2007-01-10 10:49:35 · 5 answers · asked by Yea Yea 4 in Business & Finance ➔ Personal Finance
There is no time like the present to get yourself back on track.
You need to do 3 important things to fix your situation:
1) Create a budget and manage your monthly spending. You can't lower your debt unless you create a source of extra income to pay the debt with.
2) Be careful with your credit. Do your best to always make every monthly payment. If you can keep your debts on low interest rate cards, you will save yourself a lot of money.
3) Put together a plan to pay of the debt and stick to it. IF that was me, I would pay off the debt within 3 years. It's up to you to decide how fast you can manage that debt.
There are a lot of tips on saving money and managing debt. You should look into that as much as possible.
2007-01-10 12:05:23 · answer #1 · answered by MR MONEY 3 · 1⤊ 0⤋
Depends on how your in debt If your 20,000 in credit cards yes your screwed bad. everyone is in debt some choose to ignore they are and have bad credit. i am currently 95,000 in debt. but 75000 is a home loan. so if your debt is credit cards then your poor as hell
2007-01-10 11:56:15 · answer #2 · answered by dmck105 2 · 0⤊ 0⤋
Technically you are in financial hell hole because your statement of financial performance shows that you are spending more than you earn and your cash flow is on the negative because your debt is more than your annual income.
2007-01-10 11:55:41 · answer #3 · answered by Muga Wa Kabbz 5 · 0⤊ 0⤋
could be worse. i make 7.00 an hour and i have about 23,000 dollars in debt. i have to claim bankruptcy now. you should do that. yeah.
2007-01-10 19:16:08 · answer #4 · answered by le_disko 2 · 0⤊ 0⤋
Yes.
2007-01-10 16:52:40 · answer #5 · answered by Anonymous · 0⤊ 1⤋