Best Way And Quickest Way To Get Out Of Debit.?

Question

Ok, I have a question for all of you money people out there.

What is the quickest way out of debit, because I have alot of debit and I am sure alot more people do to. So, I want to know, need to know, and I need you help. Please me and the others of thousands of people reading this =)

Thanks,

Dave

I do not wanna do the whole bankruptcy scene just for the reason I still live at home with my parents. But other ideas will help me tons!

Thanks!

Answer 1

It is called a debt snowball approach. Take the smallest balance that you owe while staying current on all bills---pay it off as quick as possible. Then take that payment and apply it to the next smallest bill and work your way up to the top of the hill. When paying off the small balances first you will feel a sense of accomplishment and fulfillment as you work your way to the top. Oh, yes you have to STOP BEING STUPID WITH MONEY as well. Quit spending what you do not have.
you asked!

Answer 2

You have to reduce your expenses

You have to increase your income

Apply all extra money to the lowest balance first. Some say the highest interest rate first, but let's go for a quick win here to motivate you to continue

Once that bill is paid, apply that payment on top of the next payment. When paid off, apply all of this to the next and so on. This will snowball as you can see and pay off your debt quickly.

Another less agressive option is to take whatever your minimum payment is this month for each card and continue to pay this amount from here on out. In other words, if you pay 200 on card A and 150 on card B this month, continue to pay 200 and 150 from now on. This alone will pay off your debt much faster.

The neat thing about this idea is that you decrease your debt faster but never pay more than you did this month.

Answer 3

My husband and I are college students who needed to get out debt quick, so we moved out west and began working the oil fields for the summer for about $8,000 - $10,000 a month. Not the best solution for everyone, but a great fix for poor and adventurous college kids!

Answer 4

you need to generate cash flow with minimal investment; otherwise, your debts will just continue to grow. Look into something capable of creating residual income that can work quickly. There are alot of different ideas such as affiliate marketing and creating a residual cash flow at www.justbesavvy.com.

Most importantly: spend less than you earn

Answer 5

Here's all the truth you need to know about debt & how to eliminate it. This website will help to break through any illusions many people have about debt & debt relief. Hope you find your solution inside.

Answer 6

quickest way is to declare bankruptcy. Not the best way and will have long lasting consequences, but definately the quickest.