how to get out of debt?

Answer 1

Get money and pay off the debt while incurring less debt than income.

Answer 2

Marcelo, that is a very good question. It all boils down to money and how much you have and how you spend it. First of all you must stop spending period. Food, only buy whats on sale, and only buy what you need for the day. Second, if you have high interest credit cards, look for companies offering low interest rates on their credit cards and which to the lower rate. Like 9% is alot better than 30%. Third, go to a credit councillor, take your bills with you, they will get the amount you have to pay every month dropped to an amount that you can afford to pay. Fourth, get another income coming in, get another job so you have more money to pay those bills off faster. Five, if you have a wife or girlfriend get her to get a job as well, or if she is a stay at home mom, get her to take a couple of kids in every day to look after, that will bring in more money. Six you have the solution now get upl and do something about it.

Answer 3

In a nutshell, focus your monry into paying off your debt. Stop buying things you may want but not need. Pay off a small debt with any avail funds you can put toward it, while paying minimum payments to tall the others. When that debt is paid off, move to the next one. With the funds from the previous debt, and the minimum payment you are already making, you will have a stronger payment. This will snowball into even having your house payment paid off in less than 10 years!! **AND DON'T USE CREDIT COUNSELING!! IT HURTS YOUR CREDIT SCORES IMMENSELY!!**

Answer 4

I recommend following the steps that Dave Ramsey outlines in his book The Total Money Makeover. My husband and I have been doing this plan since January of this year, and it's working like a charm.

It's hard work, but very much worth it when you see the total debt owed dwindling before your eyes.

Answer 5

Cut up your credit cards. Put a little extra on the card with the lowest balance. Don't reduce your payment on any of the cards as the minimum payment goes down. If your minimum payments is $100 (for example), it may go down to $95 next month, but pay the full $100 anyway. When you pay off a card, add the amount you were paying on the lowest card to your payment on the next lowest card. Stick with it. It's worth doing.

Answer 6

I vote for Dave Ramsey, too. His plan has helped us sooooooooooooo freaking much. I will not even explain it all, but you can e-mail me if you want. Or just cruise down to the library or bookstore & get his book. It is also for sale on his website. Plus he has free archives of his radio show. I've listened to them a lot just to stay motivated & on track.

Answer 7

Don't use any credit cards, pay with cash til your bills are paid off.. and try to pay each bill every month on time..

Answer 8

Spend less money.
Make more money.
Convert your loans into the lowest interest rate possible.

Answer 9

Use one of the consumer counseling services and quit using a credit card.

Answer 10

Suze Orman, she's all about that. Check out her site.