How To Slash Your Debt and Get Your Finances Back On Track

Make a list of all the money you owe and the monthly payments

. Put them in order of importance i.e. those debts with highest interest charges as mentioned above. Next thing find out how much income you have left after your expenses and debts have been paid. Use any surplus money to pay of the biggest debts and do this until they are cleared. With each debt cleared tick it off and move onto the next one until all check boxes are ticked.

Step 3: Paying off The Mortgage

Your mortgage is probably your biggest expense if you own your house. Therefore, it is prudent to look for the best interest deals on a regular basis. Even a small deduction on the interest rates can make a huge difference in reducing the time and amount you owe over the long term. If you have surplus money each month then use it to pay off your mortgage. By putting in extra $50 or $100 will enable you to pay off your mortgage a lot sooner.

How To Slash Your Debt and Get Your Finances Back On Track

By: Hazel Blackthorne

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