I'm a slave to the system, and I want my freedom. What do I do ?
2007-01-09 09:43:30 · 7 answers · asked by Anonymous in Business & Finance ➔ Credit
The first thing is to create a plan. Make a list of all the debts that you have. Make a list of account name, account #, balance, interest rate, and minimum payments. Now, divide the balance by the minimum payment and you'll have a number by which to concentrate your repayment priorities. Start with the lowest number which is the one you'll be able to pay off the soonest. Continue paying the minimum payments on all except with that one account, try to make more than the minimum... any amount will do. Once that is paid off, go to the second account on your list and pay that minimum plus the amount that you were paying to the account in the #1 position and so on.
Now, the best way to get the money to pay those accounts are to review your expenses. Go through your checkbook register, ATM receipts, and recreate what you do with your money. You'll see they you are spending some money unneccessarily. We all do. Look at your budget for categories in which you can substitute things to get more value for less money. For example, instead of paying for 3-4 movie channels, consider a subscription to Blockbusters or Netflix. Do you have a home phone and cell phone? WHY??? Sometimes even $10 here and $5 there can add up per month to get you out of debt faster.
Do you have a library nearby? The library can help you curb some spending on books and magazines by borrowing instead of buying. Read some of the books and magazine articles on cutting costs. You don't have to be fanatical about it but you'll find tips on making the best use of coupons or recipes for brown bag lunches instead of going out to eat for lunches. Bring your own pop to work instead of the vending machine. Use remanufactured printer cartridges instead of brand name. Comparison shop online through shopping assistants like MySimon or BottomDollar.
When at the library check out the financial section for books by authors like Suze Orman, David Bach, Dave Ramsey, Mary Hunt and others. You don't have to read cover to cover but a chapter here and there can help with your financial plan and eventual victory. See if the library has Oprah's Debt Diet Series on Dvd... mine did.
Get copies of your credit reports. Call your credit card companies and ask for lower rates. Start a savings plan with any amount of money. Save your loose change. It all adds up in time and you'll be debt free. Cut out the trips to the coffee shops or movies. You can make your own coffee and get movies from the library.
Learn from the mistake of getting into debt. Cut up (don't cancel) your credit cards and get rid of the balances one by one. You didn't get into debt overnight so don't expect to get out overnight. Reward yourself now and then for making progress because even a diet won't last without some treats now and then. Just don't go nuts.
Talk to others (online and offline) about money. Check out stores like Aldi's, Dollar General, and other $1 stores for cleaning supplies and paper products. There are some things where brand is not as important as function.
Need more tips? Check out betterbudgeting.com and debtproofliving.com.
2007-01-09 13:14:54 · answer #1 · answered by Anonymous · 1⤊ 0⤋
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2007-01-09 13:38:21 · answer #2 · answered by Sky Has No Limit 2 · 1⤊ 0⤋
Best advise someone gave me was make a budget and stick to it. Cancel any credti cards that you have and do not accure any more debt that you can not handle.
2007-01-09 10:42:43 · answer #3 · answered by Anonymous · 1⤊ 0⤋
serious people visit daveramsey.com .
to learn what the bankers credit cards pray you never ever learn and act on.
2007-01-09 10:29:07 · answer #4 · answered by Anonymous · 1⤊ 0⤋
start paying off what you owe now and do not incur any new unnecessary debt
2007-01-09 10:26:37 · answer #5 · answered by starla 3 · 2⤊ 0⤋
quit buying bs
2007-01-09 09:48:48 · answer #6 · answered by TEBOE7 3 · 1⤊ 0⤋
make more money
2007-01-09 09:57:56 · answer #7 · answered by hynes5268 2 · 1⤊ 0⤋