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Learn... Plan... Take Action... Eliminate Debt!

Steps to Build Debt Elimination Plan
  Step 1 - Assess the situation
  Step 2 - Analyze your spending
  Step 3 - Identify ways to reduce spending
  Step 4 - Develop the plan
  Step 5 - Take action
  Step 6 - Monitor the results
  Step 7 - Get help if needed
Calculators
  Debt payment
  Debt evaluation
  Interest payment
Tools
  Debt worksheet (pdf)
  Debt worksheet sample (pdf)
  Debt worksheet (xls)
Take the necessary actions

Once you have assessed your situation, analyzed your spending, determined how to reduce your expenses, and developed a basic plan, it is time to take action. 

  • If you identified ways to reduce your payments, such as refinancing a loan, do it now. Call the lender, make an appointment, submit the information, and follow up until it's done.
  • If you identified ways to lower your expenses, such as giving up that daily capuccino, do it now. Every day, take the money that you would have spent on the expense and put it in a jar. At the end of each month (or whenever the payment is due), cash in the change and add it to the loan payment. If you don't put the cash aside, you will find another way to spend it.
  • If you decided that credit cards were part of the problem, and that you should leave them at home, do it now. Take all of your credit cards and put them away in a drawer. Carry just enough cash to get you through the week, based on your budget or your plan. If you are out and see something that you must have, yet can't afford to pay cash for it, at least you will have to go home to get your credit card. This will give you time to really evaluate how necessary that purchase is.

Step 6 - Monitor Your Progress

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