largest. All your school, credit card and car...whatever it may be. Just leave mortgage off.
- This is called the debt snowball method, you pay off one by one, but you start with the lowest one. Get one victory at a time.
START NOW. Not next month. NOW.
Do you have any other methods to cutting down your debt? What has worked for you before?