What is the first step to getting out of debt?

Answer 1

Enter your debt information into this calculator, then follow the monthly payment schedule it creates.
http://debt.bizcalcs.com/Calculator.asp?Calc=Debt-Elimination

You'll learn a lot as you develop the discipline to stick with the schedule, which will help you stay out of debt from now on. Best of luck to you!

Answer 2

Well stop spending. Cut up the cards and sit down and do a serious evaluation of your life and the budget you are currently on. Cut back where you can and ask yourself if you want or need something. This comes in handy when shopping or that impulse to buy comes over you. Cut down on the electric bill and get a cheaper plan with the cell phone if you have one. If you have a land phone only then get the simple plan. We always get the best because the deals seem great at the time but is it really necessary? When buying food, don't skimp on nutrition but use coupons and watch for sales. Stop eating out as much and cook at home, that alone can save you hundreds a month...
There are soo many ways to pay back debt...just get serious and face it and you will find you can do it.
Good Luck!!

Answer 3

The first step to getting out of debt is committing yourself to not incurring any further debt and a commitment to paying the existing debts.

An option can be a strict budget while paying creditors regular payments. Ring creditors to make payment arrangements that fit into your budget.

Another option can be debt consolidation, this is where a financial institution pays all your debts and you repay them.

Answer 4

If you have several cards, focus on the one with the lowest debt. What you can do is every month, send the minimum payment to all card and to the one with the lowest balance, try to pay as much as you can for that month. Next month do the same, until you paid that lowest balanace card. Next get the next one in low balance and do the same, but you're making minimum payment on the others, I did it and it worked, But never use them again, you need to cut all of them. If you don't have the money don't buy it simply because you can't! And it feels so good, when you have ONE LESS card to pay. Trust me, I learned my lesson. It will take time, but it can be done.

Answer 5

Find those who aren't in debt, and learn their secrets. I'd start with Napoleon Hill's "Think & Grow Rich." Hill learned the stuff from some old dead guy. Name was Carnegie or something. The easier version is written by Bob Proctor, just look up anything by him.

oooo, also...research everyone's credibility to minimize getting scammed.

Answer 6

Making a budget so you live well below your means. Pay your fixed cost and debt payments first before adjustable expenses, there isn't any leftover money so you have to set aside the most important money first.
You can't just budget to spend less than you earn you need to budget to spend much less because there will always be surprises and that is what throws off tight budgets.

Answer 7

if it's credit card spending stop using it immediately
you will then find some place quiet to really think about the current debt problem.make yourself a hot drink and take a paper to begin writing all that comes to your mind in yopur first financial journal.

Answer 8

The first step is putting down all of your financial information on one page to see the real situation. Exact amounts of every debt, your monthly expenses, and your monthly income.

Answer 9

Read the book called "The Secret" by Rhonda Byrne

www.thesecret.tv

Answer 10

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