Strategy Twelve from the Debt Buster System
This Strategy Works Best For: People who routinely can’t find the money to make their debt payments every month (even though they earn enough to make the payments).
Go to your bank and open a separate savings account just for your debt elimination program. Put a set amount of money into this account every month. Use the funds in this accountonly to pay your debts-and for absolutely no other purpose.
Why have a separate account? It might be a little inconvenient, but there is a significant payback. A separate debt elimination account forces you to put aside money instead of commingling debt payment funds with funds for everyday expenses. It will keep you disciplined, show you just what you need every month and force you to prepare in advance for your debt payments so you won’t be late or skip a payment.
You don’t have to tell your banker what the separate account is for. A savings account is probably preferable to a checking account because, without handy checks, you won’t be as tempted to take out money for other things. Also, a savings account can accrue interest (if it qualifies) and the account probably will not cost you anything in service charges (in most cases). Avoid an account that charges a penalty if your account balance slips below a certain point.
This is an excerpt from the Debt Buster System available through the link or on the home page of How to get Debt Free. We try and provide practical tips and techniques to help you get debt free and start enjoying the freedom that you deserve.
To get your road map on How to get Debt Free then you need the Debt Buster System and you will discover debt elimination the right way.
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