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Miriam Caldwell

Weekend Challenges 2013: Get Out of Debt

By January 17, 2013

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This weekend the challenge is to set up your debt payment plan, if you haven't already. The key to really making this work is to create a way to track your goal. If you are someone that needs a visual reminder, post a big thermometer where you can mark off increments as you pay them off. If you like seeing the numbers, set up a spreadsheet. Visual reminders can really help make a difference.

To complete this challenge you need to list your debts in the order that you want to pay them off. Most people either choose smallest to largest or highest interest rate to lowest. The real trick is to find extra money each month to put towards the debt. You apply all of the extra money to the first debt on the list until is paid off. You will do this until you have paid off all of your debt. If you did the challenge last week, this should only take you a few minutes. Next week, we'll work on tightening your budget, so that you can find extra money to put towards the debt.

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