| Print this form to help you organize your debt, and start paying it off | ||||
| Creditor | Revolving or Fixed | Monthly Payment | Balance | Payoff Priority |
| 1 | R F | $ | $ | - |
| 2 | R F | $ | $ | - |
| 3 | R F | $ | $ | - |
| 4 | R F | $ | $ | - |
| 5 | R F | $ | $ | - |
| 6 | R F | $ | $ | - |
| 7 | R F | $ | $ | - |
| 8 | R F | $ | $ | - |
| 9 | R F | $ | $ | - |
| 10 | R F | $ | $ | - |
| 11 | R F | $ | $ | - |
| 12 | R F | $ | $ | - |
| 13 | R F | $ | $ | - |
| 14 | R F | $ | $ | - |
Instructions:
1. Make a list of all of your debts with the monthly payment, and the balance.
2. Circle whether the debt is a revolving account (credit cards, store charges, gas cards, lines of credit) or a fixed closed end loan (car loans, consumer loans).
3. Now go through the list and find the revolving debt with the lowest balance and put a "1" in the "Payoff Priority" column. Now find the revolving debt with the next smallest balance and put a "2" in the priority column. Continue until all the revolving debts have been prioritized.
4. Next go through the list and find the fixed debt with the lowest balance and put the next available number in the "Payoff Priority" column. Now find the fixed with the next smallest balance and put the next available number the priority column. Continue until all the revolving debts have been prioritized.
5. Now pay the minimum due (provided it is enough to cover the monthly interest charge) on all of you debts except the one with a "1" in the "Payoff Priority" column. Send this creditor as much extra as you possibly can until the debt is paid off. Then move on to the debt with a "2" in the payoff column and send as much extra (including what you would have normally paid on the debt you just paid off) to that creditor. Keep going until you have them all paid off, or you have you finances back in control.