Debt Help And Credit Repair
Strategies

This video will show you one way to pay off multiple loans 3X faster than it would take you without this strategy and the 3 factors that differentiate the successful from the struggling .

Would you rather read than watch? Click here for the article version

Would you rather watch than read? Click here to Watch video.

Paying Off Multiple Loans 3X Faster

This article reveals a debt elimination strategy that can dramatically speed up the repayment of your debts. 

This particular strategy works when you have several loans to repay and are able to keep up with your minimum monthly payments.  If all you have is a mortgage and nothing else, or you can’t keep up with your monthly debt payments, then this strategy won’t work for you. 

There are a more strategies that we’ll reveal in other videos and articles and one of them is likely to work for you. Click here if you have only one big loan to pay off.

The strategy featured in this video is called the Debt Roll-Up Strategy, which will revolutionize your entire financial situation if you apply it.

In Fact you can pay off all of your debts in up 3X faster than it would take you without this strategy, without increasing your current monthly debt payments.  The trick is to stick with the plan.

How it works…

First, Write down the name of each loan in one column and add their minimum monthly payment on the second column.  Then add the balance of each loan on the 3rd column.

Loans	Minimum Monthly Payments	Balance
Mortgage	$950.00	$150,000.00
Student Loan	$127.48	$6,000.00
Credit Card 1	$65.23	$3,000.00
Credit Card 2	$124.29	$4,500.00
Car Loan	$477.00	$15,000.00

 

Now divide the balance of each loan by their minimum monthly payments. This will give you a rough estimate of how many more payments remain to pay off each loan.

Example with our mortgage:

$150,000.00/$950,000.00 = 158 payments remaining

Now, List all of your loans starting at the top with the highest number of payments, going down to the lowest number of payments. If two bills have the same number of payments, list the one with the highest interest rate closer to the bottom.

Loans	Minimum Monthly Payments	Balance	# of Remaining Payments
Mortgage	$950.00	$150,000.00	158
Student Loan	$127.48	$6,000.00	47
Credit Card 1	$65.23	$3,000.00	46
Credit Card 2	$124.29	$4,500.00	36
Car Loan	$477.00	$15,000.00	32

Great, we’re almost done.

Take the minimum payments for each loan and add them together.  In our example the total adds up to $1,744.00/ month. 

Loans	Minimum Monthly Payments	Balance	# of Remaining Payments
Mortgage	$950.00	$150,000.00	158
Student Loan	$127.48	$6,000.00	47
Credit Card 1	$65.23	$3,000.00	46
Credit Card 2	$124.29	$4,500.00	36
Car Loan	$477.00	$15,000.00	32

$1,744.00

Let’s assume that your budget to pay these loans off is $1,844.00 dollars per month, which means,  if you were to only make the minimum payments for each loan, you’d have an extra $100 in your pocket. 

$1,844 budget - $1,744 min. payments = $100 remaining in your budget

Here’s how it works.

Make the minimum payment for each loan in your list.  Then use the extra 100 dollar left in your budget to aggressively pay off the loan that’s at the bottom of the your list—the one with the least number of monthly payments left.

In our example, we'll start by paying off our car loan.

Once that loan is paid off, immediately roll up the entire amount you were paying on that one loan to the next highest loan on the list.  In our example, we now have an extra $577.00$ that we can add to the minimum payments of the next loan.

	$100.00	What we originally had extra in our monthly budget.
+	$477.00	What we were paying toward our car loan. We'll use that amount to pay off our next loan on the list.
	$577.00	What we can add to the minimum monthly payments of our next loan: Credit Card 2.

Our monthly payments toward "Credit Card 2" should now be: $701.29.

$124.29 (min. payments for Credit Card 2) + $577.00 = $701.29

Once that loan is paid off, once again roll up the entire amount you were paying on that one loan to the next highest bill on the list.  And you now have $701.29 extra per month to pay off the next loan on the list.

