I am in serious debt and rising because, I am a student, I want to pay off my bills, I just do not have the money needed to do so. My credit score is horriable I can not live like this! What can I do?
2007-09-20 11:44:13 · 4 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
OK, first of all, there is no "trick" to get out of debt. There are many scams, however, that are looking for people like you to prey on, offering "debt freedom." Getting out of debt is hard work, and some of your friends may even laugh at you. Here are some steps you can take to get you on track.
1. Create a budget. Tell your money what to do or else it will fly away from you.
2. Use cash instead of credit cards. Once you have a budget, you will know how much money to spend at stores. Only buy necessities. This may even include eating beans for a month at extremes.
3. Get rid of credit cards. They are tempting, and debit cards work just as well anyway.
4. Cut your expenses anyway you can- electricity, gas, and food to name a few. If you have an expensive car, get rid of it! Get something used and inexpensive. Oh yeah- and do NOT get a lease.
5. Don't overspend. This includes everything every time you go to the store.
6. Pay off your debts starting with the smallest ones first, gradually getting to the bigger ones.
7. Get a job if you don't have one. Time is money.
Yes, yes, everything will be a whole lot easier if you could just use the credit card every time you need some money- but all this does is get you further into debt! Getting out of debt may be intense, but it is totally worth it. They may sound ridiculous, but it's worked for very many people. The more intense you are, the faster it works. Also, I recommend getting the "Dave Ramsey" book/cds. He gives the best tips on getting out of debt and financial peace. Also, listen to the Dave Ramsey show- you will learn a lot. It's worth it! Don't follow modern-day culture of getting into debt!
2007-09-20 12:04:43 · answer #1 · answered by Ashigaru 2 · 1⤊ 0⤋
You are NOT in debt because you are a student. You are in debt for the same reason EVERYONE is in debt. You spend more than you make. There are only 3 ways to get out of debt:
1. Spend less.
2. Earn more.
3. Do BOTH 1. and 2.
Delivering pizza 20 hours a week should bring around $1000/month.
2007-09-20 12:45:12 · answer #2 · answered by STEVEN F 7 · 1⤊ 0⤋
Cut up the cards. You seem to have no choice. Work weekends. Can you be a stripper or a car salesman. I think those are the best high end commission jobs.
Day stripper for start, not nightime. And no I have yet to do that job yet. Nor am I a car salesman. I wish.
2007-09-20 13:56:25 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Hi,
I used "Credit Solution" to settle my debt.They managed to reduce my debt 58%.It's legitimate.I came accross this company on NBC News Special Edition.Check it out here:
http://creditsolution.easyurl.net
2007-09-22 05:29:10 · answer #4 · answered by Jenifer 1 · 0⤊ 0⤋