getting out of debt, is there a solution?

Answer 1

Yes. You pay what you owe.

Answer 2

There is always a solution! Depends how much in debt you are. If its a case of credit card debt then you can always keep shuffling it onto a 0% interest free card and cut the other ones up.

If you're really starting to struggle with paying bills etc there is an organisation called CAP www.capuk.org They are a NON-PROFIT charity specifically set up to help people to get out of debt.

My sister-in-law has just used them and said they have been fantastic!

Or you could go down the route that me and my husband are doing at the minute which it to reclaim all the charges and penalties that our bank has slapped on us over the last 6 years!!

Answer 3

The only way I know of sounds too obvious.
1.) Spend only what you need to live. Do not accrue new debts.
2.) If you have credit card debt contact the card suppliers and ask them to cut your interest rates or you will transfer your debt to another company. There are always companies offering lower introductory offers.
3.) If you have a second car or a boat or jewelery then sell them. Use the money to pay off some credit card debt.
4.) Get a second part time job. It is hard for a while, but worth it.

Answer 4

Stop listening to these dirtshits and I'll tell you how.

1. Immediately cut up ALL of your credit cards. This is NOT negotiable. Don't waste your time calling the credit card companies asking them to "lower your rate". It would be like your boss asking you to voluntarily lower your salary. They won't do it. Even if you threaten to transfer the balance to another card, they don't care, because either way, they get paid. Just give 'em the finger and cut the damn things up. Do not proceed to step 2 if you are unwilling to do this.

2. Stop buying anything you do not need to survive. (i.e. Starbucks, cigarettes, fast food, movies, etc)

3. List your debts out on paper, smallest to largest.

4. Make minimum payments on all your debts EXCEPT the smallest one. You need to slam that one with as much cash each month as you can without leaving yourself short.

5. Once that one is paid, go to the next highest one. Now you'll be taking that extra five bucks a month that you would be throwing away in interest and putting it towards that bill.

6. If you work full time, get a second job. Take all funds from the second job and don't even look at them, throw them on the bill you're working on at the time.

The key is, to STOP BUYING CRAP that you DON'T NEED.

Answer 5

The 3 answers I have seen so far are not helpful at all are they if you are already in a mess because of what you owe?

Yes, there are many solutions you just need to weigh up your options. I have just answered a question regarding a debt collector freezing a Bank account. Have a look at that it might help you. Good luck - there is always hope.

Answer 6

I have been looking into this as I have too much credit card debt, depends if you have a house, if so get a long term home owner loan this will lower the payments to make them more managable. If you don't the citizen's advice website has some standard letters to send to your credit card companies asking them to freeze the account and offering to pay so much off. But I do agree with the others, don't juggle them about it'll get much worse... IVA's are quite tightly controlled i.e it's lodged with court and they'll set a budget for you which for me is far too restrictive! Good luck, it's very upsetting feeling out of control of your finances!

Answer 7

It does depend how bad your debts are. You need to be working. If you are working full time and not breaking even you need an additional job. Prioritise by mortgage or rent first, then bills. Could you put all your debts under one loan? Add to your mortgage a loan? Take in a lodger. Reduce your outgoings, walk to work. No takeaways, only buy cheap food. Dont spend money on clothes and shoes.

Answer 8

You have to always say to no credit cards and means of 'buy now pay later'. Then figure out how much money you have coming in and budget. Stick to it and when you start to get used to budgeting, start to keep a minimal amount of money in your account and never go below it. After a while, that sense of security makes it easier to control your money. As for getting out of debt, I guess a loan may be the way or selling all your stuff on EBay?

Answer 9

Okay, Five steps to be out of debt

step one: Go get a scissor
Step Two: get all your credit cards out
Step Three: Cut them up
Step Four: Dump those freaking cards into a garbage can
Step Five: Be Commit to pay off your debt

Answer 10

the only solution is to pay thme off.

best advice anyone can give you is arrange a visit to the Citizens Advice Bureau. They can help you a number of ways, including talking to your creditors and negotiating repayment schemes, freezing interest, stopping charges all that sort of thing. companies would rather see you are trying to deal with the problem and help you. If you talk to them yourself you are not showing them any committment, but by going through the CAB you demonstrate a willingness to address the problem and they are more likely to agree to help.

oh, and cut up your credit cards so you cant be tempted to spend on them

Answer 11

Don't buy anything new, don't get out loans, eat 3 plain square meals a day, get rid of your t.v. and internet, don't go out, don't smoke, don't drink, don't lend money, don't play the lottery and work hard, get two jobs, or concentrate on one and work overtime, slowly but surely you'll get out of debt, if you are in debt.