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 want to give a 5 star endorsement of Mike Riley and his software program.❞
I want to give a 5 star endorsement of Mike Riley and his software program 'ZilchWorks'. I have known Mike for many years and I have found that in all of our transactions he has been highly ethical and extremely intelligent. I purchased the software program 'Zilch' many years ago and it has been a solid program and does an excellent job in presently the most intelligent plan anyone has ever devised for paying off credit card debt.
Dave Falvey, Esq. - Groton, Connecticut
And I know that Mike got his experience in developing his program from volunteering and helping people. That's one of the reasons his program is so affordable. I give Mike an unqualified endorsement as being highly ethical, intelligent and concerned for the welfare of others.
I'm a bankruptcy attorney and have been in practice for over 27 years and there are very few people to whom I have ever given a 5 star rating and Mike is one of them. And in order to allow you to verify this '5 Star Rating', I'm providing my contact information as follows:
Dave Falvey, Esq.
258 Route 12
Groton, CT 06340
Tele (860) 449-1510
Email: dave@actionadvocacy.com