OK...My debt is not large...less than a few thousand dollars...but I can't seem to pay anything off or begin to get ahead because every paycheck I get is not even enough to cover the bills due at that particular time...
2006-07-27 22:57:19 · 11 answers · asked by arabianlady2001 1 in Business & Finance ➔ Personal Finance
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
2006-07-30 22:18:42 · answer #1 · answered by Anonymous · 0⤊ 0⤋
I live payday to payday too and this is what I did. Go to a bankruptcy company and ask them to consolidate all your debt into one monthly payment...it's called a consumer proposal. The opposite of filling bankruptcy. I did the same thing, I was about 6 grand in debt so a bit more then you but I'm pretty sure you can file a proposal for any amount. I paid $150 a month for 3 years and I'm finally finished. Filing the proposal stops the interest and makes paying the bills easier cuz it's just one payment to all the creditors. And a plus is, for the past 3 years I was able to pay the $150 and even though it was a struggle to make ends meet, I was able to live without it and I'm still putting the $150 or at least half of it away...into my personal savings account. So I learned that I could save too. Good Luck and hope this helps.
2006-07-28 06:08:46 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Unless you get a second job, you have no control over what comes in - only what goes out. To get ahead you have to curb your spending. Take a hard look at where the money goes. Cut out all non-essentials like cable TV, new clothes, etc. Prepare all meals at home.
Lower your electric bill: wash clothes in cold water. Turn off lights in rooms you're not using. Turn off TV/radio when no one is watching/listening. Lower thermostat in winter, raise it in summer.
Lower your grocery bill: buy store brands, not name brands. No soda or junk food. No Starbucks or donut shops. Cut back on meats; a pound of ground beef can be stretched to feed 8. Avoid prepared or frozen foods; cook from scratch. It's cheaper and you will be healthier.
Live frugally. Wash and re-use ziplock bags. Use rags or sponges, not paper towels. Use cloth napkins, not paper. Shop yard sales and Goodwill. If you smoke, quit. Combine errands to cut down on trips and save gas. Join Freecycle.org for things you really need but can't afford.
You'd be surprised at how much money bleeds out on little things. They add up. Make a commitment to a simple life and frugal lifestyle until your debts are paid off. Then, put 10% of every paycheck into a savings account, and NEVER put more on a credit card than you can pay off at the end of the month.
2006-07-29 07:24:38 · answer #3 · answered by keepsondancing 5 · 0⤊ 0⤋
As most has said, you need to lower your expenses. Start a budget and write down what you are spending daily and see where you can lower your expenses. Such as eating out, basic phone service, no cable (use an antenna), buying new instead of used, lower cell phone service, sell car and take public transportation, get a roommate, etc.
Also, consider finding a higher paying job or a second job to help pay off the debt and start an emergency fund (savings). Live frugal for a while to get out of debt, an emergency fund, and a savings account. You can do it.
I also suggest going to message board at http://moneycentral.msn.com/community/message/board.asp?Board=YourMoney and reading the STEPS thread.
2006-07-28 09:38:45 · answer #4 · answered by dimples22221 2 · 0⤊ 0⤋
Welcome to the life of the working poor. Try to pay a bit more than the minimum each month, even if it's just $20. Call a consumer credit counselor. They can work with your credit card people or loan people to get interest rates reduced or removed all together. I feel you...it took me 9 years and working more than one job to get out of debt. Perservere...you'll get there.
2006-07-28 06:02:42 · answer #5 · answered by PariahMaterial 6 · 0⤊ 0⤋
2 WORDS
Dave Ramsey
Worked for me. Look this guy up on the net. Go to the book store and buy his book. Just listen to him for a while and you'll be debt free like me. Good Luck.
2006-07-28 23:34:22 · answer #6 · answered by jocashins 2 · 0⤊ 0⤋
Get a second Job, work yourself to death until your debt is clear, or just marry rich. seriously, sometimes just budgeting cures all financial ails..
2006-07-28 06:12:07 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Spend less from what you earn or get a part time job.
2006-07-28 06:44:46 · answer #8 · answered by Wussupp!!! 2 · 0⤊ 0⤋
budget your money. get a second job and stop eating out so much,,,
2006-07-28 06:03:16 · answer #9 · answered by lestatooo1 1 · 0⤊ 0⤋
There may be something of use here.
2006-07-28 12:52:30 · answer #10 · answered by Anonymous · 0⤊ 0⤋