 If you received $50,000 from a settlement, what would you do? |
Before answering the question here are your hypothethical circumstances:
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 I am broke!What should I do about a credit card debt? |
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Additional Details
32 years ... |
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Monkey | Debt - drowning in debt and I'm under 30!? |
I have a good job but I don't make great money, I have a ton of bills and about $17,000 in debt! Can't get rid of my credit cards because I have no money in the bank to cover "isues" like my car being in the shop today for something minor that is now adding up to $1,300.00 - how the heck am I ever going to stop living pay check to pay check and get out of this hole???!!! |
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bidhutnet
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I know what you are dealing with, i'm dealing with the same thing right now. The last few months I have finally got my act togeather and am making progress. Here is what you need to do
First sit down with all your bills, figure out how much you spend with paying the minium on all your bills. Also include all you expenses including gas, rent, food, other grocerys, insurance, cable, internet etc.. The key is to not cheat on this and include EVERYTHING!!
Then figure out which of your credit cards, or debts is costing the most a month in interest. Start with the debt accuring the most interest, unless its a really small balance and you have much higher balances accuring interest at about the same rate. If thats the case pay the higher balanced items first. Take the extra money each month and add it to the highest accuring debt ontop of your minium payment. Focus on paying on debt off at a time and pay the minium or alittle over the minium(a few dollars) each payment. The key is to make all your payments on time and not be late.
Next, carry a piece of paper with you for a month or so. Write down everytime you buy something and keep track of your spending. You will that you probably spend alot of money on things not needed. Examples are buying morning coffee(make it and take with you), small items you get at the gas station when getting gas, buying lunch etc.. You will see that most of these expenses can be cut. Taking lunch to work, not buying those few dollar items you don't need several times a week, making your own coffee etc.. Make a goal for yourself on what you can AFFORD to spend a week, and make it happen.
Last, look at all your bills and budget and see what you can get rid of. Examples are look at cell phone bill and see if you can downgrade. Or your cable or internet if you have the extra channels get rid of them. You can usually find away to cut $100.00 a month of your budget just by doing this. Take that money and start paying towards the highest rate debt you have.
You might want to look at working extra hours or getting a second job for awhile. I work in sales so I can't work extra hours and make more because i'm salery. Therefore, I set my goal alittle higher each month and really push for it. I do odd and end jobs for people here and there to make extra money to pay to my bills. You might want to reconsider your job and maybe look for a new one or work on your debt then take the necessary steps to improve yourself(college, training or whatever it might be) to get a better job.
Live frugal, like a broke college student. Because you are broke so you must live like it. Get rid of all the extras and really focus on this. Set a goal for when you want the debt to all be paid off and go for it. Start with making a goal one bill at a time and each time you pay one off treat yourself to something small. Once all the bills are paid off take the money you have been paying to bills and use it for savings and invest money to make your future better so you won't have to go through this again. Best of luck to you as it can be done. |
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Dr. Deth
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get a second job |
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Ask M
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simple, you don't have the cash, you don't buy it, set up
a budget and get that 17 k paid down, I lived on spaghetti
and tuna and peanut butter and jelly for 2 years to get
caught up. I walked wherever I could, I gave up everything
to get caught up and I live paycheck to paycheck and need
to find a better job myself, but I am now debt free and living within my budget (even though it sucks and I hardly get to
go out anymore). |
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mJc
 |
The only recommendation I can give to you is to get a second job - you have to become very disciplined though in making sure that all that extra income will go toward paying off your debt. |
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sarge927
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Check out this website:
http://www.gotdebt.org/
The website above is for Consumer Credit Counseling Service of Santa Clara and Ventura Counties (California). They helped me 15 years ago when I got in over my head. They work with your creditors to lower monthly payments (and interest rates, in some cases) and you pay them every month instead of writing a bunch of separate checks. The catch is you cut up all your credit cards and you are not allowed to get any new credit cards while they're helping you. But look at it this way: They lowered my monthly bills from about $500.00 a month to $225.00 a month, so you can take that money you save and put it in a savings account to cover emergencies.
