August 31, 2007, Newsletter Issue #79: About Debt Repayment Push Plans

Tip of the Week

A debt repayment push plan is a smart debt management strategy in which you make a list of all your credit card debt according to the interest rate being charged. While continuing to pay your monthly payments for all the credit cards, you make a "push" to pay off the credit card with the highest interest rate first by putting any and all extra money you can scrape together toward paying off that card. Once that card is paid off, you take the money you were using to pay it off and start applying it the card with the next highest rate and so on, until you have all your credit card debt paid off. By paying off those cards with the highest rates first, you save a ton on interest and shave years off your repayments. Debt Analyzer is an ultra-simple software program endorsed by many reputable credit counselors. You plug in a little information about your debt and Debt Analyzer spits out summary of how quickly you can pay off your debt and how much interest you can save using a debt repayment push plan. Download Debt Analyzer for free (with sponsor banner ads) or for $30 for the ad-free version.

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