Get Debt Relief By Using Dateline Paying

Alright, you have lots of debt and the creditors are hounding you. How do you handle it and get debt relief before you have a nervous breakdown? Use this simple guide for Dateline Paying.

Dateline paying is a simple method of paying oldest bills first, by using the due date. The dateline shows you how far back in time your past due bills go. Yes, credit debt is treated exactly like any other past due bill. There are a few simple steps to use this method that anyone can do.

1 - List out all your past due bills and credit card debt. Use a report from your accounting program or a spreadsheet of some kind so you can sort them by due date. Be sure and put in a bill for each credit card or line of credit that is more than the minimum payment.

Decide how much you want to try to pay on the credit card bill over the next few weeks before the statement due date. For example, if your minimum payment is running at $400, put a bill in for $600.

2 - At the close of your business week, carve off 15% of the income to use to pay past due bills and debt. Use the remaining 85% to pay current operating expenses to keep the doors open, the lights on and the telephone ringing to make more money.

It is important that you use part of the remaining 85% for promoting your company's products so customers keep buying, and stash away a bit as an emergency fund so you have a cushion to fall back on.

3 - Use the 15% to chip away at the debt dateline - oldest bills first. Always use a portion of the money to pay suppliers and part to pay credit card debt.

4 - Pay something against credit card debt every week using on-line paying.

Why? Because you stop the daily interest compounding on the amount that you paid. That alone can save you many dollars in unnecessary interest charges over the long haul. This tactic also keeps you from being late on your payments and avoiding the late payment charges. In addition, it stops the scrambling to find enough cash to pay the credit debt in the week the payment is actually due.

5 - Pay suppliers' past due bills - oldest bill first. The only exception is a supplier who is threatening legal action, or one who refuses to ship more product that you must have to make more income. Those are dangerous situations that must be handled immediately.

6 - Work out how to raise your income in order to have a growing amount of money to utilize to work this dateline paying strategy.

Systematically working at paying both ends of the dateline, 85% to current operating expenses and 15% to past due bills, gradually moves the dateline closer to present time until you are current on your bills and out of debt.

You can easily see this strategy of dateline paying working for you if you make a graph of the total debt you owe and plot the number each week so you can observe the total of the debt coming down. It helps you confront the debt you created, it acknowledges the effort you are putting into getting the situation handled for good.