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Are you trying to get out of debt?

If so, how are you doing it?

 
Anonymous

Asked by Anonymous at 12:14 PM on Oct. 30, 2008 in Money & Work

This question is closed.
Answers (10)
  • Yep! I was just saying that in 11 months we have pd off $8,000 of credit card debt!!! We have UNDER $2,000 left to go!!! I'm so excited! We first made some cuts: NO cable, 1 cell phone, and tweaked our car insurance. Those changes gave us $70 a month to use towards debt. We applied that $70 to the card with the lowest balanced, once that was paid off we applied that money to the next card, and once that was paid off we applied that money to the next card. We always went with the card with the lowest balance, that way we could start apply more then the min. due to the cards and SEE results!!! It's nice to be down to just one CC bill per month!!! Once this last bill is pd off we are going to apply that money to our car payment: which will double the amount we pay now!!!
    SAHMinIL

    Answer by SAHMinIL at 12:28 PM on Oct. 30, 2008

  • My husband and I are currently working on paying off a credit card to get out of debt. When my husband received a mail offer for 0% APR for a year on a credit card we got the card, moved balances off the two cards we had to that card and we pay as much as we can onto the card each month. We ALWAYS pay more than the minimum payment, and it helps knowing that as we're working to pay it off we aren't paying interest. If we don't get the card payed off in time we'll be looking for a similar offer with a different company so that we have a little more time. The key is to not add to your debt, find the best solution to pay it off and work on paying it and DON'T add to it!
    Anonymous

    Answer by Anonymous at 12:19 PM on Oct. 30, 2008

  • On top of that any time we have MORE money then expected I would call the credit cards and make extra payments. Even it it was just $40 more!! More money the better!!! DH gets paid bi-monthly and because of that we have a few checks a year that are 3 weeks worth of pay instead of 2 weeks like it "normally" is. So on those pay days when we have 3 weeks worth of pay I call the credit card company and apply a whole weeks worth of pay towards the credit card.
    SAHMinIL

    Answer by SAHMinIL at 12:31 PM on Oct. 30, 2008

  • Yes, aren't we all? lol. I've been trying for a while and I'm getting progress made but still have a long way to go. Visit my profile to see my story.

    customcat2000

    Answer by customcat2000 at 12:38 PM on Oct. 30, 2008

  • mytotalmoneymakeover.com helps me and also look on here for group called Dave ramsey
    partiesbyjan

    Answer by partiesbyjan at 1:39 PM on Oct. 30, 2008

  • What I did was cut down our spending on food - lowered (hoping to eliminate) eating out. I shop sales for groceries and I never pay retail for clothes, electronics, whatever else comes up. I bargain shop like crazy. I started with paying as much as I could humanly afford to the smallest balance. Lets say $250. I paid the minimum on the others. Then, pretty quickly, I paid one of the small balances off entirely. I took the $250 I was paying and *added* it to the minimum payment I was already paying on the next bill.. .so if it was $75 - suddenly I was paying $325 on that bill. I did this four times, until when I got to my 6k balance I was paying $500 a month or more each month. It didn't take long to knock it out! We had plenty of tight months, but it felt SO good to just do it.
    Serafyna

    Answer by Serafyna at 1:46 PM on Oct. 30, 2008

  • Just this year-ish I paid off a 6k credit card, and several other smaller balances (2k or less) I have nothing left now but an interest free account from buying our new mattress (after the house fire), less then 3k on our car, and our mortgage. Once our car is paid off we're saving up for something bigger for me (because we'll be a family of 5 in Feb) -- but I plan to purchase a moderately priced cash vehicle. Maybe a 3-5 year old used minivan.
    Serafyna

    Answer by Serafyna at 1:48 PM on Oct. 30, 2008

  • I called all my collection agencies and explained to them with what's going on with our finances and made payment arrangement's. Then they accepted it and I followed through with it. And whence you start being like that they will learn to trust you and they don't have to remind or nag at you for payment's. If you feel you're getting the need of getting behind then you must call them and see if you can say this: can I pay with next week's pay check or something like that and most of the times people will help you out. It took me along time to pay off almost a $1,000 worth and I've started back in Feb. of 05 and just made my last payment of a $140.00 this month. And man it felt good to be paid in full. But now I've got more bills that needs paid off. So I called the same company I was done with it and made another payment arrangement w/them so I don't have to go to court.
    snickers1201

    Answer by snickers1201 at 10:35 PM on Oct. 30, 2008

  • Dave Ramsey plan. I LOVE him. You work the baby steps to get out of debt. There is a Dave Ramsey fans group on here, and you can check his book The Total Money Makeover out at the library. I love it. It's not infomercial, get rich quick BS. It's common sense stuff that people these days have seemed to have forgotten.
    MissAlisabeth

    Answer by MissAlisabeth at 9:46 AM on Oct. 31, 2008

  • We only have about 6 months to go (or less) until we're debt free!
    We paid off my student loan with a 17,000 dollar check last year! And we've been working on our other loan. The actual "payment" was 550 a month, but we're paying 800 a month to get it down faster. We've also chucked some "extra" money at it from time to time, which significantly helps.
    We've never had any credit card debt...
    ChapelleCDH

    Answer by ChapelleCDH at 11:25 PM on Oct. 31, 2008

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