October 10th, 2011 by admin
Jimmy has been contemplating the debt that he has accrued over the past few years and is creating a plan to eliminate this debt as quickly as possible. He has spoken to several advisors, researched online and even taken a course to learn more about debt relief. He has found that there are several ways to eliminate the debt and still be able to contribute to a savings account for his future.
The first step of Jimmy’s plan is to stop using credit and use cash where ever possible. Another part of this plan means he will pay down the debts quicker by adding a few extra dollars to each payment or if possible making an extra payment each month. Since Jimmy knows the amount he has oustanding he can create a “payment plan” to find out how long it will take to completely pay down this debt.
Another part of Jimmy’s plan is that he will not borrow money from friends or family unless absolutely necessary. This means less money readily available for those last minute purchases that are not necessary or needed.
Jimmy will also be on a weekly budget and carry very little cash money in his pocket.
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