At a time when consumer debt is at an all time high, there are many articles being written on how to get out of debt.  I am going to get straight to the point.  A good debt repayment plan and a little bit of discipline is all that most people need to dig their way out of debt.  The amount of debt does not matter as long as you start with your next pay period making debt repayment a priority.

            In order to get out of debt, you must first know how much money you owe.  Gather all of your credit card statements and installment loan contracts.  If you have so much debt that you are not even sure which cards are still active, then pull a copy of your three credit reports.  This can be done for free at  Write down all of your balances on all credit cards and installment loans to include the monthly payment and interest rates.  This will give you a clear picture of your current debt load.

            Now you are going to embark on a type of debt repayment plan known as the “Snowball Debt Repayment Plan.”  With this plan you start with the Credit Card with the highest interest rate and pay an amount monthly that you have chosen from your spending plan that can go towards debt.  For example, at the end of the month you have $300 additional dollars that can go towards debt repayment.  Using the highest interest rate credit card, you would pay the normal monthly payment ex. $50 and the $300 additional payment, which would come to $350.  Once that credit card is paid off you would move the second credit card.  This card would be paid using the normal monthly payment and the additional $350 left over from paying off the first credit card.  You would do this will all of your bills until all the debt has been repaid. 

            There is an excellent webpage that you can input all of the information about your debt and it will generate the Snowball Debt Repayment Plan for you to use.  The plan is very user friendly and will take you about ten minutes to complete.  The website is   This is one of the best tools that I have seen to assist in the preparation of a debt repayment plan.  What I love about it most is the plan is FREE.  So go ahead, and put your plan into place today and start down the road to financial recovery.