What are your tips for getting out of debt as quickly as possible?
Pay more than your monthly payment...Get a 2nd job if you have too.
Yeah I'm trying to pay off more than my monthly payment when I can. Unfortunately my current job bans me from having another one - I'm looking into the consequences if you get "caught" with a 2nd job to determine if its worth getting one anyway.
For the most part, there really isn't a quick fix for debt. Something to keep in mind, however, is debt is good in moderation. Without debt, your credit will not only stay the same, but can go down. Debt is how you improve your credit score.
At the same time, to much debt is worse than not enough. For example, between the cost of just moving, 2 cars and a couple credit cards, out of the 6000 a month in household income we have, there is about 500 a month left over. We currently have way too much debt. But in a year when we are done paying off our moving expenses, we'll be in a really good position debt wise.
The best tips I have for getting out of debt quickly are to follow Dave Ramsey's Baby Steps. Save up one month's worth of expenses. Then use the debt snowball method to pay off your debts.
I absolutely agree. That is what I did and I am now debt-free (except my mortgage) and am working on that. Just Google Dave Ramsey and you will find links to all the information you need.
I will have to look him up. I have heard of the snowball method.
My understanding the power behind getting out of debt is leverage. What is at hand for leverage. For some it is they have time. If I were not working for instance I would simplify until I reached the point time was no longer a commodity but an asset. Then I would invest that time wisely. I'm not trying to be evasive or off the wall.
The more available time one has the more opportunity there is. Personally I would capitalize on every online payment system I could find that could be managed with a percentage of that time. Zazzle at pinterest for instance with something in a niche market. And, who knows the what that is or how long it lasts. Look into easily made products to sell on Ebay and other craft selling sites. Can you get friendly neighbors involved or the kids if they are there.
Personally I looked into the Google Analytics and discovered my largest readership is right here where I live. So, I've begun writing articles on local restaurants here. Hopefully I'll learn enough SEO to get them indexed for my area too. Who knows maybe I will get a free pizza out of the deal.
That is where the time comes in. The most time to research / brain storming and then develop it. I'm financially stretched big time. This week I am going to do a Feng Shui principle - declutter, declutter, declutter and the routine is Keep, Art / sentimental, Sell, Donate, and toss. Then I am going to research on Ebay the sell and the toss before I toss.
I sold boy scout patches from the 60's and 70's in the hundreds with some. My track medals were all in the 30 - 40's. My lettermen's jacket pulled about 70. And, the year books were all in the 20 and 30's. I had them going back to Jr High. I looked at some of my figurines I bought 10 - 15 years back and discovered two had serial numbers and signatures I had either not known or forgot. They both pulled together about 100.
I don't have to go to work on sat until noon. So I check the paper where the estate and garage sales are. I drive by to size up the what it might be to choose which ones I will go to with the time schedule. I am stock piling for ebay at a later time. A little bit of homework with coffee and music is better for me than working at 7-11 10hrs a week.
With Donate at least you get a write off for the marginal toss stuff. My timeline is I will have a plan in place Jan 31st while making steps along the way. Just some ideas. Remember it is temporary or a gold mine, since one never knows.
Getting serious about controlling spending. Unless you get spending well below income, you'll never get out of debt. Its similar to exercise and eating to control weight ... no matter how much you exercise, you can't control weight without first paying close attention to how much you eat.
you need a loan from Gareth loan corp...write their email:email@example.com
Dave Ramsey's "Financial Peace University" program would be my recommendation.
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