How do I get out of debt? I owe a ton.?

Answer 1

First stop spending on anything but life essentials, like food, rent and utilities and bills. No extras until you do the following.

Sit down and do a full, honest evaluation. List the exact amount of money you make. Don't estimate and say, oh around $500. List it exactly, if it's $452.98, then list it. Then list every debt you have, every penny.

Next go over the previous month with a fine tooth comb, know where every penny of your paychecks went. Once you know where it went, it is easy to find cuts that can be made.

Apply every penny you can to one of two things, either savings account or debt repayment. Both need your attention. Take lunches, don't buy, give up lattes and soda, or cigarettes. If you have a cell phone, give it up and get a tracfone for $20. If you have to move to a cheaper place and can do it, do it. Turn off lights, eat top ramen once a week...do anything you can to keep your money in your hand so you can use it to repay your debt.

Getting out of debt feels so good, it is so freeing, but it doesn't come easy--it can be done. If you are in trouble financially, call one of the free debt consulting places

Answer 2

If your debt is revolving (credit cards) and you are just making the minimum payments and/or late payments then you are not making any progress. I would check into consumer credit if your debt is large (like you say) and if your payments are sometimes behind. They negotiate payments and interest rates with your creditors and can give you a timeframe as to when you'll be debt free. You'll have to check out the different companies...a very popular one is consumer credit counseling service or CCCS. It can take years but it doesn't affect your credit like a bankruptcy would. You'll have to be very dedicated-the affected cards obviously will not allow more charges while you are using the credit counseling service and you have to make your payments to CCCS or whichever company you choose on time or they will drop you. If you do this, make sure to choose a non-profit organization. Sadly, there are several companies that prey on people in your situation and require big downpayments. If you run into a company like this, that should be a warning-sign to you. Good luck!

Answer 3

If you own yor own homw you can refinance and pull cash out to pay off your credit card bill and raise your credit score dramatically. I work for United Lenders Group and I work with over 45 different banking companies so I could get you a mortgage loan no matter how bad your credit is or how much in debt you may be
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keyon

Answer 4

The best thing I did was file bankruptcy.

If you don't want that option. You can contact consumer credit. This is an organization that will help you get out of debt. They will set up a reasonable payment plan to pay off bills. They also contact your creditors to see if they will lower the interest rate or remove it completely while you are going thru them.

Answer 5

Your question is not detailed enough. I would need to know how much you make? What type of debt? and what your expenses are? How is your credit? Feel free to email me.

Certain bills are priority
Certain bills get blown off for the time being
Certain bills get minimum or negotiated payments.

John

Answer 6

Depand on what monthly payment you can do and how much you own

Best way is find a better intrest rate and lower your intrest payments.
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Answer 7

Here's a great article on getting out of detbt:

http://www.reduce-debt-help.com/Getting-Out-of-Debt,-The-Smart-Credit-Card-Plan.html

Answer 8

very carefully make smaller payments