Best way to get out of debt???

Answer 1

I agree with soccergal's recos.

Make a decision to be debt free and find out how to do it.

Answer 2

If you are interested in getting out of debt, I recommend that you embrace the following steps:

1. Stop creating new debt - no loans, no credit cards, nothing

2. Identify the debt with the highest interest rate. Contact the company and request a lower rate. Many companies will give customers with good records lower rates to keep them as customers. If your company will not, consider transferring the balance to a lower interest card/loan. Be careful to avoid fees for this type of transfer and always read the fine print. Repeat this step as necessary for all of your debt until you have the lowest rates possible.

3. Take the highest interest rate debt you have at this point and apply savings you have to this debt, along with any additional money you can scrape together. Never pay just the minimum on this debt. Your goal for this debt is to get it paid off as quickly as you can manage. I have found that it is often necessary to give up some luxuries while paying off your debt, but remember it will all be worth it when you get to the end of the tunnel and can enjoy all of your income as you wish. Continue making the minimum payments on your other debts.

4. Once you have paid off the highest debt you have, apply all of the money you were using to pay off that debt to the card with the second highest rate. Continue whittling away your debt by paying off each debt in descending order. Apply the money from the other debts to the next debt as you pay off each loan you have.

5. Once you have paid off your debts, begin a savings plan moving the debt payoff money into a savings account each month to begin working for you. Buy items with cash in the future, using the savings that you will accumulate.

Good luck!

Answer 3

You may wish to try meeting with a credit counselor to review your budget. They can frequently help you develop a strategy to eliminate credit card debt on your own. If you need more help, then they can help you with a debt management plan to reduce interest and lower payments.

Make sure that the agency you contact has a satisfactory rating with the Better Business Bureau.

Answer 4

the best way to get out of debt is to firstly stop spending money you dont have. credit cards arent meant to help us, they are meant to make the card company's rich.

the next thing you do is called debt consolidation. that means you add up all your debts from all sources, get a single loan for that amount and pay them all off. now you may think you havent gained anything, but you have. instead of owing (for example) 6 debts that each require $20 per week ($120 per week total) you now only owe one source perhaps $80 per week. so you actually have more money left, and can budget the remainder into spending that wont require you getting further into trouble.

another way is once you have consolidated you debt, you can put $10 a week into a xmas account that cannot be touched till december, so if you do it in january, you will have $500 at xmas to spend, or put in $20 and you will have 1K at xmas. this money can be taken per week from your consolidation savings. it works and you dont notice it missing, but thank yourself at xmas.

Answer 5

stop spending money. Try to pay of the credit cards with the highest interest first and then go to the ones with the lower interest next. Good luck, I am in the same boat.

Answer 6

Start off with making a budget. If you don't you'll never see where your money is going. There are tons of online resources to help you make a budget, and you can start off with the following one:

Answer 7

save money and eat at home, get a room mate, try not to use credit cards, cut them up all but 1, work another job

Answer 8

two things...........get another job.......i worked two jobs for a couple years, it was hard, but i had no time to blow money on things i didnt need, plus it increased my income.

tear up the credit cards....now.