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As a bill payor, consumer, patron..

To resist the former backsliding of going into debt, what are some ways , (list please)... not to ---go into debt. and stay away from debt.

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Asked by coffeeyum at 7:57 AM on Aug. 11, 2010 in Money & Work

Level 17 (4,486 Credits)
Answers (10)
  • Don't get any credit cards that aren't necessary. And don't charge unnecessary things on a credit card. Pay more on your bills each month (for principle). Let's say you have a bill that is $100 a month. When you are finished paying that debt off, take that $100 and put it towards another bill. People call it the snowball effect. That way you are paying more than just the minimum, and you will pay that one off a lot faster. You can look into the Dave Ramsey class through some churches. I've heard some amazing things come from that class. It's a financial self help class. Has tons of great ideas on how to do exactly what you want to do.

    Luckily, I have been paying off my debts like crazy, and only have one student loan to pay off. I have not one credit card to my name. I can't tell you how good it feels to be able to not use credit! I just save and use cash. If I don't have the cash, I don't buy. Good luck!

    Answer by Aingls at 8:03 AM on Aug. 11, 2010

  • -buy only whatyou can PAY FOR in cash. if you wantt o keep a credit card thats fine, but charge nothing you cannot pay off before acquiring interest on it.
    -live well within your means. dont try to keep up with the neighbors
    -pay yourself first from every money source even if its only a $1. always put SOMETHING in to savings for those rainy day events
    -pay your bills off one at a time focus your attentions on getting the smaller to larger debts PAID OFF.

    Answer by sati769leigh at 8:13 AM on Aug. 11, 2010

  • When you go shopping, only pay cash, and I mean cash not the debit card. Before you even buy something ask yourself a few questions. Do I NEED this or do I want this? Can I function WITHOUT this? If you are grocery shopping, make a list and stick to it. Believe it or not its all the little purchases that can bite you later. I really think that it is a change in mindset that will help you. Redefine in your mind the difference between a Need and a Want, and a Necessity and a Luxury. Some of the simplest changes helped us through our economic disaster.

    Answer by WoodWitch at 8:39 AM on Aug. 11, 2010

  • Join the Dave Ramsey Fans group here on CM for support & more tips.
    Build an emergency fund (savings) of about $1000 - $1500 first to avoid "having" to charge an unexpected necessity on a card.
    Cut back on everything possible: phones, food, insurance, transportation costs, clothing, utilities.
    Sell everything you don't need to survive & put that money towards establishing your small emergency fund or paying off debt.
    Pay cash for everything.
    Stop using credit cards & unsecured loans & throw every extra penny at them, starting with the lowest balance first.
    Once you've got the unsecured loans paid off, build an emergency fund equal to 3 to 6 months worth of living expenses.
    THEN you can worry about establishing college funds for the kids, dumping money into retirement accounts, & paying off your house.

    (we just went to the bank and paid off our home yesterday!!!! Yippeee!!!!!!!! all on below-poverty-level-no-PA income! )

    Answer by michiganmom116 at 8:44 AM on Aug. 11, 2010

  • I think what I was looking for was the simplest way. Too much detail going on, rambling, ....

    Just don't buy if you don't have cash saved. AHEAD.

    Why isn't anyone getting this ?

    Comment by coffeeyum (original poster) at 9:34 AM on Aug. 11, 2010

  • Some person who gets this fact please type in next...answer, so i can select as BEST ANSWER.


    Comment by coffeeyum (original poster) at 9:36 AM on Aug. 11, 2010

  • Oh, the biggest, don't make any purchases that you cannot pay cash with. No credit of any kind. That's my motto and that's how I live.

    Answer by m-avi at 10:13 AM on Aug. 11, 2010

  • 1. Pay off your credit card bills complety. Don't pay interest.
    2. Live within your means.
    3. Find less expensive alternatives to things you already buy.

    Answer by HotMama330 at 10:24 AM on Aug. 11, 2010

  • It's easy to say "don't buy if you can't pay cash," but in these modern times it's just as easy to pay with a credit card and many people have a self-satisfying mindset when it comes to purchases.

    You asked how to avoid it? Go to a cash only system. Don't have credit cards. That way, you HAVE to have the cash in your pocket to buy ANYTHING.

    Answer by michiganmom116 at 10:34 AM on Aug. 11, 2010

  • I only use my debit card (comes out of my checking account). If I have to make a purchase on a credit card, I pay the balance off IN FULL when it's due. I've lived like this for over a year and we haven't accumulated any debt at all.

    Answer by Scuba at 10:43 AM on Aug. 11, 2010

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