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Living Debt Free by the Word
BELOW IS AN EXAMPLE OF HOW TO PRIORITZE YOUR DEBT PAYMENTS. THE FORMULA IS SIMPLE. JUST TAKE THE BALANCE, DIVIDED BY THE MONTHLY PAYMENT, DIVIDED BY THE INTEREST RATE TO GET YOUR PRIORITY NUMBER. PAY OFF THE LOWEST NUMBER FIRST.
AS YOU CAN SEE. THE PRIORITY NUMBER FOR THE CARD WITH A $1,000 BALANCE IS 2. SO IT IS BETTER TO PAY OFF THAT CARD FIRST. THEN YOU CAN APPLY WHAT YOU WERE PAYING ON THE PRIORITY 2 CARD ($40) AND ADD IT TO THE $65 YOU ARE PAYING ON THE $2,000 CARD NEXT FOR A TOTAL MONTHLY PAYMENT OF $105 TO APPLY TO ACCELRATE YOUR PAYOFF.
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