What can you tell me about getting out of debt?

Answer by  Shelster (14)

Getting out of debt is a balancing act... one must earn more income and/or reduce spending in order to put more wages toward debt. The first step is to pay more than the monthly amount due (minimum due) on at least one bill or expense. Pay bills on time to avoid late fees, and do not make "short" payments.

Answer by  Martinex8 (80)

It may be a long haul. Make a plan, pay down as much as you can, and do not incur new debt. Do not spend money you do not have.

Answer by  patti (29325)

Getting out of debt requires a lot of patience, time, discipline and organization. You must determine exactly what is owed and to whom, then evaluate income and assets. You must determine if it is possible to create a repayment plan that will reduce the debt consistently over time. This requires a detailed, stringent budget.

Answer by  Erynn (1651)

Budget heavily and consider - HARD - what you WANT and what you NEED. For instance, your TV is a want. Cut the unnecessary fat until you can afford it.

Answer by  SallyJ64 (3121)

If your debt is based in credit cards, the easiest solution to fix bad habits is to not buy something unless you have the cash to buy it. This helps you from making unecessary purchases that can lead to more credit card debt.

Answer by  Rtiddy (25)

Set yourself a monthly expense chart and stick to it, and save 10% of your earnings to pay off debt and as much as you can in a general savings.

Answer by  timeismoney (994)

There are certain debt obligations that should be your highest priority to eliminate. Among these are student loans, since the federal government can garner wages to recover this debt. Second, is credit card debt because the interest rates can be exorbitant, and you have little to no control over further increases. Pay these debts down first.

Answer by  tamarawilhite (17883)

The first step is to stop spending so much money. Sell items that have payments so that you no longer have the payment. No more vacations, spending sprees, giving money to friends and relatives when you are in debt yourself. Then use the discretionary money you were spending to pay down your debt.