2007-10-25 13:29:09 · 13 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Pay off little bills first. Then work on the bigger ones. call your credit card companies try to lower your interest rates. Also try to settle anything that is in collections. This will save you big money and will have you pay off the balance quicker. Don't buy anything else big until you got it all taken care of. Give yourself a time line, like a year. You should at least see some results in a year. Although you may not be completely debt free. Good luck
2007-10-25 13:42:19 · answer #1 · answered by Imdatchick 3 · 0⤊ 0⤋
It IS NOT a secret. You spend LESS than you earn and use the rest to pay down your debt. If you can't cut your spending below your income, you have to increase your income. Read "The Total Money Makeover" by Dave Ramsey.
2007-10-25 14:45:22 · answer #2 · answered by STEVEN F 7 · 0⤊ 0⤋
Spend less, increase you monthly payments above the minimum (focusing on the highest interst cards first), and try to build up an emergency savings fund - all at the same time. It is hard, it takes a long time, and it takes discipline. Andiit can be done. Yahoo! Finance has some excellent articles on it. Personal Finance for Dummies is also a good reference.
2007-10-25 14:21:49 · answer #3 · answered by mcmufin 6 · 0⤊ 0⤋
Make sure you pay off your highest interest debt first, and don't make the minimum payments; make more if you can on the highest one at least. Consolidate to cards with lower rates or rates with a 0% transfer rate; just be careful of the fine print. That would be my first recommendation.
I would also recommend finding out where your money is going to and where it is coming in from - a very detailed budget. Everything. To find leaks and places you can save.
I heard of someone who froze her CC in her freezer to prevent impulse buys... If she still wanted it when it thawed, she would purchase it (note: don't use a microwave).
2007-10-25 13:46:46 · answer #4 · answered by K B 2 · 0⤊ 0⤋
If you have a bunch of credit cards, consolidate them on a low interest card or get a bank loan to pay them all off if you can. CUT UP the credit cards, and stop buying things with money you don't have. Always pay bills on time so that the credit card company can't change the interest rates (read the small print). Good luck.
2007-10-25 13:46:53 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Spending less than you earn. Anyone can do it. Millionaires can go bankrupt if they spend too much. Pay for everything you can in cash. Dont take on any debt. Use all extra cash to pay down debt. Dont ever take any more on.
2007-10-25 13:46:28 · answer #6 · answered by The Joe 3 · 0⤊ 0⤋
I have nothing to do with this site ( I promise ) but it has helped a TON of people all over the nation........and his radio progam is a must listen: www.daveramsey.com
2007-10-25 14:12:54 · answer #7 · answered by The Good Fight 4 · 1⤊ 0⤋
Very, very simple: spend less and earn more. There are no secrets whatsoever.
2007-10-25 13:44:39 · answer #8 · answered by HeavyD 3 · 1⤊ 0⤋
Paying it off.
2007-10-25 13:39:06 · answer #9 · answered by Jay P 7 · 0⤊ 0⤋
Learn the meaning of the word "NO" ..!
2007-10-25 15:34:25 · answer #10 · answered by Anonymous · 0⤊ 0⤋