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needabreak | What's the best way to get out of debt without filling bankruptcy? |
I am working a second job and have cut back on my spending but it just seems like its not working. |
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steve44md
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Instead of Bankruptcy .... try Bank Robbery! Just a thought! |
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Nekisha G
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First thing you need to do is make a list of all of your debts. Get a copy of your credit report from all three credit bureau's. Definitely put yourself on a budget. Once you come up with one, revise it and revise it again in order to weed out unneccessary spending.
The next thing you should do is call all of your credit card companies to inquire and enroll in their assistance programs. They do have them. They just don't want you to know because they will lose money from their outstanding finance charges. Once approved your apr can be cut in half and you monthly payments reduced.
Also, don't drive short distances that can be walked. Brown bag your lunches. Stop eating out. Buy your non-fresh foods (canned & processed) at Wal-mart or the dollar store. It sounds cheap, but the dollar stores these days sell brand named goods. And use your grocery store circular to find sales on other foods.
You have to be creative and stay committed. It's not easy and youo won't lose all of your debt over night but oh how wonderful it will be to lay your head down at night debt-free.
Best of wishes. Also try: http://www.suzeorman.com/igsbase/igstemplate.cfm?SRC=MD012&SRCN=index&GnavID=84&SnavID=20
She's good... |
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?
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1) Explain your situation to your creditors (mortgage company, credit card companies, etc.)
2) Set up a payment plan:
2a) Pay the highest interest debt first
2b) pay the lower interest debts
3) Don't take on any new debt |
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pebble
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I am going to start with bad credit so: Start by getting your once a year free credit report here: https://www.annualcreditreport.com/cra/index.jsp no strings attached.
Review it. If anything looks suspicious, use the contact information provided and ask them to review it. The creditor then has a certain number of days to verify and respond that the debt is yours. If they cannot verify it, it will be removed. If they can and do, then nothing happens, but it will remain on your report. You need to do this with all three agencies to get the debt removed. After any reviewable items are removed, you will receive a revised copy of your credit report. Contact each source of bad credit and tell them you would like to pay off the debt but ask them what all they can do to assist you, such as cut interest rates down or freeze the amount owed from future interest and/or set up a payment plan. Pay off the highest interest one first but try to make at least minimal payments on the rest.
Evaluate your lifestyle - anything you can cut back on or cut off. Computers, satellites, two phones, etc are all luxuries and can be done without. Can you turn the A/C off or down, cut back on water usage, eat fewer cooked meals and more cold meals (sandwiches, salads...) and drive less or carpool? After you cut off the luxuries, gather your bills. Anything you are not already delinquent on, keep up the payments on, again focusing on highest interest rates. Make a list of all your bills and expenses. Put on top necessities - utilities, rent, groceries, gas. Deduct this from your pay to see exactly how much you have to pay toward bad debt. Then make a list of all your current credit cards and other sources of bad debt in order of interest rates; deduct the amounts of these payments. You should contact each of these sources and see what they can do to work with you. Anything left over, pay toward your delinquent debts in order of interest rate.
Most importantly, DO NOT get in any more debt than you are already in. Cut up those cards and move forward.
Another thing that will help you save money and stay on track is to keep the amout of cash on hand to a minimum, and to pay bills the day you get paid instead of waiting until the due date. Writing bills and expenses in a calandar or day planner will help you to visualize what needs to come out of each of your checks.
Edit:
Getting rid of debts, smallest to largest instead of by interest rate, is also very effective especially since it gives you the sense of accomplishing your goal as each one gets eliminated; it is called "debt snowballing." It is also a simpler way to organize your debts if you are not mathematically inclined. It may be what you need to motivate yourself to continue pursuing your goal. However, paying the highest interest rates will actually save you in the long run if you can stick to it. You should consider which method would be most effective for you then stick to it. Here is some more helpful advice for getting out of debt: http://www.getrichslowly.org/blog/2006/11/16/how-to-get-out-of-debt-2/ |
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Tim A
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There have been many good answers to your question. I would like to add one idea that makes a lot of sense to me. List all of your debt then put it in order from the highest to the least amount. Pay off the smallest bill you have first. Then attack your next smallest bill and apply the normal payment you were making plus the payment amount you were paying on the smallest bill that you got paid off. If you use this method and do not add anymore debt then what you are doing is consuming your debt from the tail to the head. It is a powerful concept and is good psychology because almost everyone can pay their smallest bill. Try this and see if it works. I think it will. Good luck and God bless. Getting out of debt is buying back your freedom. |
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GrapeMSH
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try to consolidate all of your loans and credit cards. don't buy stuff you dont need. For example I see people buying Starbucks all the time when they are in debt. Make the Coffey at home. |
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eehco
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contact your creditors and let them know what you're trying to do. make arrangements with them and pay it all off a little at a time. if you're upfront with them, quite a few will lower or stop the interest. sometimes they might close the account after it's paid off and or suspend use during payoff time.
if you don't want to go that route, pay at least twice the minimum payment plus the statement interest. you'll see that balances shrinking before your eyes. make your payments early and or on time. |
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patmahoney@btinternet.com
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Pay off big high interest debts one at a time |
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ahottmess
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Getting out of debt takes time. You can go about it two ways if you want to do it on your own. It may make you feel like you are accomplishing something if you tackle the little items on your credit report first or you can get the big stuff out of the way and then work your way down.
