Segment 1: How to Pay Off Debt FastSegment begins at 02:10
Are you a slave to debt? Listen as Jerry and Jennifer Robinson explain the tremendous power of the debt-stacking method to pay off debt in 5 simple steps that will lead you to debt freedom!
- Calculate the monthly amount spent on debt. Use the minimum monthly payment amount of each debt to arrive at a total. Be sure to include all of your debts (credit cards, mortgage, auto, student loans, etc.)
- Create an ordered list of those debts. Order the list with the highest interest rate loans first and descend down to the lowest interest rate loans.
- Begin repaying your highest interest loan first. Pay the minimum monthly amount on all of your debts, except the debt with the highest interest rate. Apply all of the excess cash to that debt every month until it is completely paid off. (For help in determining your personal ‘excess cash,’ see Jennifer’s time-tested strategies in the Recommended Links section below.)
- Apply the former amount to the next debt. Now that your first (and highest interest rate) debt is paid, move to the second debt on your list. But this time, apply the amount that you paid to your first debt to the minimum monthly payment of your second debt.
- Continue this process until all of your debts are paid in full. Repeat Step 4 every time you pay a new debt off. By not spreading out your monthly payments, but rather, concentrating all of your excess cash towards one debt, you will pay off all of your debt much more rapidly!
Cut the Fat: Four Ways to Stop Wasting Money
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Segment 2: The Final WordSegment begins at 33:34
Jerry closes out today’s show with the biblical view of debt (in four simple words), which is a far-removed cry from that of the American empire of debt.