My husband had credit card debt gallore and loans out everywhere. I took on the debt as our debt now that we are married. Help me! I am drowning.
2007-09-14 08:45:30 · 6 answers · asked by Texas Twang 2 in Business & Finance ➔ Credit
Yep - BUDGET: that means you take your income put it at the top of a piece of paper and then write down your rent/housing, then food, then utilities, gas. Then keep allocating money to your debts until you have no money left. Then stick to it -
Also check out http://www.daveramsey.com
My husband and I have been following his advice since April '07 and we have paid of $24K in debt since then - we feel great !
2007-09-14 08:59:43 · answer #1 · answered by Professional in FL 4 · 0⤊ 0⤋
Make a strict budget. Eliminate all the extras -- cell phone, eating out, new clothes, etc. Put every penny you can squeeze out of that budget on the highest interest rate debt, while making minimum payment on the rest. When the highest interest rate debt is paid off, move to the next one, till they are all paid in full.
You may put hubby to work on a second job to bring in some more cash to throw at the debt. Pizza delivery is flexible and they always need help.
If you work at it, you can have all the debt paid off in 2 or 3 years and have a good payment history.
2007-09-14 08:55:30 · answer #2 · answered by bdancer222 7 · 0⤊ 0⤋
Opt for a debt consolidation loan: The easiest method of getting a debt consolidation loan is to utilize the equity of your home. Equity of your home is calculated and determined by the difference in the amount you have paid and the amount you owe. If the amount you have paid is more than the amount due, you can use it as collateral. This allows you to borrow money on lower interest rates. Besides, you also get tax benefit on this type of loan. Consult your tax advisor before opting for this loan.
2007-09-15 02:01:32 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I recommend this book:
How to Get Out of Debt, Stay Out of Debt and Live Prosperously by Jerrold Mundis
Pick up a copy at the library. It saved my life.
2007-09-16 03:31:12 · answer #4 · answered by Warren Gates 1 · 0⤊ 0⤋
Need to pay off the lowest ones . and cancel them, consolidate the others at the lowest interest possible and pay as much as possible on them over the minimum. It's not easy but do able. And think before you purchase something that looks neat and you just have to have it, Priority is to get the bills in shape, not waste money on things that catch your eye for a minute and clutter your home.
2007-09-14 08:59:06 · answer #5 · answered by fuzzykitty 6 · 0⤊ 0⤋
Hi,
I used "Credit Solution" to settle my debt. They managed to reduce my debt up to 58%.It's legitimate.I came accross this company on NBC News Special Edition.Check it out here:
http://memurl.com/kitalo
2007-09-14 08:59:05 · answer #6 · answered by Anonymous · 0⤊ 0⤋