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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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Comments
Good idea but you needn't pay any interest at all.
Most credit card issuers want your business and so they will transfer the balance of your accounts to their credit card and you don't have to pay any interest; on the balance or for new purchases; for the first 9-12 months. You can then pay as little or as much as you like. If the debt is not paid off in this time, then transfer your account to another card issuer offering a similar deal with no interest to pay.
There is no charge for this service and the process is so simple. Tell your new card issuer how much you want to transfer and they will settle all the accounts for you and issue you with a new card and the interest free balance. Cut up all your other cards, so you can't be tempted and try to pay off your debt within the time period.
Posted by: kenneth at September 2, 2005 10:24 AM
You really should put your bills in order of balance. You will be able to apply more principal to each bill if you get rid of the smaller balances first.
Posted by: Vic at September 28, 2005 07:44 PM
