2007-10-22 14:14:14 · 8 answers · asked by blue22 1 in Business & Finance ➔ Personal Finance
spend less than you earn and pay the debt.
2007-10-22 14:17:10 · answer #1 · answered by shipwreck 7 · 1⤊ 0⤋
Adjust your lifestyle in that you spend the least; budget more money into paying off debt. Try to pay off the higher interest ones first, while making the minimum payments on other debt. Really look at your budget and see what you can cut out of your budget for now, until you get caught up. For example, you can try making your own food rather than eating out, which costs so much more. Depending on your current income and lifestyle, and how determined you are in getting rid of your debt, getting rid of debt is not impossible.
2007-10-22 21:20:21 · answer #2 · answered by Anonymous · 1⤊ 0⤋
Call all of them and work out a payment plan and try to get your interest lowered or stopped.
Then, make the minimum payments on every one of them. On the lowest dollar value, put all your extra effort toward paying it off. Once it is paid off, then roll that extra money to the next largest balance. Continue this snowball until all your debts are paid off.
You probably need to cut your expenses back to the bare minimum. Get rid of cable, cell phones, internet, etc. Lower your electric bill, gas bill, water bill, etc. Don't eat at a restaurant until your debts are under control. Take a sandwich for lunch. Cancel the gym membership.
Try to increase your income by getting a second job. If you have a car with payments, get rid of it, and buy a good dependable used car for CASH.
Go to the library and get "The Total Money Makeover". Read it and follow it carefully.
Go check out Dave's website as well.
www.daveramsey.com
2007-10-22 21:30:32 · answer #3 · answered by Anonymous · 0⤊ 0⤋
The first step is to have a surplus on your budget. You do this with a combination of reducing expenses and increasing income. You should contact your creditors to see if you can get your interest rates reduced. You should make additional payments on your smallest debt. When it is paid off, you should then put the payment of that debt towards principal on the smallest remaining debt.
2007-10-22 21:24:57 · answer #4 · answered by VATreasures 6 · 1⤊ 0⤋
The best first step is to stop accumulating more debt. Pare your spending down to the minimum, and devote all the rest of your money to paying down the highest interest rate debt first.
2007-10-22 21:17:32 · answer #5 · answered by arkleseizure 3 · 1⤊ 0⤋
Pay your bills while at the same time you are not having additional expenses. Start and stay on a budget and use it regularly. Make adjustments as needed.
2007-10-22 22:26:29 · answer #6 · answered by Gary 5 · 0⤊ 0⤋
sell stuff to pay it off, work overtime, extra jobs... stop borrowing.
get on a plan... a written budget. and work the plan.
there is no easy button... getting into debt is easy... getting out is not.
2007-10-22 21:18:22 · answer #7 · answered by Anonymous · 1⤊ 0⤋
Pay off all your bills.
2007-10-22 21:16:59 · answer #8 · answered by Anonymous · 0⤊ 1⤋