How to get rid of big debt?
April 17, 2009 3:24pm CST
Debt is our biggest enemy in this recessed period of time. We all try not to owe too much debt on hand. So, how would you get rid of big debt on hand? For example, if someone owes 18,000 debt from credit cards. His/her income only about $30,000 a year. How would you suggest him/her to get rid of that debt?
1 person likes this
24 Apr 09
I would love to be able to get rid of debt myself. I think that we should channel more money towards paying off the debt that we have. So how do we get more money? By finding sources of extra income or by lowering down our expenses. On my part, I have already lowered down all the expenses that I possibly could, so I am stuck with just looking for extra sources of income.(partly why I am here in mylot, hehe) I am currently buying and selling stuffs, some on ebay, some on other sites. I worked an extra freelance job for more than a year until the organization no longer had the budget to I had to leave. I've been racking my brains how to earn extra money 'cause that is the only way I can pay off more of my debt.
• United States
18 Apr 09
according to Dave Ramsey a financial advisor you should pay down the smallest credit card first by paying more than the payment due while making the minimum payments on the other cards. Then When that card is paid off take that money and add it to the amount due on the next smallest card and so on until all the cards are paid off. I have one credit card with very low interest 3 1/2 % and I keep getting a call from some company wanting to help me lower the interest. I believe it is a scam so watch out for these scamming companies that call you wanting to get your information. Something else you can do is get in touch with the card company and Try to get them to lower your interest rate. They would rather get something than nothing. Go past the managers and ask to talk to the CEO of the company. You may have to get real creative to get past the managers.