Debt Pay-off Ground Rules

Any time is a great time to decide to become debt-free.  It is not easy and there will likely be setbacks, but you can do it!


There are a few ground rules for getting out of debt.

  1. Stop incurring new debt.  Cancel those renewing memberships or commit to paying those new charges in full each and every month, in addition to whatever you are paying to pay down the debt.
  2. Cut out the extras.  Commit to your plan and send every extra dollar you can toward paying down your debt.
  3. Be honest when you slip up.  There will be mistakes made.  Don’t let one bad decision ruin all your hard work.  Try to remedy the error, sell items you don’t need, get a side hustle if you can.
  4. Stay focused and approach each day with gratitude. There is science that backs up the grateful heart theory. While things will be difficult for a while, and you may miss out on fun opportunities now, the freedom in the future will be worth it.

Below are a few calculators I found that could be helpful on your journey to becoming debt-free:

Bankrate - Credit card payoff calculator - Allows you to enter your credit card balance, interest rate, and either your monthly payment amount or desired number of months until paid in full. - Debt Payoff Calculator - Enter up to 10 debts, include any additional cash you can afford to apply toward your debt each month.

Debt Free Adventure - How Much Interest Are You Paying - Works best as a Google Doc. This spreadsheet will determine how much interest you are paying on your debt each month, and will produce a chart to help visualize the process.  


Paying off debt is an investment in yourself.  All the interest that is being paid to creditors will be able to go into your bank account. It will be like getting a raise!

What are your favorite financial calculators and websites?