I am a student and I want to get rid of $6000 in Debt?

Question

I want to pay of everything.Say I make $1000/moth whats the best way I can do this.

Answer 1

Pay it off as quickly as you can.

Try to find ways to spend less money so that you have more money to send towards the debt (thereby reducing the interest charges) though you should only pay extra on whatever is your highest debt, send the minimum payment to the others (since you probably want to get out of debt spending as little money as possible).

You also should not have any savings account, the interest you get on that is nothing compared to the debt (if you need an emergency fund for real emergencies then you can use a credit card).

You shouldn't be bothering with all the debt reduction spams that you got when you asked this (it seems the conmen come out when they see a question like this), all they'll do is take some of your money and put you even further into debt, debt consolidation should only be looked at once you are sure you can pay it off (otherwise you'll just end up with extra loans, remember that you can't borrow your way out of debt).

Answer 2

Get another part time job to pay that off. Paying ontime and making more than the scheduled ammount greatly increases your score. Also when it gets to under 2K.. think about opening a card with a 0% Balance Transfer rate.. that means they pay the creditor and you pay them. If you do it within a year you WILL NOT BE CHARGED intrest. But must be paid within a year.

It is impotant to remember that your FICO is made up of a percantage of things:

35% = Making ONTIME payments, even if it is the MINNIUM!
Mail it in a week early!

30%= debt ( monies charged, loans..) VS. What amount of credit is actually available to you. The smaller debt and bigger credit is what you are aiming for.

15%= Length of credit history. Having accounts open years ago, actually helps sometimes. Unpaid ones could potentially help also, it is establishing how long you have been around , getting credit. Shows them you have a history. So dont go cancelling older cards... that would erase some of your history , actually damaging your score.

10% = New accounts and inquires on your credit.
Obviously more inquiries lowers your score.

10% A good mix or balance on the types of loans and credit you have. ( RE: Home , car, credit, departmant store)

Answer 3

Either get a better job or a second job to pay your debt. Other things you must do is to cut down all of the unnecessary expenses. Discipline is a key. There is no other way around it.

If you can spend $6000, you can pay it. I have faith in you.

Answer 4

i does no longer document financial ruin if I have been you. $6,000 isn't various funds. i understand you could no longer pay something ultimate now yet submitting financial ruin will harm you worse interior the tip. save paying your vehicle fee as agreed and wait it out on the mastercard charges. ultimately, you're waiting to settle this debt at a smaller quantity. interior the interim, attempt to no longer ward off your lenders. in case you save an open verbal substitute alongside with your lenders, you're plenty greater probable to get help. averting them will merely make it worse and financial ruin for that low quantity isn't well worth it.

Answer 5

the best way to do this to calculate how much your other bills take up, take about a hundred dollars for food and pocket money and use the rest to pay your depts say about $200.