How to Pay Off that Damn Debt Part I: Getting Organized and Crunching the Numbers

I'm kicking off a new multi-part series: How to Pay Off that Damn Debt. And the first episode is about Getting Organized and Crunching the Numbers.

This episode can help you get mobilized and build momentum if you're on a debt pay down/pay off journey to take action instead of avoiding debt out of overwhelm or shame.

In part one, I cover two first steps: getting organized and crunching the numbers.

Here's what you can do in a nutshell:

• Tips for getting organized: Run your credit report (Experian, Equifax, TransUnion) to see all current lines of credit, check for errors or identity issues, and identify each debt's current balance and interest rate by opening statements or calling lenders. You don't have to do this, but it can be a good tool to get everything organized and understand all the debts in your name.
• Tips for crunching the numbers: Then try free online debt payment calculators (like Bankrate or SoFi) to model scenarios

Getting "organized" might sound like the last thing that you want to do, and that's OK! Remember, it literally can pay off and save you thousands when it comes to high interest, high balance debt.

I walk you through a scenario of charging a milestone birthday, bucket-list vacation of of $3,800 with 26% interest paid at $100/month. TLDR: it would take about 6.75 years and over $4,000 in interest to get that milestone birthday vacation paid off!

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Note: Information in this podcast 1) is informational/educational in nature; 2) does not constitute financial or personal advice of any kind; 3) is never a substitute for clinical care from a health professional. Listeners should consult with a qualified professional regarding their individual circumstances before making any financial decisions.

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