Debt Erasers were created as a way for you to visually see your debt elimination progress. Seeing a visual reminder of your debt in front of you helps to keep you focus on your financial goals. Not only that, it’s a BLAST to color in the squares as you make the debt disappear!
How does it work? Each Debt Eraser has a different number of squares on it. Each square represents a specific amount of debt that you owe. As you pay off your debt, you color in the squares representing the debt your have paid off.
For example: Someone with a credit card balance of $3000.00 would download and print the Credit Card Debt Eraser below. That Debt Eraser has 500 squares. Taking the $3000 credit card balance and dividing it by 500 squares, each square would represent $6.00 of debt. If their next credit card payment was $30, they would color in 5 squares on their Credit Card Debt Eraser ($30/$6=5). Continue this process each month until the debt is erased!
Note: For debts that charge interest, don’t forget to subtract the interest you paid before filling in the squares. For instance, if the above credit card, $30 was the payment made, but $6 went to cover the interest charged, the person would fill in 4 squares instead of 5 ($30-$6 interest= $24/$6=4 squares).
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1. Find your debt eraser below. 2. Click on the picture to open . 3. Print PDF and start erasing debt!
Let us know if there are any other Debt Erasers you would use and we will do our best to create them for you!!