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kellee g | What is the fastest way to get out of serious debt? |
me and my husband are in serious debt and would like to be out of it in at least 2 years. we moved to montana and away from family, we have to get rid of all our debt. so we can move back to northern california back to our family. please help us resolve our debt problem.!?!?!?!?!?!?!? thankyou |
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jandsmommy2002
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look into debt consolidation, they compile all your debts, reduce the interest charges and make payments more affordable, you might be able to manage this more than your current situation. Hope this helps! |
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madseason
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I don't think there's any big secret here. Start by cutting everything. Brown bag lunch, cheap pasta dinners that last, get rid of your land line and just have a cell, get rid of cable to remind yourself every day to get out of debt, use dial-up not broadband, caulk windows and doors to cut down energy costs, only use your debit card or pre-paid credit card, use public transportation, lease a cheap safe vehicle if u need one (buy one cash after your out of debt and save up), watch the latte factor(buy cheap coffee), a second job such as bartending can bring in a lot of extra cash while working less than 20 hours. If you own a home, try sprucing it up w/ some paint and sell for a profit and buy a cheaper place, if you rent search for a cheaper apt. There are many other things to cut but you get the idea.
After this if you think you are disciplined enough try a bill consolidation loan or if you own a home the best bet is a home equity loan or line of credit. You have to be very careful with these. Your house isn't an ATM and this can get you in worse debt if you aren't careful but they are great if used properly. If you are paying high interest credit you can turn that into a loan at say 10% or lower with a low monthly payment but it will stretch your payments over 15-25 years costing you much much more in the long run. What you must do is figure what payment it will take to pay that in 2 years and set up your checking account online to pay that amount every month. This way it's automatic and when you do your taxes, you will get to deduct a portion of the interest. If a loan from a bank is out of the question, try sites such as www.prosper.com - a direct person to person, lender to borrower website with no bank middleman collecting fees.
A lot of this may sound like suffering but if you are really committed to getting out of debt, you can do it, and just keep telling yourself only 2 years! |
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Ken
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First, you need to determine what your budget is and what is a realistic time frame for getting out of debt. Divide your expenses into categories. Continuing necessary items such as food, rent and utilities. Credit card debt and discretionary purchases. Don't forget that you will need some entertainment expense in this budget. You can, but probably will not, go two or more years without renting a movie or going out to dinner.
Create a budget and stick to it. You may need to consolidate your credit card debt to one card if you can do that. Divide the total balance by 24, add the monthly interest (usually 1-2% of the balance), and see if you can pay that amount. If not, divide it by 36 and see if you can pay that amount. That will tell you how much you need to pay monthly and how long it will take. If you have a 401(k) that you can borrow against, this is a great way to get out of credit card debt because the interest savings alone will allow you to pay off the debt.
I was thinking the other day about how easy it is to get into debt and how hard it is to get out. We pay about 40% of our income to taxes, 6-7% of what we spend to sales tax and then another 20% to the credit card company if we have charged it. That doesn't leave much to pay back that credit card principal.
Best of luck to you, I hope this helps. |
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Pete W
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Listen to Bruce, above. He's got the answers and he's right. Good luck to you both. |
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Bruce T
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Pay only cash for all further purchases. Do not go "window shopping." Buy ONLY necessities (the cheapest groceries, gasoline, electric bill)-- look around your home for old clothes you can wear. Ask relatives to save their old clothes for you instead of throwing them away. Make sure that you and your husband have health insurance in case either of you get really sick or injured (you'd be surprised by the number of slim, physicially fit ppl who get sick and not only have to see a doctor, but have to be admitted to the hospital). You can also transfer your debts to a credit card with lower interest rates, but the main emphasis is to pay off your old debts and to not incur new ones. |
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jec0620
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i would look at debt consolidation. If you own a home or land and have equity, you may want to put that up for collateral and payoff everything. If that is not an option, I would start paying extra on loans that have the highest interest rates, and/or payments. As those loans start being paid off, channel that same money to other debt. |
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TW
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It is too bad you moved away from your family because the best way to get out of debt is to move back in with your parents and put every cent possible into loan repayment. Housing is usually the biggest single chunk of our expenses. Mom can cook you dinner and brown bag your lunch.
