anyone know how to get out of serious debt. ps i have a job and work hard.?

Answer 1

two choises either cut back or earn more or both

you can cut back down start savings now and try to earn more and reduce even more dabt later!!!

Answer 2

Spend $15 and get the Total Money Makeover by Dave Ramsey. It's a great book. I've been working the plan for a year and it's changed our financial life! We've paid off over $30,000 so far and will be debt free by Jan '08. For once we feel so free and in control of our finances.

I highly recommend the book, but remember to really get out of debt you have to get serious and change your spending habits. A budget is always a good place to start...just think about it as a way for you to tell your money where to go, instead of an awful thing you have to do every month. good luck. read the book, it's great.

Answer 3

Debt has become inherent part of our modern day lifestyle. Today the debt is spiraling out of control. This started when the credit card companies first began providing credit and many were enamored with the idea. However very quickly, many realized that the situation was not as glamorous as they thought, when they saw the rising number of the fees, penalties, and false charges. If you are not completely careful about the contents on your monthly statements, it is quite likely that you are paying for those items about which you are totally unaware. But now there is a way out. You can get help from many companies who aid the customer to retaliate.


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Answer 4

You have to increase income and decrease expenses.

Make a strict budget. Eliminate all the extras -- cell phone, eating out, premium cable and internet, new clothes, etc. Take every penny you can squeeze out of that budget and put it on your highest interest rate debt, while paying minimum on the rest. When the highest rate is paid off, go to the next, till they are all paid in full.

It will take 2 or 3 years and you have to delay all the WANTS till you are out of debt.

Answer 5

Jim,

I SWEAR by balance transfers.

Apply for a credit card with 0% interest on balance transfers for a year or more. Move as much debt as you can to that card, then cut it up. If you make purchases on the card, you will accrue interest.

Pay it off in a year. If you can't, then repeat the cycle.

Answer 6

First stop spending money on things you don't need in life such as cigarettes and alcohol. Quitting smoking (if you do smoke) can save you about 1500.00 a year alone. If you buy alot of junk food STOP. You can be healthier and you will save alot of money. If you have a vehicle that gets less than 30 miles to the gallon, get rid of it. Buy a small car that is used like a toyota, honda or something small with a 4 cylinder engine. Take your lunch to work everyday and don't stop at the convenience store everyday to buy coffee and snacks on your way to work, don't eat in restaraunts, don't shop at the mall, buy your groceries at save-a-alot type stores, buy your clothing at discount places. Be very frugal. If you don't need it, pass on buying it. Second take all of your credit and get rid of it. You can do this by taking a pair of scissors and cutting each one of them up. Then go get a consolidation loan or get an introductory 0% apr credit card and transfer all of your balances onto it. Then every time the introductory rate is going to change, switch to a new one. Pay extra every month on all of your bills and don't create more debt. Figure out a budget and stick to it. If you only have 150.00 left after payday to live on make sure you can live on it and do so.
Take all of the extra money you save by not spending on things you don't need and put that money on your bills. If you own a home begin working on it to fix it up. Do the little things that you can do to build equity into your home (paint, clean, sand, tidy up). Try to sell it for a profit and use the profit to pay off your debt. Go live in a small apartment for a while until you can get back on your feet. Remember that if you don't actually need to buy something go without. I know it is difficult but this country needs to stop relying on credit. We are a nation of debtors. Pay your bills off, you created them. Please don't file for bankruptcy because I don't want to pay more for the things I want to help pay off your debt. Get another Job. I know that you said you work hard, I work about 100 hours a week. If you are working only 40 to 50 hours per week than you have time to do more. Your family time will suffer but you can stop working so much when you get out of the hole you put yourself in.

Answer 7

Ever heard of Suzie Orman, she writes books about financial matters. And budget your money,monthly

Answer 8

Make an appointment with an accountant. They can help you.