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How You Can Pay Off $20,000 Debt


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How large is your credit card debt? If you're anything like the average household, that number is probably bigger than you would like.

For those with credit card debt, the average debt is almost $16,000 per household. The total credit card debt in the United States is approaching $800 billion!

These somber statistics point toward an even sadder reality: too many people - maybe even you - feel like a slave to their debt. Credit card debt can be crushing to your soul and your family's finances.

Imagine for a moment what it would be like to be rid of your debt…

Published in: Economy & Finance, Business
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How You Can Pay Off $20,000 Debt

  2. 2. Average debt is nearly $16,000 dollars per household. United States credit card debt is approaching $800 billion. Credit card debt may be crushing your soul as well as your family finances.
  3. 3. HOW WILL YOUR LIFE CHANGE? Imagine for a moment what it would be like to be rid of your debt…
  4. 4. YOU COULD… Keep additional dollars in your pocket every single month. Retire sooner than you could before. Enjoy greater ease in paying bills.
  5. 5. YOU COULD… Enjoy improvements in your credit rating. Sleep better at night. Take vacations, start a business… → Do many things you’ve only dreamed about!
  6. 6. GET YOUR INFORMATION TOGETHER Keep in mind that following nearly any plan is much better than failing to follow the best plan.
  7. 7. LOCATE THE FOLLOWING INFORMATION… Total balance Interest rate
  8. 8. CALCULATE YOUR INTEREST PAYMENT… New / Current Balance Multiply by APR Divide by 12
  9. 9. ADD INTEREST PAYMENTS… Take interest payment for each credit card Add these numbers together to see what you must pay monthly. This amount only prevents your debt from growing larger – it does not reduce it.
  10. 10. CALCULATE PRINCIPAL PAYMENT… Total Debt Divide by # of years Divide by 12
  11. 11. TOTAL MONTHLY DEBT PAYMENT Interest Payment Principal Payment Total Payment
  12. 12. MAKE A PLANControl yourself if you want to free yourself.
  13. 13. THE EVEN PLAN • This plan pays an even amount to each credit card. • Divide total monthly payment by number of credit cards. • Ensure both interest and principal payments are included.
  14. 14. THE SNOWBALL PLAN • Begin with the card with the smallest balance. • Pay this card off before moving to the next. • Build momentum as you pay off each card. • You’ll feel more accomplished with this payment plan.
  15. 15. THE SMART PLAN • With this plan, you pay the least amount of interest. • Target the highest interest rate debt first. • Go from highest to lowest in terms of APR.
  16. 16. WHERE CAN I GET MONEY? Reflect on your own lifestyle.
  17. 17. ADDITIONAL SOURCES OF INCOME… Part-time jobs Tutoring Freelance work Craigslist Selling items Gigs and services Temp jobs
  18. 18. CONSIDER SPENDING LESS… Carpool Brownbag lunch Eliminate cable Rent movies Brew coffee What else?
  19. 19. ADDITIONAL TIPS Keep an open mind and your end goal in sight. it will be here before you know it!
  20. 20. THESE ACTIONS WILL HELP… Get a lower interest rate. Shop for 0% APR balance transfers. Find cards with lower fees.
  21. 21. THESE ACTIONS WILL HELP… Make payments on time. Avoid creating new debt. Track your progress.
  22. 22. YOU CAN DO THIS! Consistent progress – even if that progress is small – is powerful.
  23. 23. All you need is a plan and the determination to follow through. Choose one of these three plans and make a real effort to stick with it. It can take time, but eliminating credit card debt is well worth the effort.
  24. 24. We hope you enjoyed your Special Report! Curtis Roese is an experienced professional with extensive experience in personal finance and small business matters. Curtis writes and publishes articles, courses, guides and special reports on his personal finance blog. Common Cents Wisdom is a website with hundreds of informative articles, special reports, resources to assist you with all of your financial concerns and a free monthly newsletter. Sign up to receive your free eBook "Common Cents" and get started today on the road to financial freedom!
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