The Power of the Roll-up or Debt Stacking
This concept is one of the fastest, sure fire ways to get out of debt quickly and be financially stress free! This is how it works:
One of my clients had over 30K of debt between student loans, car payments and credit card debt, which would have taken them almost 4 years to pay off making their minimum payments and committed to staying on top of this!
After showing them the debt stacking method, we had everything paid off in only 3 years!
Once we had knocked out their credit card debt, we applied that freed-up payment towards their student loans. Not only did this double up the amount towards paying off that debt, it also saved them a tremendous amount on the interest that they would have paid.
After the loans and credit cards were paid off, we “stacked” those payments on to the car.
They were debt free an entire year sooner than they thought and even spent less money doing it by saving the debt interest!
Best of all, we didn’t stop there, because they saw the power of systematically saving that freed-up cash flow, it gave them a lifelong money habit of consistently using those dollars to build other assets, like an emergency fund, retirement account and to grow their wealth. Most importantly, they were able to work with their current income to get out of debt!
Getting out of debt and taking control of your financial future often involves simple changes, taking steps that can make a large impact. I have often said, “debt is the dirtiest, most stressful word in the English language!” Debt ruins relationships, causes enormous workplace disruptions and leads to mental and physical problems! By implementing debt stacking, you have a tool that can help you to control your financial future and improve your overall well-being!
Pat Moran has over 35 years of financial services experience and is a managing partner at Healthier Money. He is independent and specializes in financial education, reducing risks and tax favored strategies. He can be reached at (602) 571-1035 or www. Healthiermoney.com