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How The John Cummuta Transforming Debt Into Wealth System Works

November 11, 2009 by Christopher

Chances are if you’ve been looking for a way to speed up the process of getting yourself out of debt you’ve heard of John Cummuta.  The John Cummuta Transforming Debt Into Wealth System has been around for several years helping hundreds of thousands of people get debt free.

However in this article I’m going to show you exactly how John Cummuta’s system actually works and in the process hopefully help you save some big money.

How The John Cummuta Plan Works

If you read my original John Cummuta Review, I talked about why you don’t want to waste your money on something that you could do completely all yourself.  I also pointed out that John’s plan does work and can get you out of debt, but at a very high cost, in fact just getting into this program will cost you $400.  This is way to much to pay when your already in debt.

It’s also no secret how the John Cummuta plan gets you out of debt, they use what it called the debt snowball plan.  This plan is the simple process of putting your debt in a strategic order to help you pay it off the fastest way possible. Every financial blogger I know has discussed this plan at one point or another, so I’ll just quickly review it for you to help out.

    • List All Debt in Order Form The Lowest To Highest Balance. In this plan you are going pay off the lower debt amounts first because you want to achieve a win as quickly as possible, and paying the lowest amount first will show you that this plan works and can be done.

 

  • Start Paying The Lowest Debt Amount With An Extra Payment.   Once in order start paying the lowest debt first along with a minimum extra payment of $50 or more applied to just that one debt.  This way you can focus on just one debt at a time instead of several all at once.

 

 

  • Pay Off The Second Debt. Once you have the first debt paid off apply everything you were paying towards the last debt to the next debt.  So if your first debts minimum payment was $50 and you were applying an extra $50 towards the first debt you would now be paying the second debts minimum balance plus $100 that was being paid on the first debt.

 

 

  • Continue The Process Until Debt Free. If you keep applying the extra money over time to the next debt you could be out of debt in a fairly quick amount of time.  But whatever you do don’t spend the money on something else keep it going towards the plan.

 

 

  • Build Your Emergency Fund. Now that all of your debt is paid off you need to put an emergency fund in place to prevent you from falling back into the position you came from.  Figure out what one month of expenses cost you and times that by six.  This will be how much money you need to save for your six month emergency fund.  To do this set up an emergency fund now

 

 

And there you have it the John Cummuta Debt Elimination Plan.  I know I’ve skimmed through this process fairly quickly so feel free to leave a comment if you have a question.

Debt Plan Tools You Can Use

If things seem a little complicated for you yet just check out my debt plans page and you’ll not only learn how to get out of debt but how to do it the right way so you’ll never have to worry about money again.

When you break the John Cummuta system down the snowball debt plans the true nuts and bolts of the program.  So take some time and put your plan together and get on the road to financial freedom.

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Filed Under: Debt Managment Tagged With: John Cummuta, john cummuta debt elimination, john cummuta review, john cummuta transforming debt into wealth

About Christopher

Chris is a personal finance blogger with Stumble Forward helping people avoid life's financial mistakes and live a higher quality financial life.

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Get To Know Me

Hi, my name is Chris! I’m a personal finance and small business nerd.  Check out my blog where I share all of my favorite tips about saving money to running a small business.

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