I know it doesn't seem like too much, but I want to be out of this debt within the next 4-6 months since I'm going to have to start saving for my wedding in May 2009, does anyone have some advice for me? It'd be VERY helpful and greatly appreciated!
Thanks!
2007-02-18 19:36:42 · 10 answers · asked by Mrs. Ceniccola 2 in Business & Finance ➔ Personal Finance
I agree with the person that said you have to pay at least $1000 a month to get out of that cycle. (bankruptcy is not even an option, do not get another loan and stop using credit) Living cheap and frugally will help you during those months.
Eliminate any unnecessary expenses. cable is not a necessity at this time. Keep the cell phone, eliminate the land line. Do not rent anymore movies, go to the library and rent, way cheaper.
Get a part-time job to bring more income. Do not eat out anymore!!! bring lunches, breakfast and no buying anything else. Know the difference between a need and a want. Shop at cheap stores, Aldi, target, walmart for necessities.
Write down on a planner everything( I mean EVERYTHING!) you buy or pay for the month. You'll know where your money is going. When paying bills, do not look at what you spend in a months income. Pay your bills by each check at their dates or before.
I've been in debt and honey you can pay that 4,000 in 4-5 months. Personal Finance for Dummies and Yahoo personal finance have great articles on eliminating debt.
Shave off all unnecessary expenses, if you really want it, you will make it happen. Good luck!
2007-02-19 01:38:39 · answer #1 · answered by Charisma 2 · 0⤊ 0⤋
Oh my gosh. I cannot BELIEVE someone advised you to "file bankruptcy" over $4000. That would only ruin your life for the next 10 years.
My suggestion would be to cut all unnecessary expenses, and think of anything that you can do to bring in extra income. If you are renting, perhaps you could move in with a family member or friend to lower/eliminate expenses temporarily. Focus on your talents. What service could you perform that others would pay for? What are you good at?
4-6 months is a short time frame to eliminate $4000 debt if you do not have a substantial income.
2007-02-19 03:54:10 · answer #2 · answered by Anonymous · 1⤊ 0⤋
I'll assume that this is credit card debt.
If you want to be out of debt in the next 4 - 6 months, you need to be paying $1000 per month.
If you are paying $150.00 per month on a credit card with 18% interest, it will take you approximately 3 years and will cost you an additional $1100 in interest before this is paid off.
So, the answer is, pay it off as soon as possible.
2007-02-19 07:11:05 · answer #3 · answered by Faye H 6 · 0⤊ 0⤋
With Every Paycheck Put A Little Into A Fund For Your Debt Or Just Pay A Little Each Paycheck:)
2007-02-19 03:39:14 · answer #4 · answered by ~*~Bu113f1y K1ss3s~*~ 2 · 0⤊ 0⤋
Hi,
You can get out of the debt as fast as you like!
Being said above, here is little solution.
CUT YOUR EXPENSES.
Yes if you can save a penny, save it.
And also you can get 4000$ into installment plan of 4 or 5 installments.
Now, keep saving and when you get first intallment sum, just pay it.
so it is
--> CUT expenses > SAVE it > PAY it.
If you can not cut or control expenses, start tracking your CASHFLOW. that is CASH IN and CASH OUT. Soon you will know where the money is GOING.
This will help if you start taking ACTION today.
You may need to have one savings account to put money in that before paying to the Creditor.
for best savings account information, check this resource site
2007-02-19 09:19:25 · answer #5 · answered by Think Big 2 · 0⤊ 0⤋
Well, unless you can afford to make payments of 1k each month, its unlikely that you will make this deadline. Debt sucks....believe me, I have been there.
But you have to clear a debt....even if you cant make your deadline, simply start paying off as much of it as you can and as quickly as possible.
Like my Grandfather always told me...."You have to have a plan and a goal, always".
2007-02-19 03:41:53 · answer #6 · answered by ? 4 · 0⤊ 0⤋
ok well i would suggest get a second job or some source of second income, before you get married (you shouldnt wait), if you can not pay it, file bankruptcy ...thats ur only option bc once you get married you are reasponsible for the others debt.....just like with federal income ..such as filing taxes and etc.
2007-02-19 03:39:28 · answer #7 · answered by Anonymous · 0⤊ 2⤋
Marry for money ! Get the guy to pay for it.
2007-02-19 03:52:49 · answer #8 · answered by Geeeyaaa 4 · 1⤊ 2⤋
You may find some useful ideas on this website :
2007-02-19 04:19:30 · answer #9 · answered by samtoby 1 · 0⤊ 4⤋
get a loan, i think it will be better for you to clear your debits
2007-02-19 06:42:07 · answer #10 · answered by gayathiri g 2 · 0⤊ 4⤋