Do It Yourself Debt Relief
You are tired of dealing with debt and feel like your debts are dragging you down. You are motivated to accelerate your progress toward debt freedom.
What is your next debt repayment step? How do you know where to start?
4 Debt Repayment Methods To Explore
Here are the four debt repayment acceleration options from which to choose, followed by a tool that can accelerate each method:
Choosing the Right Debt Repayment Method for You
How do you know which method will work best for you? There are three considerations:
First: What is your primary motivation for becoming debt free? Is it saving money on the interest you pay? Are you preparing for home ownership? Are your loan and credit card bills overwhelming your income? Are you just plain tired of being in debt? Each purpose matches with a different debt repayment method.
Second: How much extra money are you able to put toward your debt payments? If you have not done so already, use our PowerCash calculator and tool to find additional funds to pay down your debts faster.
Third: What is your commitment level? If you have the discipline to see your plan through, you are all set. If you are worried that your motivation might falter, you might benefit more from a method that gives you an early win and gives you the boost you need to keep going.
Use our pop up Debt Freedom Plan Tool to help you choose the right method for your circumstances and your personality.
The Debt Avalanche repayment method minimizes the amount of interest you pay over time, gets you paid off in the shortest period of time, and is generally recognized as the best repayment method for anyone with sufficient discipline and commitment to see the plan through to the end.
The Debt Landslide repayment method maximizes the credit-building power of monthly payments and balance reductions to help you realize a better credit score in the shortest amount of time possible.
The Debt Cascade repayment method works within your current financial constraints to reduce your debt repayment period from fifteen to twenty-five years down to just three or four years. It does all this without requiring you to send payments each month in addition to what you are already sending.
The Debt Snowball repayment method works to get you a quick win by first eliminating your account with the smallest balance in the quickest time possible. A quick win can be just what you need to build the motivation to stick to your debt freedom plan.
Use the PowerCash tool to free up an additional $50 to $200 or more in your household budget that you can use to accelerate your debt repayment (or accelerate your savings fund) with minimal pain and inconvenience. By taking just 10% of some of your “controllable” expenses such as groceries, dining out, entertainment, vacation and gift giving, PowerCash maximizes the human tendency to live within the amount of cash we leave ourselves to spend while designating a significant amount of cash to put toward your debt repayment plan.
*It is interesting to note that no one debt repayment method creates greater motivation than another. The difference is not in the structure of the method you choose but in your belief in the method of your choosing. If you believe the Avalanche will be the best option for your success, then you will find the greatest motivation to complete the plan by using the Avalanche method. The same can be said about any of the four methods, so choose the one that makes the most sen