Working towards eliminating debt

Pay off credit cards for good!

Dream of being debt free? Well you are certainly not alone. While the american household debt has gone down since 2008 there are still many ways we can work toward financial freedom. First, establish a budget. Second, Save. Third, Eliminate Debt.
The average credit cardholder has 3.5 cards according to the Federal Reserve Bank of Boston. If you have balances on two or more credit cards, use the rollover formula to pay them off.
1. Make a larger payment on the card with the highest interest rate and pay the minimum on the rest.
2. Once this card is paid off, apply the amount of its payment to the minimum amount you were paying on the card with the second highest interest rate.
3. When the second card is paid off, add that amount to the payment of the third card etc, until you have paid off all your credit cards.
At last – a huge congratulations will be in order as you have eliminated your credit card debt. Breathe a huge sigh of relief! Now apply your credit card payments to your monthly savings!

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