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The Debt Demolition Program

The Debt Demolition Program

Maybe the idea of a Six Day Financial Makeover was attractive to you because you are in debt. 

How can you think about saving to reach your goals when you are plagued with overwhelming credit card debt? It will take discipline and hard work, but you will be able to pay off your debt and start saving for your goals.

The Debt Demolition Program is as easy as three steps:

1) Destroy your credit cards.

Cut up all of your credit cards and tell each credit card company not to send you any “convenience checks.” These convenience checks are a convenient way for you to stay in debt and avoid reaching your goals. Use a debit card tied to your checking account if you need to buy something online or over the phone.

2) Slash your expenses.

Eliminate, reduce, or postpone as many of your expenses and goals as you can. Go back over each expense and ask yourself if it is absolutely necessary. If it’s not, get rid of it.

3) Pay down your debt.

Use the extra cash to pay down your debt. After freeing up some extra cash in Step 2, you can use that money to pay off any of your loans or credit card balances. Pay down as much as you can.

If you’ve slashed your expenses as much as possible, but your debt is not going down as fast as you want, you can take your Debt Reduction Program to the next level by focusing on the income side of the cash-flow equation. Think about it. You’ve done a great job cutting expenses, but what if you could cut expenses AND increase your income? All of the extra income could go to wiping out your debt. If you want to ramp up your Debt Demolition Program or just want to make more money, the next section is for you.

The proceeding blog post is an excerpt from The Six-Day Financial Makeover: Transform Your Financial Life in Less Than a Week!, available now on Amazon.


About the Independent Financial Advisor

Robert Pagliarini, PhD, CFP®, EA has helped clients across the United States manage, grow, and preserve their wealth for the past 25 years. His goal is to provide comprehensive financial, investment, and tax advice in a way that was honest and ethical. In addition, he is a CFP® Board Ambassador, one of only 50 in the country, and a real fiduciary. In his spare time, he writes personal finance books, finance articles for Forbes and develops email and video financial courses to help educate others. With decades of experience as a financial advisor, the media often calls on him for his expertise. Contact Robert today to learn more about his financial planning services.

Reach us at (949) 305-0500