HOW TO FREE FROM YOUR DEBTS FASTER! - Power Down Technique-

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When you are having many debts, your mind is not free. Isn’t it? Therefore, you become stressed. It kills your productivity, creativity, and enthusiasm.

The biggest problem with debt is we pay a huge interest at the end of the day for the lenders. Most of the time it is more than the money we borrowed. Can you believe that? Therefore, I am going to offer you a powerful technique that I am using in my Financial Freedom training program. And this technique is called Power Down Technique.

Let me explain to you with a simple example

Imagine you are having three loans.

1st loan

You are having a housing loan of $ 250,000. The interest rate is 7.5%. it has to be paid within 25 years or 300 installments. The monthly payment is $ 833

2nd loan

You are having a vehicle loan of $ 6000. The interest rate is 10%. it has to be paid within 2 years or 24 installments. The monthly payment is $ 250

3rd loan

You are having a credit card outstanding balance of $ 3000. The interest rate is 16%. it has to be paid within 1 year and 8 months or 20 installments. The monthly payment is $ 150

All right follow these steps

Step Number 01 - Prioritize you loan

In prioritizing the loans, you can follow 3 options. You can prioritize based on loan maturity, Interest rate, Loan size.

In this example, I am going to prioritize the loans/ debts based on the ‘Loan Maturity Level, which means based on the number of installments or the duration. Here, you have to arrange the loan shortest maturity period to the highest maturity period.

Then it looks like this Continue Article