July 30, 2010

Have a Plan to Get Out of Consumer Debt Within 3 Years

Take Action Today

The secret to solve your debt and credit problems is to setup a good plan: simple and effective.  It takes a bit of discipline and common sense. But there’s no point in delayed it; take control and start getting out of debt today.

Your plan should have an immediate impact and help you get out of consumer debt within 3 years.  After that, only your mortgage and maybe a car loan will remain and can be the exception.  It could take more time only if your credit situation is extremely severe.

Use Online Debt Repayment Calculators

To estimate what you should expect to repay each month, use online calculators.

We recommend Gail Vaz-Oxlade’s Own up to debt worksheet. It will provide you with a quick approximation of your minimal monthly debt repayment amount:

You should use the 36 months total as the minimal amount you should devote to debt repayment each month. 

Future posts will provide you with additional ways to get out of debt even quicker. But using this amount will ensure that you will be able to achieve consumer debt repayment within a maximum of 3 years. 

A Great Opportunity to Reflect and Change

This plan can be an excellent opportunity for you to revise your priorities and to keep in mind that it’s always good to live within your means.

It also feels great to tackle your debt problem head on.

A good consumer debt repayment plan will give you back control over your finances and your life.

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