I just turned 21 and now see the importance of my finances. I have 2 credit cards with a low limit, a low car payment, low insurance. Im in the hole though with fast cash companies I owe an estemated 2,500 not including intrest. I also just got married and now am making more that what I did before but it doesnt seem like its enough. How can I get these debts off my back for good and obtain the finantial freedom I'm looking for?
2007-03-25 00:31:31 · 4 answers · asked by madfly2003 1 in Business & Finance ➔ Personal Finance
Pay off the highest rate loans first. Pay a little to all loans. Don't start new loans (especially to fast cash companies, they're a rip). Eventually you will get out of the hole. When you do, start saving. You can "borrow" from yourself when you need to. Don't forget to pay yourself back!
2007-03-25 00:42:20 · answer #1 · answered by John S 6 · 0⤊ 0⤋
First of all, good for you for realizing the importance of your finances. I didn't learn till much later (My 40's). I think you should get out of the fast cash loans as fast as possible. Those places have a habit of taking more money out after the loan is paid off, not only the high interest rates. Work thru the bills, lowest balance first. If you can handle it pay them off, don't close them. It shows you can handle credit. Then, once they are down on the balances, start to build up some savings. You need to get some money into a 401K or a Roth IRA now. If you get the money started in these now, you will be set when you get to be my age. You might have to take on a second job, start a side business to get up on these, but it will be worth it in the long run for you and your family.
2007-03-28 17:50:10 · answer #2 · answered by Brett C 4 · 0⤊ 0⤋
you can easily start a small home business which is free to start and is with google or you can become affiliate of a company and do some part time job from your home. To know more visit
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2007-03-25 07:43:09 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You just have to keep saving and investing money - one day the interest will exceed the expenses, and then you will be free
2007-03-25 07:41:11 · answer #4 · answered by Anonymous · 0⤊ 0⤋