The HBK Blog

Today I am going to talk about one of biggest problems most of us face-eliminating debt. with all the new temptating and exciting offers, people like us are driven towards it. when it comes to repaying it, people like us get tangled into all kinds of problems and ultimately lose everything.eliminating debts is not a big thing until you have conscious and valiant thinking on how to eliminate debt from your side. A sense of self-control towards not falling prey to eye-catching debt offers. First think how you can pay off the existing debt and whether you can manage all new debts to avert any problems later.Find my all new tips to eliminate debt below:

*Determine where your money goes. For one month, write down all of your expenditures,   including all of your monthly bills, food, groceries, gas, entertainment, etc. This is the only way you will be able to see where your money is going.
*List all of the regular monthly payments which are revolving. These are charge cards, car payments, personal loans – any debt to which interest is applied and which you pay a specific amount monthly. Don’t include your mortgage or rent in this list, because you don’t want to do anything about that debt at this point.
*Take the minimum payment of each loan/card. Divide the total debt by that minimum payment and you will get a number of months. Make a list with the fewest months’ number being #1 and so on.
*Decide to take the #1 debt and add an amount to that payment that you think you can afford each month. You will make the minimum payment on all of the other debt, but you will increase the amount on debt #1.
*Once debt#1 is paid off, you will take all of the money that you were paying on debt#1 and add it onto the minimum payment you have been making on debt #2.
*Repeat this process until all debt is eliminated.