Sun Shine: The Joys Of Being Debt Free

It is the goal of everyone to be debt free. To not have to owe anyone and enjoy the benefits of having extra to spend and save. To not have credit card payments can be financially beneficial to the individual. One can enjoy vacations without worry of spending too much.

Paying off the highest credit card is the way to go. Then that amount can be put towards the lower credit card. This is due to the fact that it will take less time to pay everything off. If one pays off the highest credit card payment first. And in effect, pay off less interest.

Write down all credit cards and how much is owed on each one. Next, take out a piece of paper and make four sections or quadrants (Q). Put all of the highest credit card amounts in quadrant one or top left corner. This is Q1. Next, put the next lowest in Q2 or the bottom left corner. Q3, the next lowest in the bottom right corner and Q4 the lowest credit card amount in the top right corner.

Here is what it looks like:
1. Make a list of credit cards and debt owed
2. Make a paper into four quadrants
3. Put all highest credit cards in quadrant 1, top left
4. Put the next lowest credit card in quadrant 2, bottom left
5. Put next lowest credit card in quadrant 3, bottom right
6. Put last or lowest credit card in quadrant 4, top right
7. Pay off quadrant 1 credit cards first
8. Pay off quadrant 2, 3, 4 in order after quadrant 1 is payed off.

For example:

Quadrant 1 (top left corner) = credit card 1. $10,000 2. $9000 3. $5000
Quadrant 2 (bottom left corner) = credit card 4. $4000
Quadrant 3 (bottom right corner) = credit card 5. $3000
Quadrant 4 (top right corner) = credit card 6. $500

When the last quadrant is paid off, there may be extra money left over. Put this towards giving.

Giving can also be a part of this. Giving to churches and fundraisers is a way of giving back to the community and should be done, especially when one is out of debt. When giving, it can be an amount that will be appropriate. It can be helpful.

Debt Free Dan. He had six credit cards and was in a lot of debt. He wanted to be free from it. So he sat down and wrote up a plan. He asked his friend who is a financial planner to help with it and they wrote a great plan. It consisted on paying off all of the credit cards by paying the highest amount off first, then the lower ones in order. In a short while, he would be out of debt. It was a simple, yet effective plan.

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