I am under taking the debt slaughter now --- my New Year’s Resolution. Here is how I began:
•List each debt with the total balance due
•List each debt with the amount of minimum payment due
• Then divide the total balance due by the minimum payment amount due.
•This gives a Ratio # Ex, $1,000.00/$35.00=Ratio of 28.57 or 29 rounded up.
•Take the lower Ratio # first and work your way up the scale. When that is paid off, add that minimum payment amount to the next Ratio #.
I have a couple of credit cards I will retain for travel & business purposes but my intent is to clear the way for CASH only purchases in the future! Happy New Year!