Use 0% credit card offers to their fullest!

Start with the most obvious or is it:

Make a list of all of your expenses. The key to this is you must list all of your bills as most leave out the obvious things they spend money on each and every day. If you spend your hard earned money on something each and every month then it is a living expense. If you go out to the movies once a month it is an expense. If you fill up your gas tank once a week it is an expense. If you chew 10 packs of gum a month it is an expense.

Most people think they know where they spend their money each and every month and actually what they know is how much their rent, mortgage, utilities, phone, cell phone, and the other standard expenses cost. What most do not figure out is how much all the little things cost in life. You need to know where you are spending every penny.

A very simple technique for figuring this out is; take a month and write down every single purchase from a pack of gum, to your credit card payments, rent payment and so on until you really have a great handle on where your money is spent each and every month. It is truly an eye opening to find out where all of your money is spent. Most do not realize but the average person gets in trouble not based on their monthly bills, it is the splurge spending or daily spending that takes place off and on throughout the month that keeps you in debt or worse increases your debt.

These are the items you want to write down throughout the month

What the expense is (rent, garbage, credit cards, food…)
The amount of the expense
What is your percentage rate (if there is a percentage rate)
How much interest you pay on your expenses
Payment dates each month (if applicable)

Break down your expenses into two categories:

What are the expenses with interest rates

How much interest you pay on your expenses
Payment dates each month (if applicable
What the expense is (credit cards, automobiles, boats, personal loan, mortgage…)
The amount of the expense
What is your percentage rate (if there is a percentage rate)

Monthly expenses without interest

            Name the expense
            Your payment date
            Amount of payment

***This is next one is optional***
Since it is a little harder to know what unexpected expenses you may have; you will need to make an educated guess. For instance if your washer is on its last leg you may want to set a budget on a cost for a new one, say $500 for the washer, and then take that amount and divide it by 12 - 24 months and you have a number to work with in order to calculate your monthly expenses.

Figure out where you stand are you over extended

Calculate the amount you will have extra after making your monthly payments with and without interest.
Simply add all of your expenses together for each pay period and subtract those amounts from the corresponding paycheck.
Now that you know your budget and your balance for each paycheck you need to make decisions.

If you know that too much comes out of the first check of the month rearrange your bills to better accommodate your situational needs. Simply calling the different companies and explaining your situation, most all are willing to change the due dates of the expense.

Address the Problem:

The idea getting your budget under control and ultimately getting out of debt starts with a budget. Now you know your finite amount of income and when you literally need to stop spending.
It all starts by knowing when to stop spending by giving you options and knowing the outcome of your choice before you make it. This is a good deterrent to keep you from spending beyond you means.
In order to get yourself in a position to get out of debt your budget must be put into place so that you do not slip farther into debt.

The next step is to stop the interest and free up money so that you can decrease your debt at an accelerated rate.

Out of everything you have done up to this point this is the easiest part.
Organize you interest debts by low amounts with high interest to high amounts with low interest. This will decide for you what to pay off first.
This next step is easy what you will want to do is consolidate all of your debts that you can with the highest interest rates into one or multiple 0% credit card offers or fixed rate credit card offers which ever you can get approved for.
These number are not exact they are just to make a point.
On a total debt of $20000 with 20% - 23% interest you will pay approximately $400 per month in payments. Approximately $300 will go to interest and $100 will go to your principle.
If you transfer to a 0% credit card offers of which most are 3% transfer fee you will pay the first month on that $20000 $100 will go to the one time transfer fee while the $300 will go to principle. After that throughout the rest of your introductory offer or the recommended timeframe of 12 months you will pay $400 straight to principle.

Currently the way you are paying in twelve months you would be lucky to reduce your principle by $1200 - $1400
On a 0% credit card offer for balance transfers method you would reduce your principle by $4300 in 11 months at which time you will want to transfer the amount to one or multiple 0% credit card offers by the twelfth month so you do not have to pay the high interest rate you are charged after your introductory period is over.

Breaking the debt elimination into simple steps:

You must commit to continue your current payments no matter what! (If you are currently paying $400 per month as you are reducing your debt do not lower your payments.)
Write down every expense for a month
Break your expenses into interest and no interest
Calculate your budget for each pay check
Transfer bills to accommodate your budget needs
Reduce monthly spending by simply cutting back (Set your own spending limits)
Know when to stop spending so you don’t increase your debt
Put your interest debts in order with high interest low amounts to low interest high amounts
Research different 0% credit card offers
Apply for 0% credit card offers with no fees if possible, if not, make sure to maximize your introductory period hopefully a minimum of 12 - 18 months
Transfer all of your high interest debts to 0% credit card offers or as much as you can and start paying off your debt.
If you were unable to obtain a limit to cover all of your debt; move as much as possible and after 6 – 8 months of faithful payments and a large amount of principle reduction apply again as your ratios will look better.
If you are unable to obtain 0% credit card offers for 12 months and can obtain a 3-6% fixed rate credit card offers for life, then transfer the high interest debts to them as you will save money.
Don’t spend more than your budget each pay period
Revisit your debts on the 10 month and make adjustments and start applying for 0% credit card offers for the next transfer.

Good luck in life: Get organized, make your budget, do not splurge spend and get out of debt.

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