The rolling plan involves rolling the payment you make from your the first debt you eliminate into the next debt on your list of targets. So if your highest interest debt requires a monthly payment of $100 when you have paid that debt off the $100 must be rolled into the payment of the next debt you plan to pay off.
All of a sudden your second debt is taking a payment of $150 for example instead of just $50. This will beat your debts down to zero in no time at all. If you then think about rolling that $150 into your next credit card or personal loan and apply what might be now double the required payment, not only are you saving mountains in interest repayments but you are getting out of debt at a much faster rate than you'd ever imagined.
If you throw lump sum payments at your highest interest debts too that can save you a whole lot of money too, a tax payment, windfall or birthday gift, any spare dollar you can should go on that high cost debt. This really is a proven method that with discipline, determination and dreams of a secure financial future can propel you into financial freedom.
If you continue to just pay the minimum monthly required payments on your debt you won't be getting out of debt soon. Another bad debt habit is paying off a credit card and keeping that card in your wallet. If you really want to keep on track you should call that credit provider and proudly close the account. If you do that with each credit card and store card you will be miles in front as these are two of the most enticing and high interest bearing debts.
If you feel that the rolling payment plan doesn't suit your current circumstances don't fret, there are many other ways that will help you to get out of debt.
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