getting out of debt

[shannanigans]

does anyone have some good tips for getting out of debt?

[Marian Paroo]

does anyone have some good tips for getting out of debt?

How large is this debt, is it mostly mortgage or credit card or what?

[smalltowngal]

I am probably not much help, but if you are stacked with credit card debt, call the creditors and ask if they will reduce your interest rate. Most of the time they will! Try to make more than just the minimum payment. Attack the debt with the highest interest rate first, then work down. Cut up all credit cards, except for maybe one for emergency. Don't buy something you don't need if you can't pay cash for it.

[shannanigans]

How large is this debt, is it mostly mortgage or credit card or what?

it's all credit card debt and student loans....there's about 10k of student loans, and 2.5k on the credit cards. I'm barely making enough to get by financially (car insurance, rent, debt, etc) and I just can't figure out how to pay everything on time in a manner and get out of debt quickly.

[Marian Paroo]

it's all credit card debt and student loans....there's about 10k of student loans, and 2.5k on the credit cards. I'm barely making enough to get by financially (car insurance, rent, debt, etc) and I just can't figure out how to pay everything on time in a manner and get out of debt quickly.

Can the student loans be extended? I imagine the interest rate on those are probably lower than the one on the credit card.

[shannanigans]

Have you tried to call your credit card companies to get them to lower your interest rates if you transfer your balances over? You could put all of your debt on one card with a lower interest rate and then make sure that you pay more than the minimum payment each month.

[shannanigans]

Have you tried to call your credit card companies to get them to lower your interest rates if you transfer your balances over? You could put all of your debt on one card with a lower interest rate and then make sure that you pay more than the minimum payment each month.


yeah, that's what I did. I transferred everything onto a card with 0% interest, and when it runs out, I jump to another card with 0%. I started off with about 8k in debt, and I'm down to 2,500, but it just seems like it will never end. Ive been paying them off for about 3 years now, and everytime I get close to being done, something comes up (car issues, etc) that causes me to fall behind again.

[shannanigans]

Consolidation is what my friend does. She is still in debt but slowly making her way out. It's because of those **** school bills.

[shannanigans]

Consolidation is what my friend does. She is still in debt but slowly making her way out. It's because of those **** school bills.


yeah, school loans are a necessacery evil. @##%$!!! haha.

[shannanigans]

I've stopped going out for dinner and stopped ordering lunch. Surprisingly I've said a lot of money. I'm on my way to being debt free. :)

[shannanigans]

I've stopped going out for dinner and stopped ordering lunch. Surprisingly I've said a lot of money. I'm on my way to being debt free. :)

I've done that also. It's surprising how much money you spend on little things like that.

[Digitizingqueen]

I am with you there on the lunch/dinner thing, I just bought a house so I am savoring my time in my house so going out doesnt happen very often and it well bugetted you should create a tried and fast budget including savigns, and entertainment... and dont go spend friviously!

[Outdoor Girl]

I am the last one who should give advice in this arena, (I have about $6,000.00 in c/c debt :eek: ), but I did something to reduce costs to pay more down on the c/c that might be useful! :o I have a family with three little ones, and for work I need internet. I threatened to get rid of the phone, cable, and internet because they are all bundled with the same company, and there was a rebellion. So, we agreed on the following before I made the call - we have cell phones which are necessary for our work, and thought that we could at least get rid of the house phone, and lower the cable to the bare basics, and slow down the internet a little. When I called the company, I spoke to three people before they transferred me finally :mad: to a VERY friendly gentleman. He made sure I was really going to cancel the phone, and basically kept it in my bundle and gave it to me for no charge. Then, when I mentioned the cable, he reduced me to expanded basic. I started out at $140.00, and by the time I got off the phone I was paying $81.50 with all taxes and fees. I was SHOCKED when I got off the phone! :D Maybe this could help you too?

Outdoor Girl