I am in over 15,000 worth of debt.. If you ever been in debt and got out, what did u do and how long?

Question

I am in over 15,000 worth of debt.. If you ever been in debt and got out, what did u do and how long?

Answer 1

Had gone for debt consolidation program where a debt counselor after analyzing your situation provides you with an affordable debt management plan. It took 3 to 4 year for me too pay off.

Here is the source of a debt consolidation company named http://ezconsolidation.com which I used for your reference

Answer 2

First I stopped using the credit cards so that the balances wouldn't go up more than the amount of the interest.  Then I combined them onto one credit card with a low interest rate until the balance was paid off, and I paid as much as I could on it each month.  I ended up losing my job but with a lump sum severance and cashing out my vacation time I paid it off.  Without that windfall it probably would have taken a couple years.  If you can't combine the balances then start with the highest interest debt and pay as much as you can each month while continuing to pay the minimum on your other debts.  Then continue doing that for each debt you have.  It will take a while and you won't see much of a dent for at least 6 months or a year, but it will be worth it in the long run.. Also, don't cancel any credit cards until after the balance is paid, many of them hit you with a "special" interest rate of 24% or higher if you cancel the card when there is still a balance on it.

Answer 3

You did not get into debt overnight so you will not be able to get out of debt overnight. It will be a slow process. First you need to get on a budget and see "ALL" your expenses.  Do not kid yourself.  Cut everything you can live without.  Eating out, Starbucks coffee, extra cable stations, wasted money on unnecessary things.  You can probably cut $200-300 a month out of budget.

Take that money and put it toward the principle of the smallest debt first (this is in addition to the normal payment you were making) Say it was $50 a month.  Now pay $250.  When that debt is paid off go to the next payment. Say it is $75 a month.  Now you will be paying $325.  That is the 200 extra you have each month plus the $50 from the smallest debt. Watch your progress.

When you get a debt paid off have a small celebration.  Go buy a Double Mocha Latte.  Then get right back on getting out of debt.

Try to put $10-$20 a pay period into the bank.  This way it will add up and you will have money for emergencies.  Keep going until you have 3-6 months living expenses saved.

When all debt is paid off do not buy anything unless you have cash.  

It will be a very free feeling when all debt is gone.

Answer 4

my bro tried daveramsey.com and he had about 20,000 - took him 9 months and hes almost done with step 2 with paying off debt.

I'm just starting - had 40,000 last year and now have about 20,000 but I've been trying not to use credit at all and cancelled some cards - really cut back in my spending.

YOU can do it!

Answer 5

Slowly paid all the bills.  The bigger the payments the less interest, more goes toward the principal.

Answer 6

Select the debt with the highest interest rate and pay it off first. Then the next, then the next. If they are credit cards, destroy them as you pay them off, keeping all but one or two.

You may need to look for better jobs, or work more hours. I know last year I worked from 9am to 9pm M-TH, 9-4 on Friday and a weekend job to pay down my debts.

Answer 7

well I increased my paycheck...just get a job that pays more money if you can. If you are not married and have no kids just move out to west canada and get a "camp job", you live in a camp and eat for free so what ever money you make can go towards your debt.