Step 5 - Make the monthly payments.
Print your Monthly Payment Schedule by clicking the Payment Schedule button on the Debt Repayment Screen.
The Monthly Payment Schedule is your yellow brick road. Each brick represents a monthly payment. These monthly payments have been carefully layed out to ensure you get out of debt as fast as possible. You follow the yellow brick road by making each payment.
Transitions:
Along the way you will encounter transitions. Transitions are good things. A transition happens when the last payment is made to a creditor. When a creditor is paid off, it frees up some money. That freed up money gets shifted to the next creditor. This shift is called a transition.
The first transition is shown by the red outlined section below. The monthly payment going to Sears gets shifted to MasterCard. It is partially shifted in March because Sears has a smaller last payment. It is fully shifted in April because Sears is now completely paid off.
The second and third transitions are highlighted below. The monthly payments from paid off accounts are shifted to the next priority debt.
These transitions form what is called a payment snowball. This video, taken from Credit Card Math, explains the concept of payment snowballing and demonstrates how the transitions are created.
❝I am happy to tell the world that ZilchWorks can get you out of debt fast.❞
You'd think someone with a Finance degree would be able to avoid debt, but my husband and I hadn't avoided it. I had quit working to raise our family, and two of our children had major medical bills. We found ourselves in over $80,000 of mostly unsecured debt. I was desperate when I found ZilchWorks. Your software was like a ray of light shining in on our dark situation.
Lovina Penry - California
When I SAW, that we could be debt free by 2011, even though that was years away, it was just the motivation I needed. The printed reports have been vital in our success. They keep me on track when I am tempted to spend money I shouldn't be. I keep them handy so I can glance at them and remind myself where we are headed. The idea that we will have financial freedom THIS YEAR is exhilarating!
I now have the desire to help others get out of their debt situations, so I am happy to tell the world that ZilchWorks can get you out of debt fast. And by the way, this is a “paid” testimony... we've been “paid” all the interest that would have been shelled out to lenders had I not found this program.
I pray we never find ourselves back in the credit card mess we were in. But if for some emergency we do, I will have the tools ZilchWorks taught me to get us out of it!