I am in debt for$75,000.00 and really do not know what to do???
I can not sleep at nights and keep thinking how can I get rid of the debt?
Sometimes I just want to die.
Can something fix this problem??
2007-12-16 14:23:59 · 5 answers · asked by miti 1 in Business & Finance ➔ Personal Finance
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
2007-12-16 14:29:07 · answer #1 · answered by Anonymous · 0⤊ 0⤋
How did you end up with this much debt? Did you own a business? If so, most likely the IRS will meet (actually hunt you down) with you and settle for a certain amount. I suggest not running away from IRS because it'll only make matters worse. When they meet with you, some are willing to take interest off and offer other deals. It won't be that bad.
Don't let this get you down either. Everybody goes through some kind of debt, big or little. You feel like you're suffocating inside a bubble, but I tell you, it will get better.
How exactly did you end up with that much debt, so I can understand better?
In the meantime, check out this very informative documentary called "America: From Freedom to Fascism" by Aaron Russo. I don't think you can find it at Blockbuster, but just ask around or look on inet. It's info that nobody should miss! Hang in there.
2007-12-16 22:34:06 · answer #2 · answered by gem 3 · 0⤊ 1⤋
#1. Bankruptcy might erase some of that debt.
#2. A life style change:
This simply means you need to cut your expenses, increase your income, and then apply the difference towards paying off your debt.
You want to pay down the highest interest rate debt FIRST. A good way to do this is by re-financing or consolidating.
2007-12-16 22:29:28 · answer #3 · answered by mukwonago53149 5 · 0⤊ 1⤋
well you either file bk or try to work it out your self -- either way you better get use to no cable internet cell phone and may no car --- you got yourself in this mess not start the hard process of digging your self out!!!
2007-12-20 15:08:04 · answer #4 · answered by mister ed 7 · 0⤊ 0⤋
Rick B is right. (the first guy to answer this)
I suggest you listen to his advice please.
2007-12-16 22:36:45 · answer #5 · answered by Anonymous · 1⤊ 1⤋