how to get outta debt. 50,000 average owing. haven't even touched it. what can i do to get outta debt. whats the best place to help that will be able to do something for me with out breaking my wallet.
2007-03-08 09:50:21 · 11 answers · asked by Jody SweetG 5 in Business & Finance ➔ Credit
A second job & no extras ( eating out, movies, new clothes & etc.)
2007-03-08 09:54:44 · answer #1 · answered by Wolfpacker 6 · 2⤊ 0⤋
I reccomend you go get Dave Ramsey's book!!
Basically he has this thing called the "Debt Snowball".
Take all your debts and list them out, smallest to biggest. Don't pay attention to interest rates unless two are the same exact amount and then list the higher rate first.
Pay only minimums on every bill except the smallest one (#1 on the list).
Once you pay that off, you roll the money you WERE putting towards your debt onto the next item on the list....so you're now paying the minimum you paid before PLUS that extra amount.
It starts off slow but over time its just like a snowball-- picking up steam as each one gets knocked off and more monthly $$ is going to the bill.
I also reccomend taking all your bills and laying them out on a spreadsheet that shows what your income is and what the bills total out to, so you see in black and white what you monthly spending money is. Sometimes you can figure out ways to shift bills around just a bit, taking $20 away from one and onto the other and allowing you to put that much extra on a bill. If you have a solid plan in black and white it really makes a difference!!
2007-03-08 17:54:59 · answer #2 · answered by Anonymous · 4⤊ 0⤋
I recommend that you read The Total Money Makeover by Dave Ramsey. It's a life changer.
My husband and I have been following his plan since January and have paid off $7800 in debt already...
He gets you to get yourself on a budget where every dollar has a name so to speak so you know where you are spending all of your money. That's the first step, then he takes you through 7 baby steps.
Good luck!
2007-03-08 21:30:35 · answer #3 · answered by Jen G 5 · 0⤊ 0⤋
I have placed this in the source box. There is a wealth of information there and a great free debt management software program. I bookmarked the site as I return to it often for the advice it offers. I hope this helps you.
2007-03-09 02:08:43 · answer #4 · answered by Anonymous · 0⤊ 0⤋
If you are a homeowner and you have equity in your house, you can refinance and payoff your debt with the cash out that you receive. It is a great way to still have a managable payment and it becomes tax deductible through the mortgage interest.
Otherwise, be very weary of credit counseling or debt consolidation programs. I am a loan officer and see people really get their credit messed up in these programs.
2007-03-08 17:55:28 · answer #5 · answered by dan a 2 · 1⤊ 2⤋
I suggest you to join a debt settlement company who will negotiate with your creditors on your behalf and bring down your principal debt amount by around 30% to 70% depending on your credit companies.
You can make affordable monthly payments. There are no hidden costs, upfront costs and penalties associated with the monthly payment. You can be out of debt within 36 months depending on how much you can make as monthly payment.
This debt settlement company has helped me out with my unsecured debt situation. Please check it out.
http://www.debtfreeafterall.com
Good Luck
2007-03-09 11:27:26 · answer #6 · answered by Hima K 2 · 0⤊ 0⤋
another vote for Dave Ramsey. Go to his website daveramsey.com and find a radio station near you that you can listen to his show on or listen live from his website. He also keeps a 10 day archive of the shows. Lots of good advice.
2007-03-09 01:12:41 · answer #7 · answered by heybulldog 5 · 0⤊ 0⤋
I maybe able to help. I do know people. I use this company called Mainstream Credit Repair. As a loan officer and Investment Consultant, I repair peoples credit so that they may obtain loans or lower there rate. I only deal with real estate. I can't do personal loans. I can refer you to my guy. They are great. Just email me and I'll give you there info.
2007-03-08 20:19:30 · answer #8 · answered by Lawrence D 1 · 0⤊ 1⤋
This is one of my favorite websites, it helps at least break things down....and shows that you can do something
http://cgi.money.cnn.com/tools/debtplanner/debtplanner.jsp
Hope that helps
2007-03-08 17:59:10 · answer #9 · answered by nyhilly 3 · 0⤊ 0⤋
the best way for me to tell you is to go through Global Debt Solutions.they can combine all your bills and give you one low monthly payment and it disburses through to all your debtors.
2007-03-08 18:13:07 · answer #10 · answered by erick l 1 · 0⤊ 2⤋