Info about Debt Collection

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Create a Repayment Plan: The Do-It-Yourself Strategy

It’s not hard to create a repayment plan that will work for you. Take it one step at a time, and you’ll have a strategy in place in no time.


• Face Your Debt


If you’re like many people in debt, you don’t have a clear idea of how much you actually owe. Let’s find out—it’s not hard.


Gather your most current card statements, and call the toll-free customer service numbers, or go online to find out the most up-to-date balance, interest rate, amount due this month, due date, and minimum percent. Don’t forget about your other debts, including student loans, car loans, and mortgage.


You can make a simple spreadsheet on your computer with a program such as Microsoft Excel, but a handwritten chart will certainly work.


If these were your debts, you’d owe a total of $11,950, and you’d have to come up with $295 this month just to make the minimum payments. Believe it or not, if you stop charging and can come up with that same amount every month from here on, you can get out of debt in just a few years.


Create a similar chart for your debts, and I’ll show you how you can achieve incredible savings, just like I did.