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I am suffering from lots of debts.. But now i want to live my life debt free, so please suggest and me and tell me any tips that will get me out from such type of debts.
I am suffering from lots of debts. But now i want to live my life debt free,
so please suggest and me and tell me any tips that will get me out from such type of debts.
1) Find or create a BIG pile of cash.
2) Pay off the debts
3) Don't take on any more debt.
I am suffering from lots of debts.. But now i want to live my life debt free, so please suggest and me and tell me any tips that will get me out from such type of debts.
Thanks!
EASY, NO credit cards, NO payday loan crap and BUDGET and use CASH! That's pretty much the trick.
I'm a big believer in getting a second job. You'll make more money, which will let you pay down debt faster and with less interest, and you'll have less time to buy stuff you don't need. The unpleasantness of working so much will also give you motivation to avoid debt in the future.
I agree with East Memphis Guy. Get a second job and use ALL of that money to pay off debts. Don't spend any of it, except towards debt retirement. Don't even buy a sandwich and a coke with any of it! It is for paying off debts only.
Also, Pay off your highest interest debts first. That way, you are not putting all your funds towards interests.
If possible, consolidate your debt. If you have 5 credit cards, you will have 5 different payments due each month. However, if you consolidate it to a single card with the lowest interest, then you have one payment a month, and you can attack it with all you have. (Including everything from your weekend or part time job.)
I am suffering from lots of debts.. But now i want to live my life debt free, so please suggest and me and tell me any tips that will get me out from such type of debts.
Thanks!
Cut your expectations on how much you do. Or put off doing things. The less you do the less you spend.
I am suffering from lots of debts.. But now i want to live my life debt free, so please suggest and me and tell me any tips that will get me out from such type of debts.
Thanks!
We can give you better advice suited to your situation if you give us details. But in general spend less then you make a month and use the savings to pay off your current debt. Then continue living this way. A lot of things you may consider a "must" in life may be things you can cut. One popular one for a lot of people is eating out. You can live completely fine by never eating out again if you so choose.
I am suffering from lots of debts.. But now i want to live my life debt free, so please suggest and me and tell me any tips that will get me out from such type of debts.
Thanks!
Take all your credit cards and line them up by highest interest rate. Take the highest and put as much as you can towards paying each month. Ideally this should be at least twice or thrice the interest portion if not total minimum payment. Do *NOT* put anything else on this card. Once that card is paid off start on the second highest and work down the line until you have paid off all credit card debt.
After the above start tackling any loan debts you have in the same manner. Student loan debt depending upon the source can come last.
It goes without saying once you have paid down your credit cards do not charge anything else that causes a balance you cannot pay off in full each month. The only exception to this would be extreme emergencies. Also to say out of debt learn how to decided between your *wants* and *needs*. You *need* to eat, get to work, medical care, keep a roof over your head, etc... Most everything else falls under *want* and can be either done without or had a cheaply as possible. Clothing, beauty supplies, grooming, etc... all fall under this category. Yes you *need* shoes, but they do not have to cost $$$$.
Start listening to the Dave Ramsey show. It got me in gear.
Paid off the trucks. Never buying a new vehicle again. No more credit card use except for emergency. Piles of emergency cash. Hang laundry/no dryer. Making quadruple payments on our equity loan, 20K left will be paid in eight years. No dining out. Cheap food at home.
Anything that is needed that can be found pre owned is good.
If you are a city mouse you can pool resources, like car pooling. Mass transit is cheaper than car ownership.
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