Eliminate Debt Quickly and Achieve Financial Abundance

Are you desperately looking for a way to eliminate debt? I'm going to share an idea to help you pay down your credit cards, car loans and mortgage much more quickly than you ever thought possible.

Understand that financial abundance can't be attained while you're drowning in debt. You need to get it all out of your life and then keep it out.
I'm going to give you some hope in this area. When I used to be a financial planner, I helped hundreds of families eliminate debt without needing to get another loan.

What I found is that most people only pay the minimum or a little over the minimum payment on every credit card they have. If you're doing this, you'll be in debt forever.

You need to use a system that will accelerate your pay-off date. There's a method called "debt stacking" that will help you do this.

Eliminate Debt With Debt Stacking

Here's how debt stacking works:

Get out all your debt statements. I know, I know… This is already sounding terrible ;-) But, you want to be debt-free, right? Then let's get going.

First, list the names of each mortgage or car loan company and each credit card. After each name, write down your balances, minimum payments required and interest rates.

At the end of each line, write down any amount you may be paying extra (over the minimum payment required) for each debt. For example, if you have a VISA credit card that wants $50 a month from you, but you're paying $75 each time, write $25 at the end of that card's line.

If you are paying more than the minimum on two or more of your debts, add up the total of how much money you're paying extra (above and beyond the total of all your minimum payments added together).

This number is called the "acceleration amount" and is vital to how quickly you're going to eliminate debt. If your minimum payments add up to $550 but you actually pay out $800 each month, your acceleration amount is $250.

If you don't currently pay more than your minimums, you're going to need to find a way to budget an acceleration amount. If things are extremely tight for you, can you free up at least $25 over your total minimum payments each month? The debt stacking method will help you eliminate debt much more quickly than you're currently on track for even if $25 is all you can start with.

Of course, if you can free up $50, $100 or more, you'll eliminate debt much faster.

Click here for Part 2 of how to Eliminate Debt
with the Debt Stacking Method