When the topic of debt comes up, more specifically, paying it off in a timely fashion so you’re not inundated with money owed and interest rates through the roof, you ultimately come to one conclusion.
You simply aren’t going to be able to get ahead.
Despite success stories to the contrary and enough “how to get out of debt” banners strung across every internet pop up ad page, you’re still of the opinion that debt is always going to just be part of your financial future, and getting out of it just isn’t possible, other than rare occurrences.
But what if paying off debt didn’t have to be a question of completely stripping down your budget and not spending another time but rather a simple understanding of how to do it effectively and expedite the process.
It’s simple: double up, and watch your debt melt away.
Now that certainly sounds like it’s easy enough, but more specifically you are going to want to make two credit card payments per month, rather than the customary one. The idea behind it is that you take debt and you not only make the required payment but continue to chip away at it with an extra payment (or two) each month.
You might be asking yourself the question how are you going to come up with that extra money? Simple: find it somewhere in your budget.
For example, if you’re currently paying $200 per month on a credit card, but want to up it to $400 to pay it off twice as fast, that extra $200 isn’t going to come out of thin air and unless you get another job and the money magically appears, you have to dig a little deeper in your expenses.
So maybe your $200 per month cable bill goes away, and all you keep is a $50 internet package and a few streaming services that turn that original total into half as much per month ($100). Now that you’ve saved $100, think of a way you can cut the budget back even more, maybe those bi weekly spa visits that are costing you $100 every other week can turn into a $100 per month affair, and there, magically, is your $200 extra dollars to put toward a credit card payment.
The great part about doubling up is you not only pay the debt off faster, but you save money on the interest that would accrue and be your responsibility with every minimum payment you make and nothing more.
Shortening the loan is key, and getting out of debt can happen with ease if you simply show the vision to double down and pay twice as much on debt by peeling back your budget and finding space to make that happen.