What is the cascading debt elimination system? It is a system that will help you get rid of your credit debt faster than you thought possible while at the same time saving you so much money in interest payments. The good news is, you can apply this system to your outstanding debt yourself without relying on a company to help you. How?
It works like this. Figure out which of your credit cards has the lowest balance to pay off. Once you do this, dedicate to paying extra on this card every month. If you have to give up something like your morning lattes to pull this, then just do it. This will pay the card off quickly because you will be paying more than the minimum.
Once this card is done being paid off, take the total amount that you were paying towards that card and apply to the next card. This snowball effect is why it is referred to as “cascading”. Keep applying this system to each card you have and you will be amazed at how much faster your outstanding credit debt will disappear!
What is your next step? You need to order your credit report to find out what your credit score is. Check and see if there is any incorrect information. You would be completely surprised at how many mistakes the credit reporting firms can make, and you need to correct this false information as soon as possible so that you can start raising your credit score.
There are two parts to using the cascading debt elimination system: getting rid of your outstanding debt and raising your credit score. Make sure you focus on both!
Source by Dean Olmstead