Rather than “debt repayment,” the goal here is “debt satisfaction” = making my creditors as happy as I can within the least amount of time.
Truth be told: I would much, much rather repay everything I owe to everyone I owe, but (not to excuse but to EXPLAIN) the time-value of money being what it is, coupled with anticipated lifetime earnings during a preselected time period, the funds simply do not / will not exist.
Basic math? $230,000 (why not round up) / 10 years = $23,000/year, or about $2,000 per month.
Over the next ten years. While alive.
For monies loaned to get stuff from years back.
Ewww.
Decisions bad. Coming to haunt.
BUT! Positive perspective tells me this, too, is doable, and, as with all things, GOD! makes it possible {Mark 9:23}
So! To begin, first step – as He prior instructed – stop spending.
Easy enough. Only issue: must spend to eat, for clothing and the like, as well as meeting other obligations to health and household. So! Right. “Strategic” in spending …
First, if must spend – ask the 7Qs first, and if the answers make money sense for our money marriage then choose cash because there is no later bill to pay. And also because the mindbangers tell us that there is a psychological component to spending with cash as opposed to buying with “credit” / feeding the monkey, and people tend to spend less with crinkle&clink passing from hand.
Now, however, of course since the latest 21st century plague shut down the world economies many businesses have reverted to card payments only (the total MF “debit” yah “credit”) with no plans to return (I see you former, favorite coffee place) and cash has been dethroned.
So! What to do, what to do …
And what about this? What if your “credit” is already so “bad” that a “credit” card is not an option, and the use of a “debit” card is the only choice? Hmmm? What then?
And to add to the sandwich, using a “debit” card linked to a bank account with payroll deposits is an absolutely insane idea, simply because ALL of your money is ALWAYS at risk WHENEVER you use the card. Banks might give it back, might not, but while the institution “investigates” you have must findwayfeedself in the absence of your income. Yeh. Sign. Me. Up.
So … businesses don’t like cash, and “credit” just feeds the monkey and rebuilds it bigger, stronger, faster.
Well lookee here … GOD! provided a solution for that, too …
the Almighty is … Awesome. Whoo-hoo!
Cash cards. In $100 chunks. Maybe start with two, maybe three … available and accepted everywhere you want to be. Take advantage of being constantly tracked and download an app to monitor the balance.
The current monetary system is forcing humans into using a form of digital currency to purchase necessary goods and services {Rev. 13:17} but that doesn’t mean you/me/we are stuck with using “credit” as the means to that end.
Step one: stop spending.
Step two: when spending, be strategic.
Step three: avoid “credit” / use forms of cash (if not cash).
Step four: get better with creditors / improve performance in Credit Circus.
Next act? Send in the clowns.