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The Payment Push

Australians owe around $21 billion in credit card debt! And more than half of all Australians don't have a savings plan, and worse still don't have any savings!

The credit card companies love this. Last year, 31 percent of the industry's profits came in the form of late-payment fees, over-limit fees and the like.

If you have credit card debt, now is the time to fight back and take control of your financial lives. No one wants to hand over cash to the credit card companies, but by paying only the minimums or falling behind a couple of months here and there, you are lining their pockets with profit and limiting your opportunities for enjoying life.

There is a simple technique, that anyone can use, to wipe out debt in record time. We call in the Payment Push.

Here's how it works:

1. No new debt
Put away the credit cards; borrowing is no longer an option. Even when you know you deserve something, you can't have it until you can afford to pay cash for it.

2. It's a head game
A daily affirmation helps to program your mind for success; stick this on your bathroom mirror: "By living as Cheapskates, we will have the cash necessary to pay off our debts in ___ months instead of ___. The $______ we save in interest will be put into savings so we will always have enough to pay the rent and weather any lean periods in the future."

3. Prepare a debt repayment schedule
Use our Payment Push Planning Sheet. Include columns for the name of the debt, balance due, interest rate, current payment and "Payment Push" period. Rank the debts by interest rate, with the highest one on top. Add a line under each debt to describe how you're going to fund the "Payment Push." The "Payment Push" gets applied to one debt at a time: Continue to make the same monthly payments on all debts except the one getting the "Payment Push."
​
Download: Payment Push Planning Sheet

4. Apply the "Payment Push" strategy to the debt on the top of the list
All extra, available cash is used to pay down the debt with the highest interest rate, first. That includes raises, bonuses, belt-tightening and that $20 bill that unexpectedly popped up. Push hard at the rest of them. When the first debt is paid off, use the cash that is freed up to pay down the next debt on the list.

Be on the lookout for new ways to cut costs and bring in more money. The sooner a debt gets paid off, the sooner you can push hard at the next one on the list. Keep on going until you are debt free.

And then apply your Payment Push to your savings and watch them grow!

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  • Home
  • Join the Club!
    • Twenty Reasons to Join the Cheapskates Club
  • About Us
    • Cath's Story
    • Ask Cath
    • Glossary of Cheapskating Terms
  • Forum
    • Current Forum Discussions
    • How to Use the Member Forum
  • Inspiration
    • Getting Started
    • 31 Days of MOO Index
    • Articles
    • Housekeeping Routines
    • Budget Renovations
    • Saving Stories
    • Learning Centre
  • Recipes
    • Recipe File Index
    • Meal Plans
    • Add a Recipe
    • $300 a Month Food Challenge >
      • $300 a Month Food Challenge
      • The $300 a Month Food Challenge Forum
  • Newsletters
    • Newsletters 2023
    • Newsletters 2022
    • Newsletters 2021
    • Newsletters 2020
    • Newsletters 2019
    • Newsletters 2018
    • Newsletters 2017
  • Saving Money
    • Latest Tips 2023
    • Latest Tips 2022
    • Cheapskates Tip Store
    • Tip Sheets
    • Top Tip Competition
  • Contact
    • Changing Details
    • Help Files