Over 15 years ago I became a fan of Abraham-Hicks.  Their debt elimination game is the perfect example of how  “down to earth” and “practical” many of their techniques are.

I’d like to share this system of eliminating debt with you! (You can access a FREE  PDF version of this game – with a printable spreadsheet in my Tools section)

Here is how you play it:

1) List out every debt that you have -Credit cards, mortgage, car anything “non recurring”  (Recurring would be electric, cell phone, cable -services you receive and pay for monthly)

2) List their corresponding minimum monthly payment

3) Choose the smallest debt and pay as much as you can monthly on it (Paying minimums on the others) until it is gone. (CELBRATE WHEN IT IS!)

4) Choose the next smallest debt and, in addition to its minimum monthly payment – add the amount you were paying on the card you just eliminated (more whenever possible)

5) When that is cleared do it again with the next smallest debt on the list – make it’s monthly minimum payment PLUS whatever amount you were paying monthly for the other card

NOTE: If you continue to make purchases on this card – and you aren’t able to add that purchase amount to your monthly payment, you need to re-enter a new “Total Balance Due” every quarter

*Added interest is an important factor on larger balances with high interest rates. Sometimes, too, making extra payments toward the “Principal” on some long terms debts will substantially decrease the “Total Due” figure.

There are two ways you can work with this spreadsheet regarding the interest charges that will accumulate on the accounts over the course of the year:

1) If this is something you aren’t concerned about simply play the game and ignore the Total Balance Due columns I have added in to the sheet.

2) IF (when you look at the sheet )the thought that the added interest isn’t being recognized then I suggest, for financial clarity, that every quarter you enter the “new” total amount due on your statement.

It’s amazing how quickly you can see results, especially when you make the process a game!

Feel free to leave your comments and share your successes below!

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