You can quickly setup your rapid repayment plan by following these steps.

STEP 1: Create a list of all debt.
The first step is to create a list of all debt. This list should include the name of the debt, the current outstanding balance, the planned monthly payment, and the interest rate for each. Begin with the debt having the highest interest rate and end with the debt having the lowest interest rate.

STEP 2: Check your monthly spending account all ocations.
When you set up your monthly spending plan, you should create an envelope spending account for each debt on your list. Each month, you will make your debt payments from the spending accounts you have created. After you pay off the first debt, you will need to make an adjustment by adding the monthly allocation for that debt to the monthly allocation of the spending account for the next priority debt.

For example, let's say your debt with the highest interest rate is a department store credit card. The amount of your monthly payment for this debt is $75, so the amount of income you allocate each month to the department store spending account for that debt is $75.

Your next highest priority debt based on interest rate isa credit card. For this debt, your monthly payment is $125, so the amount of income you allocate to this credit card spending account each month is $125.

After four months, you have paid off the department store debt. When you complete your monthly adjustment, you will transfer any remaining balance from the department store spending account to the credit card payment envelope. You also will adjust the monthly income allocation for the credit card spending account by adding the $75 to the $125.

You will now be making a monthly payment of $200 on the credit card. This will be repeated each time a debt is paid off. Before long, you will have eliminated all of your consumer debt and will be making much larger mortgage payments.

STEP 3: Accelerate your debt payment with monthly spending account transfers.
Once you have created your debt-elimination plan, you can begin to accelerate your debt repayment by transferring savings from your spending accounts to your debt repayment accounts. Many people have found they can save an additional 10% each month by using an envelope system. If you have a net monthly income of $5,000, the additional amount you can save using the envelope system could be as much as $500. Imagine how quickly you can eliminate your consumer debt if you are adding 10 percent of your net monthly income to your debt payments.

For most people in America, a significant portion of their net monthly income is dedicated to the payment of interest. Imagine how much money you can save and invest if you are not paying interest. For most, this would represent several thousand dollars each year. Invested properly, this additional money may make a significant difference in the lifestyle you choose later in life. Using an envelope system to successfully implement the debt roll-down principle will help you accomplish this objective.

With Consumer debt at an all  time high, it's no wonder more and more people are looking for help with personal financial management, debt reduction and spending management. And given the substantial debt carried by the average family, it's not surprising that Financial Freedom is at the forefront of the American mind - Among the top New Year's Resolutions for 2004 were increased savings, debt reduction, and increased investments.

• 63% resolve to save more money in 2004
• 51% resolve to pay off their debts
• 23% resolve to dedicate more money towards retirement