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Preview: Comments on: How to Get Out of Debt

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personal finance that makes cents



Last Build Date: Wed, 13 Dec 2017 02:05:05 +0000

 



By: John Green

Thu, 18 Sep 2014 23:37:50 +0000

Finally someone else that agrees on cutting up the credit cards. I mean, I get that you can use them to start building credit back, but if you could control spending, you wouldn't need to. In my opinion, cut them, destroy them and pay them off before thinking about another one. Chance are, even after paying debt off, you won't be doing yourself a favor to get another.



By: Diana

Thu, 04 Sep 2014 17:02:45 +0000

OT - thank you for your comment. People who use this word may not know it is offensive, but will likely stop using it if they're told it is a slur against people with disabilities.



By: Diana

Thu, 04 Sep 2014 17:00:37 +0000

You MUST increase your income. $2500 is not sustainable for doing anything beyond living expenses unless you're living rent free, given your level of debt. If you have children, increasing work hours may require increased day care costs. Avoid creating that new expense by working opposite shifts or adding work during school hours only. You will have to give up your life for a while and only focus on debt payoff - it won't be fun, but it will be worth it.



By: Me

Sat, 23 Aug 2014 01:41:29 +0000

Most banks will offer a card that works like a credit card. Hotels and car rental companies will accept it, it works like a credit card, but cones out of your chequing account



By: Todd

Thu, 21 Aug 2014 07:18:17 +0000

Can you use the "Visa" gift card(s) to rent cars or make various types of reservations online and/or in person? If you can't or don't want to use cash or a bank debit card.



By: Praveen

Mon, 14 Jul 2014 11:07:16 +0000

There are mixed reviews on dave ramsy's get out of debt plan.



By: Lee Jones

Thu, 22 May 2014 17:27:03 +0000

Agreeing a time to pay arrangement with your creditors over a period of years my help. The creditor should agree not to take any legal action against you on the understanding that you carry on to honer your payment plan.



By: George

Tue, 15 Apr 2014 03:12:00 +0000

Obviously debt can be a scary thing, owing more money than you've ever seen isn't anything to be thrilled about. Personally, I owe around 30,000 dollars in student loans, I'm also a college dropout. So safe to say I've felt overwhelmed at times. Really though, I'm thankful for my debt, it's amazing how much it has taught me about being happy. Yeah that's right, happy. Being in debt doesn't mean you're not living now, you can't allow it to be an excuse for you to put life on hold until you get it together and pay it off. 5,000$ in debt, 30K in debt, free of debt, you're still human and living still comes before everything else. Yes, if you're in debt, be frugal, learn to find joy in things that you don't need to spend a pretty penny. But don't live your life with a number hanging over your head. Don't let your debt define you. Worry about taking control of your life, and your debt will solve itself along the way.



By: Doe rae me

Thu, 20 Feb 2014 19:14:50 +0000

My bad, it's been a while. The above method would give the LOWEST number to attack first. Example: 2 credit cards, one with 400 balance and 15 minimum payment and one with 500 balance and 25 minimum payment. If you have 100 extra to attack debt, paying off the 400 credit card first then the 500 would take 8.34 months (without interest/finance charges). Attacking the LOWEST ratio (the 500 first then the 400) would take 8.2 months (without interest). Having the extra 25 to apply to other debt works faster. It also curves the temptation to use that credit card, knowing that the minimum payment will hurt you more.



By: Doe rae me

Wed, 19 Feb 2014 19:12:52 +0000

Yes, it depends on the company policy if you can rent a car with a credit card or not. I don't recommend cutting up credit cards, I only found this site after getting out of credit card debt. I recommend finding the highest positive ratio of debt and attacking it first: Take the total debt and divide it by the minimum payment for all debt, the highest number is the debt to pay off first and yields the most benefit. It will give the quickest payoff with more minimum payments going to other debt sooner.