Get Lost, Debt! - My Goals

After a lot of research, it is clear to me that you cannot get to wealth and financial freedom without getting out of debt first. This has been the common thread of all of the books and financial websites that I have read and podcasts that I have listened to and it has become my own personal mission. Yes, I have debt. It is time to stop ignoring the student loan statements and making excuses. Free me from the shackles of debt!
My debt consists of 1 credit card and 4 student loans. I went to college at a very affordable school. Great idea. But I took out the max on the loans that they would give me so that I could continue to live on my own, in an apt, and not work while studying. Bad idea. This is your money and your life so be careful with it. Think twice before purchasing something on credit. Do you really need it? Wouldn't it be better to wait and buy it outright with cash?

My get out of debt goals:
*Pay off the credit card first since it has the highest (19%) interest rate. Vow never to let my credit card spending get out of hand again..no matter how many travel points i'm earning.

*Triple the minimum payment amount on credit card. In my case it's $100, so i'll make $300 payments.

*Automate this payment every month so that I don't even see it come out of the bank. This is key to staying on top of debt and not letting it get you down.

*Pay off student loans with the highest interest rate first next.

*Once credit card is paid off, use the credit card payment of $300 and put it towards my student loan on top of the $85 minimum payment that i'm currently making on the one with the highest interest rate.

*Once student loan numero uno is paid off, transfer the amount that was being paid to the credit card AND the amount of the student loan payment, $385, to the 2nd student loan on top of the $75 minimum payment on that loan. See how it's a snowball effect?

*Continue till no more of my hard-earned cash is owed to anyone else.

Paying off debt becomes really fun when you start making final payments, checking the debt off the list, and watching it vanish into thin air, never to return.. hopefully. No, definitely.
I'll keep you posted on my progress.

How are you going to begin to get yourself out of debt?

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