I have a lot of debt and I am in need of advice....?

I have about 15k in credit card debt, 10k in personal debt, and 35k in a student loan. I am overwhelmed with payments!!!

I have heard debt consolidation is a really bad idea. But i am seeing no other alternatives. any suggestions???

You are $60000 in debt and that sounds like a ton but I'm sure that you can knock this out before you know it just by having a plan and getting a temporary part time job to help yourself out of this hole. Here is a plan. If you work the plan, the plan works for you:
1. Make a budget. Make the budget a week before you get paid. A budget is not a punishment! It is a tool which will free you from ever having to worry about money again. Put everything in your budget. Especially those annual, biannual, or quarterly bills like car registration, insurance, etc. Give every dollar you are going to bring home the name of where it is going. Add an "emergency fund" category to your budget for 25 dollars and save up until you have 1000-1250 dollars. Your emergency fund will help keep you from getting into new debt because of an emergency. If you can, set up a direct transfer to a savings account for your emergency fund. That way it moves automatically and you don't even have to worry about it. You must cut your spending and live on less than you make.

2. First get current on all of you debts and make no more late payments. Stop using your credit cards immediately. Do not take on any more debt. Credit cards are like quicksand only the death is much slower. Make a list of all of your debts in order of highest interest rate to lowest interest. Use cash only for your spending from now on.

3. Pay the minimum due on all of your debts and then put your extra money towards paying off the highest interest one first. After you get that one paid off, you put the money you were paying on debt #1 (the minimum payment and the extra payment) towards debt #2. That will pay debt #2 off faster. When that is paid off, you put all three payments towards card #3 and that one will be paid off pretty quickly. As an example:

To start :
Debt #1 (highest interest): minimum payment+ extra payment
Debt #2 (middle interest): minimum payment
Debt #3(lowest interest): minimum payment

Debt #1: paid off
Debt #2: minimum payment from Debt #1+ Minimum payment from Debt #2 +extra payment
Debt #3: minimum payment

Debt #1: paid off
Debt #2: paid off
Debt #3:Mimimum payment from card #1+ minimum payment from Debt #2+ minimum payment from Debt #3+ extra payment.

That way, you will get them all paid off, on time, and pay the least interest. It will also help towards rebuilding your credit since you will no longer have any late payments. This works no matter how many different debts you may have.

4. After you get all of your debts paid off, add to your emergency fund until you have 6-12 months of income saved up. Put that emergency fund money into a liquid money market fund or into a Bank of America no-risk CD so that if you need the money you can take it out without penalty.

5a. When you have your emergency fund in place, add a category for "fun" to your budget. Save for a holiday, a vacation, a big screen, or dinners out, whatever goal you want. Remember to enjoy your life.

5b. When you have your emergency fund in place, start saving for your retirement. Join the 401(k) plan at work and contribute the maximum. You employer probably matches at least part of your contribution so why give up free money. Open a Roth IRA and contribute the maximum on a monthly basis. If you start saving for your retirement now, you will probably retire a millionaire.

I would go and see various different loaners. Obviously you would need to see different ones for different things so you can go to a loaner that is specifically for students, another one for personal etc. If you don't have one locally, try looking on the internet for ones that you can phone. Hope it helps :/

Take a look at this site:http://www.threerules.org/book.html
What you heard is correct. Debt consolidation prolongs the agony.

Prioritize things based on the interest rate and start paying off your debts. Start with anything that is not yet delinquent then start paying off things with the highest interest rate.

start by getting rid of the credit card.................you can't handle it.
if the personal debt is with a bank.try to get it uped to get rid of the cr card(much lower rate.)
the student loan.tell them you are having a hard time and would like to strech out payments..........also , get a part time job to help pay....I assume you have a regular job..........

By consolidating credit card debt into a loan you will avoid the revolving credit and eventually pay the ammount down, however, it will be easy and tempting to get more credit card debt.

The best solution is to pay off the smaller ones and as your monthly payments drop off over time, put a portion of what you have extra into the next one you're aiming to pay off. You'll then be able to see improvements in both areas.

Give it time though, it could take 6 months before you free up some monthly income.

I found that delivering pizza as a second job is a good way to get extra cash. It pays for gas costs generally and allows you to see cash each day....not to mention the hours for part time are not hard to manage.

My Name is Mrs Rita Morris i am from Ireland,i think the answer to your loan question is clear, there are so meny fake loan lenders out there and one has to be very carful, i have been scammed of euro 1200 befor untill a friend link me up with a loan company called skyloan fime they help me and i clear off my debt, they grant loan 2% intrest rate and even if you have a bad credit and low income they still offer their service to you, they grant loan to international companies and private individaul even with your bad credit, i know they are the right company you should contact for help.

here is their email address skyloan_linkway@yahoo.com
just tell them that Mrs Rita Morris refer you to them

Opt for a debt consolidation loan: The easiest method of getting a debt consolidation loan is to utilize the equity of your home. Equity of your home is calculated and determined by the difference in the amount you have paid and the amount you owe. If the amount you have paid is more than the amount due, you can use it as collateral. This allows you to borrow money on lower interest rates. Besides, you also get tax benefit on this type of loan. Consult your tax advisor before opting for this loan.
http://debt-trap.com/category/Debt-Consolidation-Basics.html

Start paying them off - work more - do less. Avoid eating out, entertainment expenses etc. Eat rice and beans. When you tired of that, eat beans and rice.

Sell stuff.

Put a little money back for emergencies - like fixing a car so that when bad stuff happens, you won't have to go into debt to fix it.

Pay off your smallest debt and work up to your largest (so that you can get the I've done something feeling when the smallest is paid off).

CUT UP YOUR CREDIT CARDS AND DON'T GET FARTHER INTO DEBT.

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