FC Community
Discussion Boards => Off-Topic => Topic started by: levettepough on October 22, 2013, 06:50:08 pm
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Can someone please share with me how to get out of debt. I am robbing Peter to pay Paul.
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Gosh I wish I knew. I am in the same boat. But slowly, very very slowly, I'm getting it paid off. Just feels like it is taking forever.
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Make more money or stop spending.
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Win the lottery? ;D
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Dedication, sacrifice, hard work, discipline, delayed gratification, and some good luck
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I am in the same boat as you are. My boyfriend of 4 years moved out about 5 months ago and I am really hurting without his contributions to expenses. I am barely getting by on my paycheck. So frustrating!!!
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You just need to learn that DEBT has no feelings or sympathy, it rewards those who extend it and punishes those who abuse it. Once you REALLY understand that, it's easy to pick your side and stay there. It's called willpower.
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Yep listen to oldbuddy. Has taked me many many years to realize this fact and I am old now and tired of dealing with pay day to pay day. CUT UP THOSE CARDS. I started dealing in cash it is amazing how I stop now and ask do you really need this or is it I want it??? I hope this helps and I know it takes a while a long while but you can do it.
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If it is credit card debt you can file for bankruptcy.Years ago we filed and all debts were gone. nice to have a clean start.new rules now but still pretty easy.look into it if you want.
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Cash only is a good rule.
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Can someone please share with me how to get out of debt. I am robbing Peter to pay Paul.
Then I hope Paul is worth it. ;D
The secret of course is to live beneath your means. That doesn't mean it is easy to do though. You have to be aware of where your money goes and why and it helps to write down everything you spend for awhile to help you become aware of it. It is easier to help people before they get in debt. A lotof usare in the same boat.
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I'd start by looking at how you are spending your money currently. If you can cut out some unnecessary expenses, you can use that to help pay off some debts. Also look into a part time job to help.
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:o I used my tax returns to pay off my credit card debts. It took me about three years to pay them off with my tax return. I made the sacrifice. It paid off. Now, I am credit card debt free.
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I am on the same boat. I have been doing it slowly by spending less. Stopped going out and shopping. So far has worked for me. It seems like its taking forever. Also making a little income wont hurt. I make it by all the survey sites i participate in :thumbsup:
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1. get a second job.
2.cut out on stuff. If you don't have a cell and a house phone, cut back. only buy stuff you need and don't eat out.
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Cut out all the little extras for a while and spend as little as you can so you can pay off your debt. It's not easy but it is rewarding once you get there.
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What I am learning is there are two things you should do: 1)lower your debt and 2)increase your income. What I mean by lowering your debt is eliminating any bills that aren't necessary (ex., cable, gym membership). If you've done that, then that's when the second part comes into play. You can only save so much but if you increase your income, you have the potential to save even more. You can do this by taking on a part-time job and continuing with FC of course. You can also search google for other online money-making opportunities. No matter what your income level is, it is important that you pay yourself first, even if it's only $1. That's how you will start to build any kind of savings. You can also put your change in a jar and label it "savings." The bottom line is you need to have a plan. For example, how much can you save each month, each week, etc.? Write down all your expenses for the month and total them up. Then write down all the income you make for the month and total that up. This will help you to decide how much you can pay yourself. Focusing on the bills will come after that. Just remember, you take control of the money, don't let the money take control of you.
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Can someone please share with me how to get out of debt. I am robbing Peter to pay Paul.
First of all, make a budget of all income and expenses, including everything you buy each month, even if it's a lottery ticket, lunches, even coffee if you buy from coffee shops. You'd be surprised what you can cut just from putting everything in black and white.
If it's credit card debt, what I did was follow Suze Orman's recommendations AND Dave Ramsey. I had high credit card debt through hubby's hospitalization for a heart valve replacement and tripe bypass. I used to make $3500 a month and it was no problem making extra payments. Then along came a new way the work was being done plus offshoring of the good work so my pay went down and kept going down until I was only making $1000 a month. :'(
I called each CC (4 of them) and set up hardship debt repayment plans (I had $35,000 CC debt because of paying all the bills while hubby was recovering; all household expenses, insurances, and taxes). I cancelled everything I thought I could do without, downgraded the cable, changed cell phone providers for lower monthly payments (cell phone was needed for hubby's work), cashed in life insurance policies and took out lower benefit policies, sold whatever I could on ebay, etc.
