Health Freak
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Concentrate mainly on the biggest balances with the highest interest rate. Pay more than the minimum payment on these as you will just be covering the interest if you pay minimum.
Anything with the smaller balances, pay the minimum payments.
Cut up all your cards dont top-up or renew any loans already outstanding.
Draw up a budget plan and see how much you have leftover, after paying creditors and housekeeping, if there is more leftover pay a bit more towards your creditors.
Hope this helps |
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andy_manc_uk
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Go to the citzens advice bureau, they will send you to a free financial advisor who will sort out the best way to pay it off, they may even stop the interet you are paying. |
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Saint George
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First how did you get into this situation?, If your debt had something to do with investing for your future, like schooling or a house down payment, then you have my sincere sympathy. In this case you better call your creditors and ask to renegotiate terms of payment.
But if on the other hand your credit card was seen chasing flashy ads. then belt up and PAY UP. Best of luck... |
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whitegsr94
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Cut your spending down as much as you can is the obvious answer. If you eat out a lot, start cooking at home more and maybe eat out once a month. I know you're probably too tired to cook after working those long hours but it's a sacrafice you're going to need to make. Basically, start figuring out where all the money is going to now and try to cut down on it as much as you can. The money you have left over should be spent on paying back the debt. Start with the debt that has the highest interest rates. |
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Dry Dreamer
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Borrow £14.000,000 put it on the lottery and you are guaranteed a jackpot |
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seepferdchenstute
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start working in a massage saloon, you can just "use" your hands and make the guys happy. |
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Sally
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get a job and save a bit each week and put that to your bills. |
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ben b
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Over 20k? your in then. you can go see someone who writes these debts off for you, partially, but it takes 5 years, and do shop around for the agent, solicitor that does it.
If theryre unsecured, move, forget, and wait 7 years for any sort of basic credit.
Its your life, you only get one, its only money.
Oh yea, and no baliff can enter your home, unless you let them, or they get in through an open door or window. Dont let them in to discuss, then then have right of unnatented re entry. Politely keep em on the step, say no, you know your rights, they will never be permitted in, you will only speak to a court. Then say the same to court baliff. Your entitled to! |
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lickle ole me
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There is no quick way to decrease debt unless you have a financial windfall. I would suggest you make an appointment with your bank and ask them to re-structure or consolidate your loans.
If you manage to consolidate your loans the chances are you can reduce the monthly payment. This may seem great, but you should budget your income and try to pay off as much extra money as you can with any money you may have left after you've paid all your bills. Boring I know but debt is a pain to get out of and it is hard work, and no easy option. you just have to stop and think before you buy anything in future.
Another option is to sell any assets you may have, downgrade your car, computer etc etc.
Good Luck |
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gingajen
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speak to a finacial advisor, sometimes thay can help find a solution, or contact your creditors and explain the situation to them, if you are finding it hard to make your repayments most companies can make arrangments to loweryou monthly payments. be careful though beacuse sometimes these arrangments can effect your credit rating so be sure before you agree to anything |
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zanger z
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Hi, Debt consolidation seems the answer
How to Hire a Debt Counselor?
http://www.askaquery.com/Answers/qn1584.html
What is Debt Relief?
http://www.askaquery.com/Answers/qn1583.html
Debt Management and Building Wealth
http://www.askaquery.com/Answers/qn1581 |
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Maz
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What ever you do , do not go into a debt management program, thats worse than anything. Talk to your debtors, explain the situation, if you need any help the Citizens Advice will help you contact your debtors and come up with some affordable repayment plan. |
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dreamscorporation
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if someone wants to get out of debt today it is pretty easy with a debt consolidation plan
however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,
a good place to start in my humble opinion is:
http://umgarticles.atspace.com/debt-consolidation.htm |
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luvouhellen
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Well the only thing I can suggest for you to do is to pay so much a month untill you get everything paid off. |
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♪ Nickels ♪
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Become a part-time show girl??
Live on Instant Noodles to save money on groceries??
Sell Avon? |
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Bob The Builder
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If you cant figure out yourself that you need to stop spending so much money, and start paying back what you owe people, then perhaps a sugar baby is a good answer for you. Get a grip.. |
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nemesis
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It depends on your situation, and the type of debt. Firstly, you need to list your debts and their interest rates. Your first priority (whilst you're working) is to clear the debts which charge the most interest - usually in the following order (highest first):
1. Store cards.
2. Credit cards.
3. Bank overdraft.
4. Personal loan.
5. Mortgage.
To completely clear £20,000 in two years would require payment of roughly £850 per month. The effects of interest would push this figure up much higher, especially if credit cards are involved.
Some people would say to consolidate the debt into a new unsecured loan. However, bear in mind that you will be paying more interest and over a longer period of time. The time you might do this is if you had large debt spread across multiple credit cards/store cards, and were only just making the minimum repayments.
If you lost your job, then your priority list above would turn upside down e.g. the mortgage being the top priority - as your aim would be to keep the roof over your head. |
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clair
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sell your body |
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ianmat
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No easy answers I am afraid. Your first thing is to consolidate debts into one amount, spread over a shortish term. Do not get fooled by TV ads - if you pay back over many years you will end up paying back much more. If you borrow on credit cards you will pay masses of interest.
If possible, get a loan that allows you to make early repayments without penalty.
Change your spending habits - when you want to buy something, buy the next cheaper version. Keep the money you save in a savings account - don't withdraw the money except to repay your debts.
Give up expensive habits (temporarily!!). most importantly, don't lose heart!
if you need help with your debt, contact Citizens' Advice.
Good luck. |
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kaaaahhh
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find a sugar daddy... |
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?
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stop spending money, easy! |
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mowerman
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if you ask 2000 of us to send you £10 each I'm sure you might be pleasantly surprised |
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madsad m
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ask your sugar daddy. |
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Crossroads Keeper
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I assume you're in London. I'm not sure if it's the same in your country, but in the United States we have an organization called Consumer Credit Counseling. For free these people make deals with your creditors and all kinds of stuff.
I don't know if there's anything like that in your country; but, you might want to check it out. |
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munkydogg
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I dont think there are any quick routes to getting out of debt, the people I have spoken to with high debt recommend the citizens advice bureau. Just PLEASE don't sign up for these debt consolidation firms you see on T.V these may work for a small number of people in specific circumstances but most ARE JUST THERE TO MAKE MONEY OFF YOUR SITUATION!!! Tighten your belt cut back anywhere you can and grin and bear it.
It's not all doom and gloom I worked my way out of similar debt in 5 years or so. GOOD LUCK! |
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David D
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There are some useful tips here. |
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yorkie
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go missing for the rest of yuor life, that should clear the debt |
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