I'm 22, how do I eliminate my debt? Does anyone have a spreadsheet avail to help me keep track of my progress? Should I attempt to get a loan or should I just make a plan to pay off my debt according to priority?
2006-10-17 05:47:16 · 7 answers · asked by Joseph R 1 in Business & Finance ➔ Personal Finance
That is a very open ended question. There are lots of variables and things to cosnider. You might check out the Motley Fool or Dave Ramsey for some pointers and tips.
I can say that you generally want to pay off lowest to highest debt first (i.e. 1K credit card, followed by 2k credit card etc.). Always pay off unsecured (credit cards) first prior to paying off secured (cars). Once a smaller debt is retired take the money that you would have spent making that particular payment and apply it to your next credit card, creatign a sort of compounding effect.
As for consolidating, well, it depends on what your current rates are. I looked into it myself and found that the rates I laready had were better. Also, the lender may want the consolidation loan to be secured by collateral if it isn't already.
Setting challenging but attainable goals is also helpful. Set definate horizons on when you would like to have a particular debt paid off and then focus on meeting those goals.
Spreadsheets can be helpful for setting a budget, keep track of payments, and a host of other useful tools. I do not know of any that are downloadable but they may be out there. If you are the least bit familair with Excel you shouldn't have any trouble compiling a simple one. Best of luck!
2006-10-17 06:25:24 · answer #1 · answered by Marcus 2 · 0⤊ 0⤋
Well there are different alternatives you can take. If you want to just repay your debt to your debtors, see if you can work up a deal by paying a set amount each month, interest free. Getting another loan to pay off debt is possible, but it is also risky. Its like borrowing from Peter to pay Paul, you are clean with Paul but now owe Peter, plus interest. If your debt is an outrageous amount that will take you years and years to pay off, you may want to consider bankruptcy. You're still young so by the time you're slate is clear you'll be in your late 20's early 30's. The best thing to do is just pay them off. You can keep track in a journal or on a computer with Excel. Good luck!
2006-10-17 05:58:21 · answer #2 · answered by KrisKarson 4 · 0⤊ 0⤋
Go to the bookstore and get the Total Money Makeover by Dave Ramsey.
It will walk you though step by step on how to pay off your debt and what you should be doing and how to do a budget. I am 26 and my wife and myself started the Total Money Makeover in Feb of this year. We have a combined income of $60k we have paid off $23k in 7 months doing the plain. If you do it right you will be very well off.
2006-10-17 12:07:43 · answer #3 · answered by remanagermark 3 · 0⤊ 0⤋
I do... it's in Excel and it's very functional. I'm also trying to update my pie chart with percentage of emails that contain nekkid pics vs. spelling errors, but I can't remember the username/password to a few of my old suspended accounts.
2016-05-22 08:49:47 · answer #4 · answered by ? 4 · 0⤊ 0⤋
It depends on if you need a budget spreadsheet or a debt spreadsheet. I have a great budget spreadsheet that helps me plan for months.
2006-10-17 08:59:34 · answer #5 · answered by mbr515 1 · 0⤊ 0⤋
Try taking a look at http://debtrelief.hammocksurvivalguide.com/
for some informative articles.
2006-10-18 06:06:29 · answer #6 · answered by Roger B 2 · 0⤊ 0⤋
why would you do that
2006-10-17 05:57:44 · answer #7 · answered by Anonymous · 0⤊ 1⤋