I make about 20000 a year, and I'm about 17000 in debt. What's the best way to pay it down?

Answer 1

Cut your expenses by moving in with your parents and not doing to much and then pay down as much as you can each month. It will take some time but you can do it.

Answer 2

I don't know details. But it will depend a lot on how much the economy grows, to see whether the government can collect the higher taxes. If you just think about the arithmetic of fractions, the numerator and the denominator in a fraction are both important. If we want to shrink the US national debt as a fraction of the nation's Gross Domestic Product, it will be easier to do this if the GDP is larger. Regardless of whether you're a deficit hawk or not -- regardless of whether you're an anti-tax Republican or a "pro-revenue" Democrat -- it's probably a mistake to think of the $4 trillion in absolute terms alone. Whatever you think will bring down unemployment in the US, whatever you think will promote economic growth -- and liberals and conservatives often disagree about these questions -- the $4 trillion will mean less in an economy where unemployment is low, and federal income tax collections from employed people are high, than it will mean in an economy where large numbers of people are out of work, and therefore not paying Uncle Sam much in taxes. As an environmentalists, I don't think "economic growth" can continue in the US forever. Our national obsession with "growth, growth, growth" ultimately has to give way to a national obsession with sustainability & a steady state economy that neither grows nor shrinks. But for now, if either Obama or the House Republicans promotes policies that destroy jobs and are bad for growth, they will make it harder to control the government's debts. If either Obama or the House GOP can implement programs that create jobs and revive economic growth, they will make it easier for the deficit & the debt to be handled.

Answer 3

Gather all your bills, split in necessary to live, and important for credit (credit cards and such)
Many times you can renegotiate payments on many of your necessary bills, give the vendors a call and find out if it is possible.
From the other pile, calculate which ones charge the greatest interest rate. Pay those first (you'll pay faster this way), in other words, pay more on those than on the ones that charge you less.
Then, find out if you can consolidate debt. Many credit card companies will do this for you in exchange for a balance transfer. In other words, you get your 3, 4 or 5 bills into one, at a lower interest and save even more.
It is NOT EASY, becasue as you pay, you'll want to buy more b/c you'll feel you can... SACRIFICE a few years, and it will be all worth it.

Answer 4

sit at home and buy nothing but food and pay rent. otherwise get a 2nd job as well and do nothing but work for the next yr or so very hard to get it paid off.

to leave it on there will just destroy you later on and put you in an even worse situation. also pay your bills....even if you don't have enough for the full bill, always send in something....ALWAYS!!

credit is the main item in everyones life....to mess it up means you'll never get a car, a home, and anymore not even be able to turn on your electric, get an apartment, or even a cell phone. your credit is everywhere and needed for almost everything anymore.

Answer 5

The best way to pay down your debit is to go to your local bank. Bring all current bills with account balances to the bank.

Ask the bank if you can consolidate your bills into one monthly payment.

You can also ask the bank to get a loan in the amount of all of your bills. The bank can pay off your bills for you and you will have one monthly payment to the bank that will pay off your loan.

Get rid of all credit cards as you do not need to keep using them. Credit cards have very high fianance charges and it takes a very long time to get them paid down. This is why I reccomend you get a bank loan to pay off all of your debt.

Good Luck :-)

Answer 6

Stop spending on unnecessary items and apply any left over money to the amount you owe. If this is on credit card get a bank loan and cut up the card.

Answer 7

Pay your interest on top of your monthly payment, this will help, and you may consider getting a second job, if you don't have one already. If you have any credit cards, tear them up....

Answer 8

get a better job or just pay all you can each payday.
they have to take it even if its not a full payment.

Answer 9

fine another job that pays more, or work on a secondary job.

Answer 10

take up a second job just to pay your debt.....