INSTRUCTIONS

• Simply fill in the chart with your list of debts.
• Debts only…things that can be paid off someday. Credit cards, mortgages, car loans, student loans, etc.
• Do not include your heat bill, or electricity or insurance or cable TV etc. If you lease a car, that should NOT be included since you don’t get to keep the car at the end of the payments.

DEBT AMOUNT

• Simply the total you owe to the creditor.

MINIMUM PAYMENT

• The minimum payment your creditor wants every month. Even if you had been paying more, only put the amount the creditor requires

RANKING

• This will be the order in which you will be paying off your debts and is calculated automatically

HEADSTART

• An amount of money that you can put towards your debt elimination program EVERY MONTH. You want to shoot for an amount that is 10% of your monthly income (gross or net). The more the better and hopefully you can get close to this 10% just by stopping the extra you had been paying on all your other debts.
• Have some fun here and put in some big HEADSTART numbers. It’s OK to dream and/or send your spouse out for a second job!

NEW PAYMENT

• On the first line of the output this is the Minimum Payment + the Headstart. Once that first debt is paid off, that money becomes the Headstart on the next debt, producing the New Payment on the next debt and so on. This is calculated automatically

USING THE FORM

• Fill in all the information for as many debts as you have. When you are done filling in the boxes, click CALCULATE and you will have the proper ranking of your debts and the approximate time until you are debt-free.
• The page will reload. Feel free to print out the results.

Good Luck!

Leo Quinn

www.LeoQuinn.com