marcia
join:2009-11-04
| Knee Deep in Debt, how to relief it by self?
I just came across this post while googling for how to relief debt on my own.
»usadebt.org legit? or not legit?
I feel that debt consolidation companies does little help to ease our problem. instead if we try by our self we can save a lot. all we have to do is find out all the know how about it. I found following links very help. Can anyone suggest more?
1)»www.ftc.gov/bcp/edu/pubs/consume···e19.shtm
2)»banking.about.com/b/2009/03/19/w···tion.htm
3)»www.ovlg.com/consumer-law/debt-r···ess.html
4)»money.howstuffworks.com/personal···ors1.htm |
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mr_slick
join:2003-05-22
Lynnwood, WA
| Just make sure.....
that you do something to solve the problem that got you there in the first place! I know some are in debt by unusual circumstances (medical bills), but most are there because of poor life choices and financial planning and living out of their means.
no amount of relief or lowering of debt will help until these things are changed first.
i have no links but can suggest that people make a budget and extensive financial plan that includes paying down highest rate debt first and also saving some (yes it is important even when in debt [for emergency fund]) AND stick to the budget/plan.
make sure you include time lines and attainable goals in your plan.
eat a lot of ramen, don't go out to eat/movies/bar, cancel cable and other things you can do without. talk to your creditors and tell them what you can pay and see if they will work out a pay-off plan with you. |
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way2evil
Premium
join:2007-09-14
Great River, NY | reply to marcia
Re: Knee Deep in Debt, how to relief it by self?
Cancel every service you can live without. Get to like mac and cheese. Live with the bottom of everything, store brand etc. Use all the money you have at the end of the month to pay your debt off and most importantly do not live above your means. |
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marcia
join:2009-11-04
| reply to mr_slick
Re: Just make sure.....
Thank you so much
I totally agree with you
but sometimes it's very difficult to avoid due to some circumstances as you clearly pointed out like health and few others. In case health it is again if you have planned and took some good health insurance then it could have been avoided.
I agree if we cut our un-affordable not required so called our personal luxuries we can avoid any kind of debt in our life.
still day by more and more people are trapping into this plastic money's vicious circle from where only strict discipline and whole knowledge about it can take us out.
thanx again  |
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marcia
join:2009-11-04 | reply to way2evil
Re: Knee Deep in Debt, how to relief it by self?
"do not live above your means"
I guess this is the most important thing we all should learn for everlasting debt free happy life. |
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Hollow
join:2009-06-12 | reply to marcia
File bankruptcy, it's the latest craze. You can be like GM or Chrysler. |
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marcia
join:2009-11-04 | but that'll hamper "credit scores" |
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battleop
join:2005-09-28
00000 | reply to marcia
"I feel that debt consolidation companies does little help to ease our problem."
Some are scams and some ruin your credit. Good choice to stay away from the debt consolidation companies. |
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marcia
join:2009-11-04 | thanx |
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gregz
join:2009-10-01
| reply to marcia
Snowball the debt. Put on paper smallest to largest owed (ie medical bills, credit cards, etc), then make out a sheet with income per payday. On that sheet, put down rent/mortgage, groceries, car note, electric. One way to cut is to look at cell, catv, other subscriptions, and cut the fat out. daveramsey.com has a lot of good info. |
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gregz
join:2009-10-01 | reply to marcia
When you are in crisis, credit scores are the least of worries. Problem is, people use credit scores like a status symbol. |
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nonymous
join:2003-09-08
Glendale, AZ
| reply to marcia
Some people that say do not live above your means make enough so they do not have to care. The rest should just live to their means. They make more so should naturally enjoy.
Somehow there are a few the economy has not punched in the teeth yet or life has not sucker punched them. The only way to get in debt is bad habits or spending to much.
Nothing medical or company going bankrupt and laying of everyone. They have always made the correct choices they are immune. Their jobs are secure or if layed off have ten more jobs waiting in line they are that good or kiss ass. Medical well not to them their insurance covers everything. Life loves them |
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marcia
join:2009-11-04 | agree ) |
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kw
Premium
join:2004-06-12
1 edit | reply to marcia
MOST credit card companies and medically related places (hospitals) will work with you as long as you pay them SOMETHING per month, especially nowadays with everyone defaulting. They'd rather have you paying something rather than nothing.
Best way to find out is to call and ask. |
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way2evil
Premium
join:2007-09-14
Great River, NY
 ·Verizon FIOS
| reply to nonymous
said by nonymous  :Some people that say do not live above your means make enough so they do not have to care. The rest should just live to their means. They make more so should naturally enjoy. Somehow there are a few the economy has not punched in the teeth yet or life has not sucker punched them. The only way to get in debt is bad habits or spending to much. Nothing medical or company going bankrupt and laying of everyone. They have always made the correct choices they are immune. Their jobs are secure or if layed off have ten more jobs waiting in line they are that good or kiss ass. Medical well not to them their insurance covers everything. Life loves them This is the dumbest thing I have ever read. If you make 25k a year, you live like you make 25k a year. You do not use your credit cards to buy things so you can live like people that make more money than you. |
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Maccawolf
Premium
join:2001-02-20
Hillsdale, NJ
| reply to marcia
Re: Just make sure.....
said by marcia :only strict discipline and whole knowledge about it can take us out. Strict discipline is not necessary. A BRAIN is......
--
Mom and Crockett...... I miss you both! |
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Maccawolf
Premium
join:2001-02-20
Hillsdale, NJ
| reply to nonymous
Re: Knee Deep in Debt, how to relief it by self?
said by nonymous : Their jobs are secure or if layed off have ten more jobs waiting in line they are that good or kiss ass. Or like ME, a new invention called SAVINGS. It's a radical concept, but some of us actually LIVE off that money.
I've been unemployed since April.
--
Mom and Crockett...... I miss you both! |
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Loco
Premium
join:2002-11-09
So Cal | reply to marcia
Re: Knee Deep in Debt, how to relief it by self?
I love reading these kind of threads...:+) |
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CmmTch
join:2002-08-10
High Ridge, MO
| reply to marcia
If you are paying your debts right now with no missed payments there is one school of thought recommending paying the smallest off first. With the money you were using on that debt now freed up, devote it toward paying off the next smallest bill. The reasoning behind working from the smallest to largest is each time a debt is paid off you can add that money to paying off the next smallest debt. That should free up more money faster to add to the payments you make to each succeeding debt.
For any debt repayment plan you're going to do on your own you have to stick with the plan, being debt free won't happen overnight, but it will happen if you can stay disciplined.
Good luck. |
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