New Debt Payoff Plan in the Works – Help Me Name it!
Update: The Debt Blaster plan was released on 4/25/16. See the blog post for more details.
I’m putting the finishing touches on a new debt payoff plan that I’m going to be including in the Undebt.it+ premium membership package. I’m pretty sure it’s an original payoff plan because I’ve never seen it before, but it’s basically the debt avalanche plan (highest interest rate first) paired with incrementally increasing the total monthly payment amount a certain amount each month. Here’s an example if your current monthly debt payoff budget is $1,400:
|Month #||Total Paid|
The idea is that as you become better at living within a budget, you’ll be able to apply more towards paying down debt over time. Income generally increases over time as well and this plan helps make sure you keep applying extra income towards debt. Our old friend compound interest really helps give your debt payoff plan a kick. The amount that the plan increases will default to 1% a month, but of course you’ll be able to change it as needed.
The part I need help with is coming up with a catchy, original name for the payoff plan. I knew I would need some help when the best thing I can come up with is the “debt destroyer” plan. I’m open to suggestions, so please reply to this post or use twitter / facebook. The winning suggestion gets a free year of Undebt.it+. Cheers!