Rapid Debt Reduction Through Our “Debt Roll-down” Plan

The average person has eight credit cards in their wallet with thousands in balances and an average interest rate of 16%.   Personal debt is escalating out of control (Source – Sound Mind Investing).

Keys to Getting Out of Debt

1. Adjust your budget so that you are living below your means.
2. Give a tithe and an offering to God on the first day of every week acknowledging that all we have comes from Him.
3. Stop all spending that is not absolutely essential.
4. Stop all new indebtedness immediately.
5. Sell all depreciating items for which you are now in debt.
6. Promise to put all extra income into debt retirement.
7. Closely examine food cost.
8. Begin to “do it yourself” instead of paying for services.
9. Set a challenging goal for retirement on a pay period basis and make all the necessary sacrifices until you are out of debt.
10. Make getting out of debt a family effort.

Debt Roll Down

1. Organize your debts from smallest to largest according to the normal payoff date.
2. Once you pay off the first debt, take that payment and apply it to the next debt.   This will rapidly reduce the time that it takes you to get out of debt and add to your growing motivation of being debt-free!