What is the best way to get out of debt when u r at your lowest financial point that is you are doing all u cn

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I am in great debt – everyone is at my door asking for money I owe. I am not trying to dodge anyone but what I need is a large loan to consolidate my debt – ($ 9,000.00) in case you’re wondering.

  1. Reply
    August 18, 2011 at 1:45 am

    You wont get a personal loan, so marry a rich girl.

  2. Reply
    August 18, 2011 at 2:44 am

    …stop spending money!

  3. Reply
    August 18, 2011 at 3:18 am

    Try lowering your expenses and increasing your income. It is a slow and difficult process, but you will eventually get debt free. If you have a car loan make sure that you pay it first. If you do not have transportation it will be difficult/impossible to keep your job.

    Once you are out of debt, make sure you start saving up for a rainy day fund. This was one little misfortune will not send you back into debt.

  4. Reply
    August 18, 2011 at 3:47 am

    This is what you need to do. Whatever your income is figure out what 25% of it is. Then take that money to use to pay off your debt. If you have 8 bills then divide the amount by 8 and then pay each creditor that amount. If you have 10 bills then divide the amount by 10 and then pay each creditor that amount. This will keep them off your back.

    Call each company that you owe money to and tell them that you are going to send them some money.

    This is just an example; you need to figure out your own bills and amounts.

    OK, so lets say you make $ 165.00 a week. That is $ 660.00 a month. Now 25% of that is $ 165.00. Divide the $ 165.00 by 8 bills equals $ 20.62. Send $ 20.62 to each one of your creditors. This will keep them off your back.

    Make sure you send them the money!!! Very important. Don’t get any more credit. Don’t do the pay-day-loans.

    Once you have that done and have done it for a few months then you need to start planing a budget for yourself. Pay rent first then groceries and utilities. The rest of your money is for discretionary spending. You don’t need a Phone you don’t need to go to the movies or the clubs to live. You do need food, shelter to live.

    Family first if you have a family take care of their basic needs first. When you are out of debt you can give them all the bells and whistles you like. Your first responsibility is to keep them feed and in a dry worm home.

    If you have any questions email me at dwk1963@yahoo.com.

  5. Reply
    August 18, 2011 at 4:22 am

    Consumer Credit Counseling offers a lot of free workshops on this topic. You need to re-educate yourself about money. A lot of people think they “need” things that are actually “wants”. Like, nobody “needs” cable TV, but look at how many people in finanical trouble pay $ 50-$ 60 a month for that.

    $ 9,000 isn’t a huge amount, but I’m sure it feels that way. Call your creditors and make some payment arrangements. Ask them to lower your interest rate. They probably won’t because they have you over a barrel, but it doesn’t hurt to ask. Make the biggest payment to the card/debt with the highest interest rate. Keep plugging away at it, little by little and don’t buy anything new. Cut your expenses where ever you can. Good luck!

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