| Enter the name of each Credit Card in the column marked “Debt Name.” We
recommend that you use something like Visa 233, or MC 514 (the last 3 numbers of the card to keep track of different cards)
Enter the total amount you owe on each credit card in the in the Column titled “Total Due.”
In the column marked “Minimum payment” enter the minimum monthly payment you MUST make for each card.
Click on the “Calculate” button. You will see that the debts have probably changed their order and the column listed “Reference Number” is now filled with a number. This number is the current number of months it will take you to pay off the credit card if you only continue to make the minimum payments.
Fill in a dollar amount in the “JumpStart Cash” field. This is your JumpStart Cash. How much will you find each month to get out of debt faster? Enter different numbers, $50, $100, $200, click on the calculate button again, and see how Column 6 changes.
“New Months to Payoff” is based on your Jump-Start cash. By following Loral's 5 Step Debt Eliminarion plan outlined in The Millionaire Maker and using a JumpStart Allocation from your current spending you will accelerate your Debt Elimination.
Return to liveoutloud.com |