If I were in debt today, this is the method I would use to get out of debt.
I would list my account balances.
I would list my monthly minimum payments.
I would pay my minimum monthly payments.
I would then seek to accumulate as much money as possible, during the month, for additional debt repayment.
I would put this additional money towards the account with the highest
interest rate. (This breaks with the technique that I actually used. I paid
my debts off lowest balance to highest balance. Now that I am more
disciplined, I would use the highest interest method. Either method
works. I would not get bogged down in the method. I would get started!)
I would search for lower rates for all of my debts.
I would seek to lower my credit card rates by searching for lower-rate cards, and calling my credit card companies and asking for lower-rates.
I would analyze the benefits of refinancing my automobile loans.
I would be very, very diligent.
I would look for any opportunity that I could find to make or save money.
I would use every extra dollar for debt repayment.
I would not use my credit cards.
I would sell items that I did not need.
I would get out of debt as quick as I could, using every tool available to me.
I would not use a home equity loan.
I would not use a credit counseling service.
I would focus my “mental, physical, emotional and spiritual” energies towards my debt repayment plan.
I would be determined.
I would use online bill pay to eliminate postal error.
I would not give my checking account information to my creditors.
I would eliminate unnecessary spending.
I would eliminate frivolous spending.
I would not pay attention to what my friends or neighbors were saying or buying.
I would not try to keep up appearances.
I would talk to my wife, every single day, about how much I loved her, and how awesome it was going to be when we were debt free.
I would continue to tithe.
I would contribute to my retirement account, but only the amount that received a match from employer.
I would read as many personal finance blogs as I could find!