Also, your family can provide support and are people you can trust. I hope you moved to Montana for a reason--i.e. a better job opportunity. |
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Michelle
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A really good tool is at www.bankrate.com calculators. Click on the Debt Management tab an look for pay down adviser it will ask you to input the information and at the end it will tell you how much you need to pay each month and how long it is going to take, Also, under credit cards and then pay off your card will tell you exactly how much you need to pay a month during a specific time frame (you case 24 months) |
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lourdes r
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a "quick loan" from a bank if you have some tangible collaterals. |
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Terrence B Knows
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depending on the debt you have
you can make payment arrangements to keep
them from hounding you and maybe cut the interest down.
double up on the payments
stop using credit cards
avoid payday loans
sell the extra car or return it if its new
cash out old jewelry
do overtime on the job to catch up bills
get an extra job to cover more bills
move with family or friends to cover
more of your bills - make arrangements with family
so you don't have to pay them rent
budget your income better
to keep expenses low
no more getting nails done or hair appointments
do your own haircuts
no extra shopping for new items
buy used when possible
no fast food
combine car trips - rideshare carpool - bus
you can do it
STICK TO IT
http://www.moneyrushonline.com |
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I'm as cool as ice cubes
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DONT DO ANY QUICK LOANS OR DEBT CONSOLIDATION LOANS. They screw up your credit scores. The fastest and easiest way is to do what I call the "snowball effect". Take you smallest credit card of loan that you have and pay that off first. once you have payed that off move on to the next smallest amount and apply the payments from the card that you would have normally payed on that card to your nexy payment. Just keep doing that until you are debtt free
Also I would cut out any expenses that you dont have to have such as cable, internet, dining out every evening, try doing little things like taking your lunch to work. Any thing that can cut expenses |
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WannaRetire
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Consolidate your debt and stop the high interest rates.
www.americanfinancialservice.org
Ohh, and read this:
http://money.cnn.com/magazines/moneymag/money101/index.html |
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Ryan
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A quick loan is a bad idea. The idea is to get out of debt, not take more on. You really need to cut back on expenses, spending, etc. My wife and I were going through the same thing and are almost out of it now. If you pay for cable tv, do you really need all the channels you're getting, or could you go with a cheaper package? Only buy food you need, not want (there's a difference). Limit your eating out and extra-curricular activities --- you still need to have fun, but be frugal about it. Pack yourself a picnic lunch and go on a walk in the park, beach, etc with your wife. It's nearly free. Susie Orman is a good authority on investing, budgeting and getting the most out of your money. I would buy one of her books. I borrowed one from a friend and it was very informative. Good luck!
Everything I've read says that it's a very bad idea to borrow against your retirement accounts. That's your future! The interest, dividends, growth, etc that you'll get from that will likely outweigh interest from the credit cards. Plus, you'll have to claim it on your taxes (22%-28% or so, depending on tax bracket), PLUS you'll get an additional 10% penalty, so that's well over 30% that will be trimmed off right away. Not a good idea IMHO. Just cut down on spending, including cutting up all credit cards except maybe one for emergencies. It's a slow process, but you'll eventually see the balances shrinking. Consolidate to one or two lower balance cards as soon as you're able. |
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New Dog Owner
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Depends on what the debt is. Bankruptcy might be your option. If you go Chapter 7, you can clear your debt almost instantly, but your credit will be ruined for seven years, and you will find it difficult to impossible to get some types of jobs. IN Chapter 7 you liquidate all your assets, except for exempted items, and you creditors get paid from that. If you go Chapter 13, the court puts you on a payment plan, and you pay a fixed amount every month into the bankruptcy trust to be distributed to your creditors, until the debt is clear. The nice thing about this is your credit is clear as soon as you pay your debt. The bad thing is that it takes as long as it takes and you have the court looking over your shoulder for everything you buy. Talk to a bankruptcy attorney and they can help you decide what to do. |
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