Get Out Of Debt-How To Get Out Of Debt

5 Responses to What is my best option to get out of debt?

1. Cameron S
   April 26th, 2006 at 4:21 am

   ur in law school. Is it hard ~.^. anyway, the best way is to go talk with someone who can handle money well,like a big company. THe worst thing you could do is get a loan on top of that. watch tv and look for particualy for commercials that help ppl get out of dept. I also suggest getting another job so you get 2x the payment. i hope it all works out for you. and who knows i might need you some day =D

2. Adam G
   April 29th, 2006 at 1:36 pm

   If its govt. back student loans there isn’t much you can do but try and work with them directly. Most debt settlement companies cant negotiate that kind of debt. If its private, or unsubsidized, then they will be able to work with you. Don’t consider a cca or consolidation company because they will only attempt to work on the interest rate which will not reduce your monthly payment or help you get out of debt in a shorter period of time. They will also leave a third party intervention mark on your credit that they don’t have to legally tell you about. No matter what program you get into its going to hurt your credit though, but if you considering bk I take it your credit report doesn’t matter. If you need I can refer you to somebody who helped me out.

3. Loz J
   April 30th, 2006 at 8:08 pm

   Speak to your financial local institution about you current situation and try to consolidate you debt. If they can give you a lower loan rate you will save on the interest that you pay. Pay over the minimum payment and you will pay it off faster. Make sacrifices- no designer clothes, long holidays etc. to save more money and put as much of it on to your loan that you can.

4. pebble
   May 1st, 2006 at 10:32 pm

   I wouldn’t go with any of your options. The simplest way is following these steps and it will do the least amount of harm to your credit standing as well:

   1.Gather all debts

   2.Arrange from smallest to largest; write each debt and amount in order on a sheet of paper. Include the minimum payment of each.

   3.Pay the minimums on all EXCEPT the smallest debt. On this one put every extra penny towards until it is gone. Cross it off the list

   4.Move on to the next smallest debt. Pay the minimum on it + the minimum from the debt you paid off + every extra penny you can come up with until it is paid off

   5.Continue in the pattern until everything is paid off.

   Since it would be hard to work more hours or get a second job in your case, consider doing odd jobs when free-time comes up. Things like lawn-mowing, house-cleaning, and babysitting. You can also sell your excess stuff or look into starting an eBay business. Buy stuff cheap at a garage sale that you can turn around and sell for more on eBay. Research what sells and for how much before you do this though. There are many sites that offer advice or you can just watch sales for yourself until you find what you need. Until I got the hang of it, I sold my kids and my clothes that I either didn’t like anymore or didn’t fit anymore.

   Of course you would also have to stop accumulating more debt for any of this to work. You would be running in circles if you did all this while adding more to the pile.

5. blackcat
   May 4th, 2006 at 5:32 am

   Start with a budget. You have income and outgo. Put it on paper and minimize the outgo and maximize the income by finding as much extra work as you can.
   Pay off your highest rate creditors one by one with minimum payments to the rest. As you pay off one go to the next highest rate creditor until they are all done.
   It would be better to take some time off from school then to go under if you can’t cope with the work load.

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