Will i ever payoff my debt?

Answer 1

Everything gets paid off in good time but may I suggest not going back into debt. Live life more simply. I got rid of my television service which was costing almost seventy five dollars a month and read books in its place and after the car was repossessed due to overwhelming circumstances, I got a used old car that gets me around just fine It may not look pretty but who cares. I also disposed of the cell phone which was something not needed. We do not need all the extra things that we live with. Just because everyone else has it, does not mean you have to. Think outside the box and be different! Look at all the stress you will be saving yourself. If big corporations can economize, you can too.

Answer 2

Yes, try to pay more money than minimum amount due. This will cut the interest rate down and be able to payoff quicker.

Answer 3

Paying off debt can be easier than you think...

The first key to paying off debt is to NOT GET ANY MORE DEBT! That means you need to get rid of your credit cards.

Then you need to learn to live below your means. Especially while you are trying to get out of debt. You need to get rid of all or most of your frivolous bills. This might include on-line games, Net Flicks, cell phones, cable or satellite TV, satellite radio, various subscriptions, etc. While most of these need to be eliminated, some can be drastically cut back. For example, if you have digital cable, you might be paying over $100/month. If you cut back to basic cable, you will be spending about $15/month. No show or channel is worth $85/month, especially when you are in debt. Most people spend a fortune on their cell phone bill when they don't even really need one. If you TRULY feel you need one, cut back your minutes drastically, get a cheaper plan, don't text message, don't download ring-tones, etc. Many people can get by with a pager that would cost about $5/month.

Next, you need to list all of your debts, from smallest to largest amounts owed. Perhaps your smallest debt is a gas card with $300 on it, for example. This should not just be credit card debt, either, but also your car, school loans, mortgage, etc. In addition to writing down how much you owe against these, also write down how much your monthly payment is.

Next do whatever it will take to pay off your smallest debt as quickly as possible. Perhaps you can have a garage sale, or you can work some extra hours, or you may have decreased spending enough that this will be easy. If that card had $40/month payment, for example, do not think that you have another $40/month. Instead, take that $40/month and pay extra on your next smallest debt. So, if your next smallest debt was $800 and had a $70/month payment, you would be making $110 payments on that debt until it is paid off. Then, on you next debt, you would be paying an extra $110 on your payment. Keep doing this until all your debts except your mortgage (if you have one) is paid off. This will pay off your debts must faster than any debt consolidation loan can, and it will actually cost you much less money out of pocket.

Now, you want to make sure that you never need another credit card again. The first thing you want to do is work on putting some money in savings for emergencies. You want to get about $1500 in saving as quickly as possible. After that you can start putting some money away to buy some things that you would have purchased with credit, but also continue to build your emergency savings until you can pay 3-4 months of bills and living expenses with what is in that account. Then not only will you be prepared for such emergencies as car repairs, but you won't even have to sweat it if you loose your job and it takes you a while to find a new one!

I hope you can find the will power to not only payoff your debt, but to discover the freedom of living a debt-free life!

Answer 4

We will always have debts. if you have a land line or reg. phone, cable, internet. Those are debts you will always have. If you have house payment credit cards car note ect. those can be paid off in time depending on how much you pay and how hard you want to get rid of them. You can also talk to the company itself and change the dates of when bills are do if reasonable with them and see if you have a great standing in payments to them to get your interest on them reduced. You can also if with good credit get a card with no apr for 6months to a year and put your highest apr and bill put on that card and pay off the other card with the 0% apr card and pay off the other credit card fast do to your payments to the 0% apr card will be going to pay that card off faster then the one with the interest. When that card is coming up on getting interest put on it. Make sure you pay that one off ASAP and then close that accout reopen another one that has little or 0% apr again to catch up with another one. Keep the cycle going and you will be credit card free as long as you keep your mind set on saving and not spending.

Answer 5

Depends on how much you owe, how much you earn, and how much of your debt you pay down every month out of your after-tax earnings!

Answer 6

yes ... of coz u will ... juz a matter of time ...

even if u juz make the minimum payment ... in the long run u can expect to pay it off ... hang in ther dude !~

Answer 7

YES
WITH PERSEVERANCE
TIGHTEN YOUR EXPENSES
SAVE AS MUCH AS POSSIBLE
PAY DEBTS FIRST BEFORE ANYTHING

Answer 8

Yep you can. The choice is yours of which method you want to use. Here are two suggestions:
http://tinyurl.com/wcqus
http://tinyurl.com/y8qokh

Answer 9

I hope so.