Welcome to the Debt Diet eCourse. This five-week course will take you using debt to satisfy your wants and needs to getting started with a get-out-of-debt plan. You won't pay off your debt five weeks, but you'll have a foundation in place to get rid of your debt for good.
Debt Repayment in Action
You have a lot of the hard work out of the way. You've worked on getting rid of your bad debt habits. You've decided how you're going to pay your debt (or at least started thinking about it). Now, it's time to put your plan into action. Make sure you adjust your monthly budget to account for your new debt payments. Use a debt tracker to measure your progress paying off your debt. Keep these things in mind as you pay on your debt.
A debt snowball is a method you would use to knock out smaller debts first. For example, you'd pay off a $200 credit card balance before tackling a $2,000 credit card balance, regardless of the interest rate. It's called snowball because you build momentum as those smaller debts are eliminated.
If you want to get out of debt, there are some bad habits you have to get rid of first, like justifying purchases you want by calling them "needs." Putting your financial decisions in perspective will help you get out of debt and stay out.
Be careful about accruing new debt while you're trying to pay off your current debt. It will only slow down your debt repayment progress. Instead, go to a cash-only spending plan and save up for large purchases like electronics and new furniture.
As you're paying off your debt, you may be tempted to take some options that seem easier. But, these choices could hurt you in the long run.
As you continue paying off your debt, visit the Reducing Debt section to get help and tips on making your way out of debt.