| Enter the
name of each Credit Card in the column marked “Debt Name.” We
recommend that you use something like Visa 233, or MC 514 (the last 3 numbers
of the card to keep track of different cards)
Enter the total amount you owe on each credit card in the in the
Column titled “Total Due.”
In the column marked “Minimum payment” enter the minimum
monthly payment you MUST make for each card.
Click on the “Calculate” button. You will see that the
debts have probably changed their order and the column listed “Reference
Number” is now filled with a number. This number is the current number of
months it will take you to pay off the credit card if you only continue to make
the minimum payments.
Fill in a dollar amount in the “JumpStart Cash” field. This
is your JumpStart Cash. How much will you find each month to get out of debt
faster? Enter different numbers, $50, $100, $200, click on the calculate button
again, and see how Column 6 changes.
“New Months to Payoff” is based on your Jump-Start
cash. The calculator does not yet take interest rates into mind, only the
“Reference Number” of each card. Because of this your payoff may be a
bit longer than calculated; however, this should give you a sense of the profound impact this commitment will have on your debt load. By following Loral's 5 Step
Debt Eliminarion plan outlined in The Millionaire Maker and using a JumpStart Allocation from your current spending you will accelerate your Debt Elimination.
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