Debt repayment worksheet

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Doing the "Payment push"

By Bankrate.com

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Debt repayment schedule
(See example)

	Debt (highest to lowest interest rate)	Balance due	Interest rate	Current monthly payment	"Payment Push" period**
1.
Funding the "Payment Push": Make current payments plus additional payments from belt-tightening. Compute the time it'll take to get this debt off the books. Record the time frame under the "Payment push period" column. The monthly payment that is freed up when this debt is paid off will be used to pay down the next bills on the list.
2.
Funding the "Payment Push": Continue to pay the regular monthly payment. Once debt No. 1 is paid off, use the money freed up to knock this debt off. Keep going!
3.
Funding the "Payment Push": Continue to pay the regular monthly payment. Once debt No. 2 is paid off, use the money freed up to knock this debt off. Keep going!
4.
Funding the "Payment Push": Continue to pay the regular monthly payment. Once debt No. 3 is paid off, use the money freed up to knock this debt off. Keep going!
Total debt and monthly payments
** Bankrate.com calculators "The true cost of paying the minimum" and "What will it take to pay off my credit card?" will help you crunch the numbers.

Bankrate.com's corrections policy

-- Updated: Oct. 26, 2006

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