If you can find a legitimate debt counselor consult them and see what they can offer you.
Also contact your debtors and see if they can reduce what you owe, like making settlements.
Set goals and budget accordingly. But most of all don't be too hard on yourself, or you will never finish. |
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Brett W
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My wife and I are buried due to an incorrect withdrawal from out checking account. We are disputing it, but it has devistated us.
I thank God that it has happend though because it was a final straw to get us to reprioritize things.
Tim A.'s suggestion is great! (Tim, have you been reading Dave Ramsay's books?) A friend recommended reading "The Total Money Makeover" by Dave Ramsay. It is solid, sensible logic that really works. There is no magical debt escape hatch, but it helps to have someone give you some simple next steps to make quick progress. We have found our idea of cutting back and eliminating excess was not really what we needed to do for now.
Best wishes. It is a rough place to be, but make a committment now or things will get unbelivably worse than you would dream. Sometimes things do go so far that you need professional and/or legal assistance. |
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banananose_89117
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You have to live within a budget/means to get and stay out of debt. Cut up ALL credit cards and only pay with cash to stay within your budget.
Write down every CENT, every cent, for the next week, then month, to see places you might not realize your are spending money, like Starbucks coffee when you can bring it from home. Don't go out to dinner or lunch. Carry a sack lunch with beverage to work. Cut out the movies, the movie rentals, not necessities of entertainment; but once a month treat yourself to something less expensive but fun.
There is usually a credit counseling program through United Way that will help you to get out of debt. You have to make sure it is a non-profit program! They can take to creditors and get many of the interest rates lowered, consolidate debts wisely, etc.
Even with a second job, it is hard to catch up. Start doing things like only buying necessities, not luxuries, and then on sale and use coupons. Wear the same clothes, shoes, etc., this season. You won't die from not having the "latest" in fashion, whether you are male or female. If you have more than basic cable, drop it and see how much you save. Turn up the a/c or down the heat by two or three degrees and save money. If you are not in a room, turn off the light. Do you start to see a pattern?
Writing things down, living a life at home to read or watch TV, using coupons, going to sales (groceries included), every little bit helps. |
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Mo
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Room mate if possible to offset the cost and expense. Pay off high interest with double payments, shut your computer off it cost you probably 60 or more to have high speed and phone. Use just a cell phone, use lower watt light bulbs, buy generic, and change stop buying expensive clothing. These are some things that will give you a good jump start. Remember, it was your frivolous spending that put you there, now you have to pay the debt. Sorry, itisn't easier. |
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Leslie M
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I've certainly been there but, here are several things I did to help myself out of this bind.
1. Cut up any credit cards (if you still have them).
2. Obtain a credit report, you can get one free from the fed government on-line: http://www.ftc.gov/bcp/conline/pubs/credit/repair.shtm
3. Once you have printed out your credit report, call the creditors or write to them and offer a monthly payment plan. Most people will be amiable to working with you.
4. I read on another post that someone suggested taking a roommate, this is a good idea. If it can't work for you, consider moving to a place you can better afford.
5. If have a car payment, trade for a lessor car without one.
6. Are you eating out at restaurants often? Renting movies? Are your hobbies costing too much? You can rent DVDs at the Library for free. These are all sacrifices and, yes, they aren't fun but, they'll work and if you look at it as a temporary situation, it will be tolerable. |
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☆Star☆
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i am in the same situation and thinking about bankruptcy but you should follow NEKISHA'S advice. i know i will!! good luck! |
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Darianna
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My husband is in fiance and he always says to consolidate your highest debt... Just know that if you file bankruptcy that stays for seven years and always looks bad on you're credit reports...It effects every thing from that day forward... |
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Jeffrey P
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Dave Ramsey is a financial counselor who also has a radio. He has a proven system for people to get out of debt. Simply summarized: 1) written budget 2) minimal lifestyle (beans and rice as he says it) 3) pay off debts smallest to greatest (debt snowball) 4) incur no more debts 5) do what you can to improve you cash flow (better job, second job, third job, garage sale). Never ever use credit cards. |
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tomtoride
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contact each creditor you owe money too and explain to them your situation and try to arrange for a settlement lots of times they will oblige |
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Robeerto
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If you have a lot of credit cards and debt, honestly it will be a very long time before you can get out if your income doesn't keep rising quickly. People talk about paying off high-interest credit cards first, then take that money that would have gone toward that card and put it toward another card or debt.....but come on - that is OK for someone with a cash flow to support it, but if you're buried from the start, paying off one card only frees up money to buy food or gas.
