How To Reduce Your Personal Debt: Rich Dad's Cash Flow Quadrant?

How To Reduce Your Personal Debt: Rich Dad's Cash Flow Quadrant?

For reducing and eliminating you were personal loan I had given some tips below:-

Tip # 1

If you have credit card with outstanding balance, then discipline yourself to use only one or two credit cards and any new payments must be paid off.

And do not incur anymore long time debt.

Tip#2

Come up with $150 - $200 extra month. Now that you are becoming more financially literate and this should be relatively easy to do.

If you cannot generate an additional $150-$200 per month then your goal for financial freedom may become your dream.

Tip#3

Apply the additional $150-$200 to your monthly payment of only one of your credit cards.

Now you had to pay the minimum + $150-$200 on that one credit card. Pay only the minimum amount due on all other credit cards.

Often people try to pay little extra each month on all their credit cards, but surprisingly those cards never get paid off.

Tip #4

Once the first card is paid off, apply the total amount you were paying each month on that card to your next credit card.

You are now paying the minimum amount due on the 2nd card plus the total monthly payment you were paying on your first credit card.

Continue this process with all your credit cards and other consumer- credit debt.

With each debt you payoff, apply the full amount you were paying on that debt to the minimum payment of your next debt.

As payoffyou be over to depth the monthly amount you were being on the next devil escalate

Tip #5

consumer debt is paid off, continue

Once all your credit cards and other

the procedure with your car and house payments.

If you follow this procedure you will be amazed at the shortened amount of time it takes for you to be completely debt-free. Most people can be debt-free within five to seven years.

Tip #6

Now that you are completely debt-free, take the monthly amount you were paying on your last debr, and

put money toward investments and build your asset column.

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