In our example we should now be paying off "Credit Card 1" with monthly payments of:

$65.23 (min. monthly payments) + $701.29 = $766.52

You get the idea.

Don’t forget that the minimum payments for each loan changes each month, so keep track of that so you continue making only the minimum payments for all other loans on the list.

This strategy is easy to implement when your financial scene doesn’t change much month after month. 

If your life is such that you have to juggle with kids, car problems, home renovation, family vacation, or your foresee in the near future some major expense such as buying a car, starting a new business etc, then we strongly suggest that you get some financial coaching.

We don’t provide financial coaching, but we’ll tell you why financial coaching is so critical, and we’ll tell you where to get it in a minute.

Actually, what we're about to share with you could change your financial future.
.
There are in fact 3 major factors that separate the rich and successful from the ones struggling.

The first, and probably the most important one is their knowledge—especially if they’ve been consistent in their success. 

Sit down with someone who experienced great success and talk to them.  You’ll be amazed at how much they know about their field of expertise and money management.

But what’s really interesting is how they got that knowledge.  It’s usually not from books.  They surround themselves with experts in various fields.  They’ll make friends with skilled lawyers, accountants and other successful business people.

They’re generally not the type to ask for legal advice from their brother in law, unless he’s a lawyer who’s proven himself in his field. 

By doing so, they accumulate a wealth of knowledge.  They just know what to do and act based on true and tested knowledge. 

The other important factor is that they get others to do as much of the work as possible.  while many Canadians and Americans are busy trying to save money by doing their own taxes, legal work and other mundane work, the successful ones try to outsource as much of the work as they can—and do the same in their business.

They free up their time to concentrate in building a future for themselves and refuse to be pinned behind a desk doing work that someone else could’ve done for a few dollars.

And the 3rd and last factor is they’re dedicated.  They don’t give up easily.

Our experience shows that people treat their debt elimination strategy like an unfulfilled new-year’s resolution.

Simply put, life gets too busy and chaotic with kids, work, and social activities.

For the strategy to be implemented each and every month, it had to be as hands off as possible.  So we searched for a service that implements this strategy for you.

One debt elimination company stood out from the crowd when we research them. 

They implement the whole strategy and provide you with some of the best coaching in the financial industry.

And their coaching is totally customized based on your current financial situation and goals. 

For example, the coaching would be different for a person looking to buy a home for the first time than for someone wanting to payoff their mortgage quickly, or for someone who needs a loan for a business.

Depending on your needs, their coaching would include:

• Strategies to improve your credit
• Setting up financial goals
• Identifying philosophies that you may have about money that is stopping your from achieving your financial goals
• Implementing the best debt elimination program for your situation
• Dealing with kids and money
• Communicating with your spouse about money and how to get each member of the family on the same page
• How to shop online
  How to buy a car the smart way
• Buying insurance
• Shopping for a better mortgage
  
  And the list goes on…

They’ll make you accountable, encourage you and keep you on track, and automate whatever debt elimination strategy that works for you.

The service provided by these financial coaches help you with all 3 factors.  They’ll implement the strategy for you, share their expertise with you and make sure you stay on track. 

These guys are at the top of their game.  They, in fact, won the  award for the 2008 most dependable debt professionals in the United States and are members of the better business bureau. 

They service the US and Canada.

In any case you know you’re surrounding yourself with the best in the industry. 

If this makes sense to you and would like to know what debt elimination strategy they’d implement for you and find out how much time and money you’ll save with their strategy, simply fill out the form to the right of this video.

You have nothing to loose by contacting them and you’ll get a free debt elimination strategy with no obligation on your part.

They’ll then let you know how much they charge for their financial coaching and for implementing your strategy if you choose to hire them.

I hope you found this article informative and encourage you to read our other articles and watch the other videos within the Payitdowfast.com membership.

Sheriff Guirguis
Co-Founder
PayItDownFast.com

How useful was this article?

Do you have further questions regarding this strategy?  (Your questions will help us further improve this article and create a better video for this strategy)