The key is forcing yourself to save and not spend. They'll help you set up a budget and cut down on your extra expenses without having to starve yourself or stay home all the time. If you take their advice you can be debt-free in a few years and they'll help repair your credit rating when your bills are paid in full. Sure beats filing bankruptcy or getting a second job just to pay bills. |
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snowboardzombie
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Your not going to like this answer but its the truth...get a 2nd job. Sometimes you have to play a little catch up. My view is this...if you are working more, you don't have time to go spend money. I'm drowning in debt for hospital bills (and i had insurance too!) and no one is going to help me unfortunately. So what else can you do? debt consolidation places can help, but they have interest. there are government programs that help for free. google it and good luck. |
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danzahn
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Big changes come from small steps. Have you ever worked out a monthly budget or balanced your check book? How bout brown baggin it instead of paying 8 dollars a day for lunch. Thats $40 a week x 52 weeks = $2080.00! Clip coupons,look for carpools. Don't go out on the weekends if you can't afford it. Rent a movie instead of going to a movie. Don't buy new clothes because they are on sale, only buy them because your old ones are worn. Cut back on your bills by lowering the temp in the house in the winter, raising it in the summer. ASK FOR A RAISE! |
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moira77
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You don't need to get rid of your credit cards, but you do need to look at where you are spending your money and start cutting back where possible. For instance less eating out, bring a lunch instead of buy it, fewer coffees at work, don't rent as many movies, go out less often etc. Basically look at what you absolutely NEED to spend and cut down on anything besides that. With the money you save start paying down your credit cards. You may have to "tighten your belt" for a year, but if you are serious about wanting to get out of debt and can be stricter with your finances it will be worth it. If you spend moeny without realizing it try keeping a record of every cent you spend for a month (or 2 weeks and double it). This way you can SEE where your money is going - its amazing how quickly things add up! Good luck! |
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George Philip
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Please go ahead and get some money from
http://www.prosper.com/borrow/about_borrowing.aspx
Prosper is the leading online community for people to people lending.
You can Borrow money from real people out there who are willing to lend money.
It is better for them because it will bring them more intrest than banks who give apy around 5%.
For you it is better too as u might have bad credit and stuff.
This will help you consolidate your debts and start afresh.
You can also try getting some similar loan from ur friends or family.
THEN
1. Try to make extra income
you are only 30. you can always do it
try for a second job or a more income job
Bottom line:
To suppliment this you should change your spending habits
because according to experts improving your income will not
improve your bankbalance. You got to imbibe saving habits
George Philip, Elavatta |
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Mr. Wiseguy
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i stopped buying lunch at work and this hasn't help enough. but it's a start. |
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The One
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Ive seen people in more debt than that. I would try to consolidate your bills and try to slow down on unnecessary things. Try to find a good mechanic, most car dealerships and rinky dink car shops rip you off. If possible get a better paying job or just a part time job to help pay off your debts. |
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falisrm
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I was in the same exact position you are in now. i had $35,000 in debt and i only earned $40,000/ year. everyone's situation is different so you should review your own finances. I thought i was never going to pay it off but i only have $5,000 left on my balances after only 2 years.
i got a second job
budgeted my money CORRECTLY
used a credit counselor (try MMI)
i got a lot of raises and bonuses from work
i didn't incurr more debt
those are a few things i did. I was sooo close to filing for bankruptcy. i just had to pay the lawyer. I'm so glad i didn't do it. I feel like i accomplished the IMPOSSIBLE. |
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libaki
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First cut up your cards and stop spending. Second get a second job and see if paying more towards your bills helps.If 1 and 2 don't help you need to either speak to someone about debt consolidation/debt counsuling or speak to a lawyer about bankruptcy. |
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Lord_Darkclaw
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$17,000.. £8500.
That's a nasty debt, but you can probably clear it within about 3 years. Think carefully before you buy anything; if you don't need it, don't buy it; if you do need it, then make sure you can't get a better deal elsewhere.
Don't get stressed out, credit cards are a major pain so try to get back into the black with your bank (or try another - they are all competing for business) and get a loan. The trouble with credit cards is that you can be paying off the interest forever without making a dent in the original debt. If you really can't get rid of the cards, then you have little option but to live poor and put all your money into paying them off (and I know that's easier to say than to do). |
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boomawang
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first of all, pay it off asap, even if it puts a huge strain. then you can rethink your situation without the mountain of bills towering over you. |
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Not_Here
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file bankruptcy, if you owe more than you make |
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