how can you get out of debt without borrowing money a mean come on?

Answer 1

did you mean "i mean come on?" or are you just little tipsy???

Answer 2

A helpful thing if most of your debt is on credit cards is to reduce your interest by revolving the debt. This takes discipline but it does help reduce the amount of interest and therefore helps you pay it off sooner.

Basically how you do this is to pay your entire income into the credit card, and then buy your necessities on it. But you have to be very careful to only buy absolute necessities. This way, a larger proportion of the card's balance is new purchases each month so you are paying less interest.

Another thing is to have a firm budget. Work out in a spreadsheet what your expenses are - if you have bills over the last year use these, otherwise do the best you can. Add it known things like vaccinations for animals when they are due, car rego, school fees rates &c. Try to have it as complete as poss. Then put in your income beneath. See if there is a deficit. If there is, then you are in trouble and this is why you are in debt - you need to increase your income or reduce your outgoings or both. If there is not, then you will be able to pay off your debts over time.

I know this is simplistic but you would be amazed how many people neglect to do this. It is so worth doing, it makes you aware of exactly what is going on with your situation.

If you find you have to reduce your spending, don't go at it like Attila the Hun because that is like a crash diet, you will fall off the wagon. Look at the good things you enjoy and how you can get them cheaper or even free.

For example - you enjoy buying books (this is one of my own financial downfalls). Join your local library and make it a rule to go there at the same time every week. (This ensures you always have something new to read and don't forget to return old ones thus avoiding a fine).

You like to go to the movies. Instead, watch the programming until something you want to see is going to be on TV, invite a couple of friends over and make some popcorn. Take the phone off the hook too and maybe swish up your living room a bit before they get there - even dress up as if you were going out - the aim is to have the fun of a night out without the expense.

You like going out drinking with your friends. This one is a bit tougher because if you are in a pub you will have to buy drinks. But you can at least make sure you are drinking something cheap like mineral water - at least it reduces the cost of the round a bit. Perhaps instead of going every Friday only go every second or third Friday. Schedule something else you enjoy on those nights so that you don't feel deprived. Perhaps a wakl in the park or along the beach. Or if you live in a city there are often free concerts you can go to..

Fashion. If you are a trendy young woman you may be spending a lot on clothes. Well there are lots of ways to get this down. Unbelievably, one of them is to declutter your wardrobe - actually get rid of stuff - yes out with everything that you wouldn't buy again. This means what you have left is all good. Now make sure you have the basics you need. Any further expenditure should be kept to a minumum but this is where you will learn the creativity that will stand you in good stead for the rest of your life, even when you have plenty of cash. Study the fashion mags (back to the library again for Vogue etc!) Experiment with accessories and different combinations at home. Oh and don't forget to make friends with your local op shop!

I could go on but you get the idea I'm sure. Good luck!

Answer 3

1) decrease your spending (cut out all non essentials, buy cheaper alternatives)

2) increase your income (work towards a promotion, do overtime, find a better paid job)

3) dont borrow any more money. Never forget that these institutions are money making institutions!! Their whole existence is to extort money from people like you and I by charging you well over the odds. Never borrow money unless its for investment i.e. is going to make you more money than you borrowed.

Answer 4

Aside from morgate and car pmt and fixed things like electric, phone start a list. Take a notebook and start a page for each debt. Page 1 Credit card A, page 2 credit card B. Do all your debt like this, a page for each. Start with the smallest bill. Say you have $500 a month for debt. Take the smallest bill and pay the most on that. Keep track on the page. This way you see progress. When that bill is paid add the amt. to the next smallest page. Say you pay $75 on the 1st bill. When its paid off add the $75 to the next bill, now you are paying $100 on that bill. Finish it off and add to the next bill. This way you clear up your smallest debts first and add to the next one. You can see progress and so it is more encouraging to go on. It doesn't feel so overwhelming and you feel good having something paid off. Try it, it really works . I read this in some financial journal and it felt good to cross off each bill. Some people say pay the most to the highest interest bill but I like seeing the progress and it makes you feel better. Good luck.

Answer 5

When you think about it, borrowed money IS DEBT....... a good starting point for getting out of debt is to read through this article on "The Motley Fool UK" (UK version of a leading financial education site first started in the States) http://www.fool.co.uk/school/2006/sch060104.htm

Answer 6

Go to Consumer Credit Counseling Service.
This is a legit non-profit organization which will help you get out of debt without getting into MORE debt.
I went to them years ago and they straighted me out. Make no mistake, you will work, you will pay your bills, they will not pay them for you. However, the will help you with strategy and will advise you on the best way to get out of this debt.

If you choose to take out a consolidation loan, make sure that you use the money from the loan STRICTLY to pay out your bills. Do not get tempted by the fact that you have the cash now because if you spend that money on other things, you will have the loan to pay back along with all of your old debt.
http://www.cccsstl.org/?referrer=google&credit&counselors&gclid=CO3Vq5P_xYoCFRQFSQodbGnNcQ

Answer 7

You work more. take a second part time job and dedicate all the money to that. Oh you will miss your social life. wow, pity.
do you want to do it right, or do you want it easy.

Answer 8

I am learning there is only one way pay as much as you can for years and years and it will eventualy happen I have tried loans and just get refused

Answer 9

sweet sue's answer is the best. This is the model dave ramsey uses, a financial counselor. check out his website at www.daveramsey.com

Answer 10

I suggest you visit the below website. You'll find plenty of information and answers to your question

Answer 11

Would love to answer but not enough info