Credit Card Debt?

Question

What is the best way to get out of debt? Is condolidation the real answer? I've really gotten myself in a mess. I have a decent job, but with raising three kids and EVERYTHING being so expensive, sometimes I have to charge groceries on my off week of pay day just to get by. I'm losing sleep over worrying about it all. I'm not charging "big" items, basically just things you need to live, eg. food, gas. Any good suggestions? I'm trying really hard, but nothing seems to help.

Answer 1

maybe you should check out oprah's debt diet.
Paying off your smallest amount first will help in the long run..and when you pay off one use the money you used to pay off that one to put on the next. and so on and so forth. Its very helpful Me and my husband have already payed off two of ours with this debt diet. Its the best thing ever
The first thing you have to do is STOP SPENDING NOW!

If you need anymore advice message me or email me!
Good Luck~Cass

Answer 2

Step 1: Get on a budget. If you are spending more than you bring in, no other advice matters.
Step 2: List everything you owe.
Step 3: Pay all the minimums, to keep your accounts current.
Step 4: Pay as much as possible on the highest rate debt.
Step 5: When one debt is paid, apply those payments to the next highest debt.

Consolidate ONLY if you can reduce your interest, AND you are not going further in debt.

Answer 3

Try to combine all the debt on a 0% interest rate card. I sometimes get those offers in the mail. The 0 rate usually only lasts a year or less but for that amount of time the payments you make will all go towards the balance.Also, you will have to cut out everything you don't really need. Put the card away so you don't have it handy to use. Only use it for real emergencies....

Answer 4

Debt consolidation is the way.

Debt Consolidation - Get Out Of Debt
http://www.askaquery.com/Answers/qn1643.html

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

Answer 5

Consolidating will help, as long as you trow away the credit cards. You take any monthly payment, one at a time. pay the minimum on all, except one, pay more to pay it off faster. when it is paid off, go to the next one, and so on.
Also look at what your buying, have a cell phone? Can you get a cheaper plan?....Have cable connection for computer? Can you go to dial up to save $. Look at each item. Turn your A/C up by one or two degrees, that will help with electric. Keep all lights off, unless your in the room. Using 60watt light bulbs? - Use 40 watt. There is many things one can do to cut expenses

Answer 6

i imagine that is continually extra effective no longer to do financial disaster, which will damage your credit report worse than mere value-offs and collections will. yet of route it relies upon on a tremendous variety of aspects. you may also evaluate credit counseling. Your lenders can take you to courtroom and sue you to get a judgment. The judgment ought to convey about garnishment of wages or a lien on your position, or get entry to on your bank account. note that those recommendations are rather constrained -- financial disaster is often a thanks to guard your sources from lenders -- many times no longer needed for unsecured debt. note that your project with charge playing cards is a lot diverse than the guy above who had medical expenses. diverse guidelines practice. I very a lot doubt some thing as draconian ought to take position to you. and also you aren't any further getting arrested for no longer showing up in courtroom. you in hardship-free words lose default judgment. extra possibly, they'll under no circumstances take the step of suing -- that takes time, funds and attempt. yet no guarantees. Your state has a statute of limitations, and then lenders can't effectively sue you (varies, many times about 3 - 6 years). you would possibly want to analyze that, and what triggers the "clock" and what if some thing can restart the clock on your state. some human beings purely wait it out til SOL expires, then take action to sparkling up their credit comments.

Answer 7

Only have ONE credit card, cut up all except one.

Pay more than the minium amount on the credit card that is the least amount of money owed, and minium on larger amounts of credit card, example:

JcPenney $245 due minium due $10 ------- you pay $25.00

Capital One $4500 due minium due $30 ----- you pay $30.00

Or which ever credit card interest rate is the lowest, put everything on that one credit card.

Or get a second job to pay off a large amount

Answer 8

Debt consolidation is the best route for you providing you can get it from a bank and at competitive rates . Look over your budget and cut wherever possible so you can diminish your debt load quicker also . Good luck !!!!

Answer 9

A workable budget that includes paying down your debt is the only solution. If you take a consolidation loan that will just add to your problem, you have to live within your means no matter how difficult it is.

Answer 10

The best person I know about credit card debt is Clark Howard. Here's his web site.

http://clarkhoward.com/shownotes/category/7/40/224/382/

I've met him, and find him to be a great guy.