Are you feeling trapped by debts you accumulated long ago?

If you are able to pay your current expenses - and aren't sinking further into debt - but you're still feeling dragged down by old debts and nagging monthly minimums, this plan is for you.

It's a simple four-step process you can follow to help you regain control over your finances.

Step 1 - List all of your debts, starting with your smallest debt (no matter what the interest rate), and followed by your larger debts. In your list, write down your largest high-interest debts (such as those from credit cards) before your largest low-interest debts (such as lines of credit.)

Step 2 - Continue to pay the minimums on all debts and put extra money toward the smallest balances first. When you do so, you will feel motivated and empowered in the debt-elimination process and soon you'll be paying off even more of those debts, and crossing the debts off your list, one by one.

Step 3 - Roll your payments forward. When you have paid one debt completely, add the funds that you were paying toward that debt to the next debt on your list. For example, if you are making $150 payments to your smallest debt, you would

add that $150 each month to the next debt on your list once the smallest debt is paid off. When the second debt is completely paid, roll all of these payments to the third debt until all debts are paid.

Step 4 - When all of the debts on your list have been paid off, take the money that you had been using to pay these debts and put it in savings or toward your investments. This will insure that you are not creating a higher cost of living for yourself once your debts are paid.

This simple plan can help you develop the discipline for a bright financial future as it helps you to pay off debts fast.

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