How to Pay Down Your Credit Cards Quickly

How to Pay Down Your Credit Cards Quickly

Quite often, people who have multiple credit cards with balances on them will pay a little bit over the minimum on each card. This is the wrong thing to do!

Think of a laser. A laser is a concentrated light, as opposed to a light bulb, which is dispersed light. While the light bulb covers a larger area, the laser does more work.

Introducing...the Kicker Fund

It's like that laser with your credit cards and credit accounts. When you focus your additional "kicker fund" on one credit card, and keep focusing on that one credit card until that one credit card is paid off...

Then you start on the next card. But now you have the "kicker fund" plus the amount you were paying on the credit card to be the NEW kicker fund for that next credit card.
Then, when your high-interest credit is paid off, then you focus your largely expanded kicker to add to your vehicle, then your home...

And almost always it ends up being

less than 7 years when that kicker fund is 10% of your take-home pay.
Your kicker fund is basically 10% of your net or take-home pay. If you take home $2,000 a month, then your kicker fund starts off at $200.

You then add that $200 to the first credit card bill payment that you want to get rid of first...

Which Credit Card Debt to Pay Off First

Figuring out which credit card bill to pay off first can be tricky if you aren't any good at math - or if you have a calculator. For each credit card

• Take the total amount of credit
• divided by the minimum payment.

Then write down that number on a piece of paper next to that credit card bill. Call that amount the Zulu amount.

Do that for each credit card.

Which credit card Zulu amount has the highest number?

That is the credit card debt you pay off first!

The next highest number, pay that credit card debt off second, and so on.

[If you're a math wiz, you'll know why - But you don't have to be a math wiz to make it work for you. That is one of the quickest ways to eliminate your credit card debt without bankruptcy.]

But...But...

Okay, okay, so you don't have an extra 10% to put on your bills? Well, that's quite a pickle to be in, huh?

If that's the case, then, unfortunately, you have to look at your prerogatives in life. Is having HBO and STARZ as necessary as having your credit cards paid off? Do you have to go out to eat twice or thrice a week?

It's really what you're comfortable giving up to have that goal that you want financially. The plan is simple, but if you don't have the kicker, then it will take you longer to get all of your credit card debt and other debt paid off.

Now, there is a debt elimination program that you might like. It actually has to do with the discharging of your credit card debt and other unsecured debt.

We have different programs that are available to you.  Depending on the program and where you are at now, you might even be able to do this without affecting your Credit Rating.  Credit Ratings are discussed more here, in case you want to know more about them and what they actually do.
Now, if you want more information, just fill in the form and submit it. We will call you for a free consultation. (And if you are qualified, then you will even get to go to a live call to have your questions answered.) 

January 13, 2019