Digging Yourself Out of Debt: A 7-Step Strategy

You’ve got a list – now let it sink in. It’s going to be a bit tough from here, sure, but by setting goals, you’re allowing yourself to break the hard stuff down to manageable chunks, which you can feel good about upon completion. Start by evaluating how much money you can put in to your monthly debt repayment. Then do a rough estimate of how long it will take you to get out of debt: divide your debt by monthly repayment, and you’re going to have a better understanding of how much longer you have to bear this burden.

From there, pay off balances. Start with the highest interest rate, and then work your way down. See to it that you make the minimum payment possible for every account – aside from the one that you’re trying to get rid of first, of course.

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