Looking for something specific? Use our search function to narrow down the list of available topics to just what you're looking for!    search Budget > Adjusting Repayment Behavior Adjusting your spending behavior and finding less costly alternatives will enable you to minimize expenditures and increase the amount of your disposable income. Disposable income should not be viewed as income that is truly “disposable” for purposes of discretionary spending. Instead, it should be used to reduce the long-term costs of interest that accumulates on credit obligations. With more disposable income you will be able to take a more aggressive approach to reducing debt. A very effective method of paying down debt is to focus more of your disposable income towards “accelerating” payment on your outstanding obligations. When accelerating payments on your debt, target the accounts with the highest interest rate. You can record the interest rates on the budget worksheet near each of your obligations. After meeting the monthly payment requirements on all of your regular debts (account for minimum payments on your credit cards), allocate as much of your disposable income as possible to pay extra on the highest interest rate accounts. Special consideration should be given to credit cards because interest usually compounds faster on “revolving” debt. By targeting the highest interest rate account, the balance on which the high rate of interest can accrue will decrease faster and you will get “more bang for the buck” than if you spread the extra money out equally among all of your monthly payment obligations. When you pay an account off, take the monthly payment that you were allocating toward that account and apply it to the next highest interest rate account.  << back next >>
		First name: Last name: Daytime phone: Evening phone: Email address: State: Select AK AL AR AZ CA CO CT DC DE FL GA HI IA ID IL IN KS KY LA MA MD ME MI MN MO MS MT NC ND NE NH NJ NM NV NY OH OK OR PA RI SC SD TN TX UT VA VT WA WI WV WY Number of credit cards: Select 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20+ Your credit card debt: Select less than 2,500 2,500 - 4,999 5,000 - 7,499 7,500 - 9,999 10,000 - 14,999 15,000 - 19,999 20,000 - 24,999 25,000 - 29,999 30,000 - 39,999 40,000 - 49,999 50,000 - 59,999 60,000 - 69,999 70,000 - 79,999 80,000 - 89,999 90,000 - 99,999 100,000 + Reason for applying: Select Overextended Delinquent Judgment Lost Job Divorce Child Support Legal Pay Cut Death Laid Off Gambling start now!

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