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This is a plan to help you eliminate all those credit balances and live debt free. This instruction and worksheet is part of our Financial Pages, including Employment, Investment, Mortgages and much more.

Total Debt Elimination Or Reduction

For many of us, elimination of all debt seems like a fantasy far beyond our greatest imaginations.  Actually, there are very few who are beyond the hope of debt freedom from debt.  Almost anyone can reduce their debt significantly and experience far greater financial freedom.  Most people can eliminate all their debt and live totally debt free if it's important enough to them.  Is it that important to you?  How much do you want to be paying on credit cards and consumer loans when you retire?  Will your retirement support a house payment?  If eliminating some of this debt is important to you, you will enjoy this page.  It will give you everything you need to plan your expenses, eliminate your debt and live debt free.  Here are some of the top-selling recent books on debt reduction and elimination.

Elimination Preparation: To eliminate debt, you must begin with a family budget that doesn't produce debt.  You can get instructions and forms for completing such a budget at our page Tips On Budgeting.  When you complete the Budget Worksheet, you'll notice a bill called Credit Pay Down.  Leave it blank, for now, but we'll show you how to use it later in this article.  The only other item required to prepare for total debt elimination is the most important item...commitment.  You will not succeed and may be wasting your time doing all this work on a budget and debt elimination strategy if you are not committed to follow through on it.  We're going to the trouble to put this up without charge for anyone who is serious about eliminating their debt.  It works for everyone who actually uses it.  If it isn't working for you, it's because you aren't sticking to your should look at Compulsive Shopping Addiction or Gambling Addiction Problems to see if an addiction is at the root of it.  Here are the commitments you must make for this Total Debt Elimination program to work as quickly as possible:
1.  You must commit to stick to your budget.
2.  You must commit to not use credit to purchase anything until your debt is eliminated.
3.  You must commit to using at least 50% of increases in income for credit pay down.

If you'll make and keep the above commitments, I can promise you your debt problem is already solved.  In fact, with these commitments, any debt reduction program will work.  The only thing left is going through the steps.  For that, we've included a worksheet, instructions, an example and some final comments.  Have fun!       

Total Debt Elimination Worksheet: 

Creditor Name Minimum

Print and use the above to log your own credit balances.

Instructions for Total Debt Elimination Worksheet:

1.  Print 2 copies of worksheet.
2.  On one form, List all your Credit accounts, filling out all 4 columns.
3.  On the second form, list the same accounts in order from the smallest minimum payment to the largest,  and carry your totals over from the first form.
4.  The Minimum Payment Total on this worksheet is the minimum amount you will pay until every debt on your Worksheet is paid off.
5.  Each time you pay a debt off, add its minimum payment to the minimum payment of the one below.
6.  "Prime The Pump"  by finding the cash (from tax refund, etc.) to pay the first one off immediately.
7.  Half of your increase in net income goes into the Credit Pay Down bill on your budget and is applied to whatever debt remains on the top of your worksheet.
8.  See the Example below to understand this process.

See Debt Elimination Example to see how this process is used to wipe out over $ 333,000 in debt, 17 years ahead of schedule, saving over $ 300,000 in interest.

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