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The Debt Diet refers to a debt management plan made popular by a multi-part series for The Oprah Winfrey Show, first airing on February 17, 2006. In the series, Oprah Winfrey teamed up with three financial experts to create a step-by-step plan demonstrating how to get out of debt. Winfrey featured Jean Chatzky, Glinda Bridgforth, and David Bach as her top financial experts.
If you are overcharging, overleasing and in denial about your debt, this program is for you.
PHASE 1
Give yourself one month to complete these steps—you can do one a week!
Step 1: How much debt do you really have?
It's time to get real about your debt. Do you know how much living with debt is costing you?
Step 2: Track your spending and find extra money to pay down debt
Time to cut back on the extras. Use David Bach's Latte Factor® calculator to find big savings where you least expect them! It is time to start paying you.
Step 3: Learn to play the credit card game
Think $10 a day won't make a big difference in your debt? Think again! With this plan you can pay off $8,000 in credit card debt in just 3 years.
Step 4: Stop spending
Making small changes can help in a big way. Use these tricks to help you spend less and save more.
PHASE 2
In the second phase of the Debt Diet, the steps become more detailed and have more long-term goals.
Step 5: Create a monthly spending plan
Use the monthly spending plan worksheet and calculator to create a budget that you can stick to—and save with—every paycheck.
Step 6: Take big steps to grow your income
Whether it is selling your assets or getting a second job, sometimes you have to make big choices to get out of debt.
Step 7: Prioritize your debts and raise your credit score
Confused about which debts to pay off first? Here's a plan to pay down your debt while actually improving your credit score!
Step 8: Understand your spending issues…and save!
Take this quiz and get to the heart of why you spend. Then, find out how to resist temptation and build an emergency fund.
Read more in: Improve Your Credit
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