Many people would like to follow a mortgage early repayment system. However, figuring it out can be one of the hardest things to do. If you need something to get rid of your house payment, use this plan that is guaranteed to work.
1. Stop accumulating debt on your credit cards. If you want to get out of debt, you must stop digging the deepest hole. Many people use a debit card if they feel the need to carry plastic.
2. Find some extra money to pay off your debts. To pay off your mortgage, you will have to find some extra money in your daily expenses. It really doesn’t have to be a lot. Just a constant amount each month to focus on paying down the debt. It could cost as little as $ 50 a month.
3. Get paper and list your debts from least to greatest. This is the order in which you will pay your debts. For most people, they will list their credit cards, the car payments, and then the mortgage.
4. Apply the extra money each month to your smallest debt. Just focus on paying off your smallest debt first. Some people like to bounce back and pay off one debt and then another. This gets you nowhere more than confused. Just focus on paying off one debt at a time and see what the power of concentration can do for you. Once that debt has been paid, focus on paying off the second debt. After that, pay off the third debt and so on.
5. When you get to your mortgage, you should have a large amount of money to pay it off each month. Think about it. What if you don’t have credit card payments or car payments? How much extra money would you have each month to apply to your mortgage? For most people, it is quite a lot.
Most of the people who use this system of early repayment of mortgages can be completely debt free in 5 to 10 years. Put this system into practice and see how it works for you too.