So I was reading an article in the June 2009 Ensign "Debt: power tools for family finances". Got to say it actually helped. It's really short article but has so much information. The church has a debt calculator that you input all your debt information and it calculates how long it will take you to pay off your debt and how much it will cost you. I did it for our family and it said that if we keep paying what we are it will take 28.1 years to be debt free (that's including the house). But if we use the roll over method we could be debt free in 12 years. Now I know this all sounds like a long time but if you look at it by doing the roll over method it takes 16.1 years off us paying on debt and it also calculates how much you will then have in savings you will have at the end of the original term. I was amazed at how much we would have at the end of 28.1 years. Now I know things will happen and this is only on the figures that are there now. But I have to say I am pretty stoked. So if you would like to see how long it will take you to get out of debt go to www.providentliving.org and click on "How soon could I pay off all my debt". Its a little scary to see how much you pay out each month in debt but it motivates me to get things paid off ASAP. Isn't the church great with all the tools it provides to us to keep the council that has been given to us. I mean really what excuse do we have. It gives us a step by step plan on how to follow the council of the Lord. AWESOME!!!
I hope this helps you see the light at the end of your debt tunnel.
7 years ago
