Here is an example of how to get rid of credit card debt fast for 2 cards and save money at the same time. This is just an example so change the numbers or situations to fit you.
An Example:
$500 after all other bills you have this amount left to put towards debt and savings.
$15 minimum payment for card #1 balance due $500
$20 minimum payment for card #2 balance due $ 1200
I would suggest putting $50 into savings for the first month and paying the minimum of card #2 which is $20
Month 1
$500
-50 savings
-20 card #2 minimum
------
$430 left
I would put all of that towards card #1 you would owe $70
Month 2
$500 towards savings and debt
-50 savings
-85 balance of card #1 with interest ( just an estimate)
------
$ 365
I would put all of that towards card #2 which your balance due for that month would probably be still close to $1200
Now in 2 months you would have $100 in savings and card #1 payed off and only owe about 835 on card # 2.
Month 3
$500 towards savings and debt
-50 towards savings
-450 towards card #2 the balance due on card #2 would probably be $850
------
New balance for Card #2 $400
Savings account $150
Month 4
$500 towards debt and savings
-420 towards card #2 with interest that month it would be payed off!!!!
-------
$80 towards savings
Total for month 4 card #1 and #2 payed off
$230 in savings
I know this is just a mock version but it will give you an idea on how to get rid of debt and save at the same time. It is very important to save money so you are ready for an emergency.
You may be saying that is great but where do I get the money to put there? the first place I look is at non essentials then the grocery budget. I can not change a lot about my budget in other areas but I have the power to change in those areas. I do more couponing if I need to spend less on groceries. And eat out less. Can you bring your $100 a week food budget down to $75 the first month? or if that is too fart than just start by trying to bring it down $5 a week. Start somewhere just start. Debt can cause stress, relationship problems, and in some instances death. Please think about how you can use God's money the best way. Be a good steward of what he has given you.
Luke 16:10-11 "He who is faithful in a very little thing is faithful also in much; and he who is unrighteous in a very little thing is unrighteous in much. If therefore you have not been faithful in the use of unrighteous mammon, who will entrust the true riches to you."
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