HOW TO PAY OFF YOUR DEBTS

Most Americans have debt. Many Americans have so much debt that they struggle to pay their bills due to the interest they are paying. Some are paying just the minimum payments. Getting out of debt is very doable; but for most it will require time and some discipline and it often requires making sacrifices. The first step toward paying off your debt is understanding your debts. First list all of your debts: credit cards, bank loans, payday loans, student loans, personal loans, medical debts, mortgages, etc. Total them: that number is your total debt. Then list the minimum monthly payments for each of these debts. Total the amounts of the minimum payments. This is your total payments. Then list the interest rates on each note from lowest to highest. –

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