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September 01, 2005

English Language Teachers: In Debt? Snowball It!

It’s not too difficult to rack up huge credit card bills on a teacher’s salary, and if you’re in this position, you are likely desperate to get them all paid off!

Hello everyone!

Consumer spending is way up, and teachers are no exception. But if you’d like to stop paying all of your salary to your credit card issuers, it is possible to take control of that debt now and start living a simpler life. How? By snow balling your debt.

It works like this. Arrange your debts starting with the highest interest rate debt and then list them in order after that. Then determine how much you can afford to pay toward your debt every month, and more specifically, how much in excess of your monthly minimum payments. Then, pay all of your minimum monthly payments, and put the excess money toward the debt at the top of your list. Once that debt is paid off, put the excess toward the next on the list, and so on. Before long, you’ll be able to save some of your salary instead of paying it all toward interest!

Until next time,

Michelle

Posted by msimmons at September 1, 2005 08:29 PM

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