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Debt relief

Anyone have any good sips to get my started int he right direction towards relieving my debt?! Thanks in advance!!

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Mommyto2LilMen

Asked by Mommyto2LilMen at 2:05 PM on Feb. 17, 2011 in Money & Work

Level 13 (1,151 Credits)
Answers (7)
  • Pull your credit report, call your creditors and work out payment plans with them. Good luck. Also, if anything looks fishy on your report, dispute it.
    keisha613

    Answer by keisha613 at 2:08 PM on Feb. 17, 2011

  • I went thru a debt consolidator - took about 4 years but it worked - I think it was like a $20/month fee tho but it was part of the payment.
    bluerubychick

    Answer by bluerubychick at 2:09 PM on Feb. 17, 2011

  • http://www.daveramsey.com/article/do-your-dollars-have-names/lifeandmoney_budgeting/

    http://www.daveramsey.com/tools/budget-forms/

    My DH and I are still working on getting our debt managed. The biggest thing we've done for ourselves so far is to have a plan every month, and stick to it as best as we can. It takes a LOT of work, especially if you don't know what you're doing with money (like we don't really) having an emergency fund has been a livesaver more times than one so far - and being on a budget has helped us reduce our debt. It takes time, but it's kind of like eating right and excersizing. It's not fun, but you do it to be healthy.
    Right now we have been able to not use credit cards for over a year, our overall debt is going down, and we've had the money for emergencies like hospital visits, car breakdowns, etc.
    I really recommend Dave Ramsey's Total Money Makeover and Financial Peace University.
    hippomom1919

    Answer by hippomom1919 at 2:16 PM on Feb. 17, 2011

  • Maybe check out Dave ramsey's method. It is working for us.....coupon coupon coupon, if possible cut back on the extras,eating out etc, are you a sahm? offer to babysit for a fee. Idid this and picked up a possible 3 new clients
    rebeccadac

    Answer by rebeccadac at 2:16 PM on Feb. 17, 2011

  • Don't use a debt consolidation service. They will take your money and they don't pay on what they are supposed to, you will still get calls from collection agencies. You can call the collection agencies yourself and work out payment plans, they will stop calling and you will know that the bills are being paid. If you take any settlements on what you owe like if you owe 10K on a credit card and you take a settlement for anything less than that YOU WILL get a 1099 for that years income taxes. Good luck.
    matthewscandi

    Answer by matthewscandi at 3:43 PM on Feb. 17, 2011

  • We swear by the Dave Ramsey program. It's a common sense approach that doesn't require you to sign up for any debt consolidation program or do anything to fork out more money. It basically re-teaches you about your spending, the evilness (lol) of debt, and how to re-arrange your lifestyle to get yourself out of debt.
    It's a great program. There's a group on here you can join and the ladies are AWESOME in that group.
    SherriPie

    Answer by SherriPie at 6:39 PM on Feb. 17, 2011

  • We're about a week away from being completely debt free by using the Dave Ramsey plan- so I also swear by it.
    Check out his book, Total Money Makeover from the library. Join the group here on CM. Listen to his archives for free online at DaveRamsey.com. You don't have to spend money on his stuff to make it work.

    Good luck!
    Erica_Smerica

    Answer by Erica_Smerica at 7:57 PM on Feb. 17, 2011

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