I've been in a very bad debt situation, and I filed bankruptcy. It wasn't bad. After 7 years it dropped off my report. So what that I had to use high-interest cards in the first few years? I kept the balances low or paid off and helped build my credit up at the same time. If I didn't file, I'd still be swamped in debt today, and I think I'm close to living paycheck-to-paycheck as it is. Bankruptcy helped me, but it may not be best for everyone. Look at all options - including bankruptcy.
My best advice to get out of debt is not to pay off bills or decrease/manage spending, but to increase income. Easily said, but how do you do it? There are lots of places to find info on starting an internet business for next to nothing. Try eBay. Try AdWords or AdSense. Use what you know to create a unique product and sell it. Do research and you'll find plenty of free info that will get you on track. |
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xplorshinji
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Try calling all the companies you have debt with and try to negotiate a lower payment or a doable payment schedule. The companies are willing to work with you then writing your debt at a loss if you file bankruptcy. |
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vegetareignssupreme
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Downsize. Sell some useless old junk. Work a second job. Be aware of the amount of energy you use. Try only having on one light per room. Try using your car less, to spend less money on gas. DO NOT sell your house. This is the worst time to sell your house. It is a buyers market, and you may even have to sell your house for much less than its actual value. |
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gofish
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Dint do the bankruptcy thing , you will be branded a looser for ever.Speak to your creditors about making small monthly payments. |
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henryredwons
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if your credit is in the toilet then there is no reason not to file .in two years credit card company's and even car dealerships well be offering you money and in less then 3 years you well be able to get a home loan .it well take longer then that to get things paid back and you well be out thousands for nothing |
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t5
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contact all creditors and set up reasonablle payment plans. |
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Pravda
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They can't squeeze blood out of a turnip... If you have a budget and plan to repay the debt then just stay the course. The day will come when you have paid the debt and your credit is restored. It just takes time...I know... but once you start to see the other side you won't want to ever be back on the debt side again! I have a link on my profile that can help also...visit if you want to.
Best of luck, |
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KC Big Ones
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DAVE RAMSEY .COM
hes a genius |
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JBWPLGCSE
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If you are young, I'd file bankruptsy and get out of all that debt. However if you don't want to go that route pay off the lowest bills first (or the highest) which ever you choose, and pay more than the set monthly amount maybe 10-20 dollars more. I'm about to get everything paid off, but I'm paying my highest bill (which is 1200.00) and my lowest which is 500.00 then the only thing I will have to pay off is my new car payment, which I'm able to pay that off in less than a year. (because of the down payment I put on the vehicle) |
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donyelle4
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Try a third job, like selling Mary Kay or Cookie Lee jewelry.
These kind of jobs, you can make your own schedule. |
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Sjean
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Consolidate your loans, consider seeing a debt counselor and just control your spending and keep plugging away at it.
Bankruptcy laws have changed and it's much more difficult to do now. |
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Think Richlyâ„¢
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Learn how money works. It depends on how much debt you have, how much you're paying every month, and how much you're earning after-tax. Do some odd jobs like mowing the lawn or raking leaves for neighbors.
You need to cut back on unnecessary things. Anything that is not food, shelter, clothing, or transportation is unnecessary. Don't buy new clothes or brand name clothes. Don't go to restaurants - make food at home and take it to work. Stop spending money on stuff like starbucks coffee and movie tickets, and that 1000 channel cable TV.
You have to be willing to stick it out for a few years and discipline yourself on spending. Make sure you're paying your credit card bills and stuff on time, and more than minimum.
Here's the way it works. Find out the credit card with the highest APR, and pay the most amount of money on it every month - and don't miss any payments. And pay the minimum on the rest of the credit cards. When the credit card with the highest APR is paid off, use that money to pay off the card with the next highest APR, and repeat until all cards/ debt is paid off.
And go to the local library and read books on how to get out of debt. The best book I've read is: Rich Dad's Guide to Becoming Rich Without Cutting Up Your Credit Cards. Check it out. |
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Roland C
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First cut up all high paying CC cards. Keep one for emergency, preferably without annual fee so just hang on to it. Then have them auto deduct from your checking that way you'll never be late. Then start paying extra on each card from second job that way your paying the principle.
Pay yourself first by having your bank automatically take 10% off your paycheck/ checking account and place them on savings account. So now you pay down your debt and same token you get money for emergency.- if you need - pay all purchases with cash. |
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Laverne D
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pay off the debt, one @ a time. pay the most on the card with the highest intrest rate. |
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