The companies gave me 5 years of paying the same amount every month. It was hard but I was making it. Then I lost my job due to no work, went on unemployment while looking for another job, which never materialized, so took early retirement. Once hubby could go back to work, he took over the household expenses again except for groceries, lights, and cable.
I paid off ALL the CC's a little early, but I still have one card that I keep only for emergencies and never went on the plan with them and it stays in a drawer, never in the wallet. Every extra penny I get now goes on that CC to pay it down. It had a $6,000 balance and I now have it down to $4500. It would be paid off faster but they upped my interest rate from 9% to 22% thanks to this recession and changes in the laws that Congress made 2 years ago regarding banks and CCs.
The only problem with the hardship debt programs with CC's is...your credit is ruined. My FICA was 750, but is only 645 now and it's tough to get the score back up, but maybe that's a blessing. :-\
Good luck. I hope some of my suggestions help. It'll be tough but you'll be proud of yourself and a big weight will be lifted from your shoulders. :wave:
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Spend less, save $$$$$, and pay bills on time. :thumbsup:
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My dad had a routine of paying everything in cash, he never owned a credit card. He lived modestly and was very exact about his finances. Yet, he always paid all his bills and was able to put a little away for my sister and I. Upon his death, we were able to sell his house and split some fair money. He also gave us his cash out of the bank. He was a very careful man with his money and debt was not part of his headaches. Thanks, Dad!
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I wish I could tell you how to get out of debt. I think that we will always have some kind of bills. You have to have a car and a place to live. Something is always going to break down and you have to get it fixed.
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A few strategies that helped me were List all of your recurring expenses and cut the ones you aren't using. Really think if you have been using that Netflix subscription, gym membership, magazine subscriptions. Next, list your debts and note their balances and the interest rates. To save the most money, you want to pay off the debt with the highest interest rate first. Others recommend paying off the lowest balance first for the boost it provides. In addition to the minimum payments you are making, take the extra money you saved from cutting back on some expenses and add that amount to your lowest balance or highest interest debt. Once one of the debts is paid off, continue making that payment, but now divert it to the next lowest balance or highest interest rate. Finally, try not to take on new debt. Try to live within your means and know that using a strategy like this will get you where you want to be, if you give it time and exercise patience.
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You need to put yourself on a budget. Don't spend more than you make and try to spend less than you make so that you can start paying off outstanding debt. It will mean that you may have to do without some things but that is the only way to get out of debt.
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I think it is all about the mindset and unfortunately when someone has a mindset that got them in debt...it is really hard to get out of debt. Bottom line is cut out unnecessary expenditures. This could include a lot of things like eating out and cable tv. Most people just aren't willing to cut down on their monthly expenses.
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Win the lottery? ;D
im in a same boat also, i wish i can win the lottery.
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Well, you either have to budget your money, get a professional in to help with the budget or declare bankruptcy.
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you need to sit down and make a strong budget. i don't know your personal situation but i have 120000 in student loan debt im a stay at home parent because day care was going to take my entire check for someone else to be with my child and my husband works 60 hours a week as a manager. we make around 50000 a year with only myself making around 6000 from online working. we just bought a new house after selling our two big for us house and bought a new car for our expanding family since we only had an obnoxiously small two door which is a pain in the butt when you have children. now having shared my situation ill explain how we do it. you cut the fat so to speak. we haven't had cable since 6 years ago we dont have expensive phones we use tracfone pay as you go and we both use less then a hundred minutes a month so we only have to buy minutes three times a year for our phones and have no land line. we have high speed internet but no other bells and whistles. i extreme coupon so we only go to the grocery store once a month and if we dont have a coupon for it we dont typically get it. i garage sale or use goodwill for our clothing and some months we dont get everything that we want but our bills get paid and we have a warm place to sleep at night and warm food in our stomachs. you have to decided what is important to you.
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I am currently facing the same situation. Have you considered bankruptcy? Try a secured credit card to help rebuild your credit. There are many free credit repair agencies available. Debt consolidation is also another option. Good Luck!!!
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Debt is like cancer - really hard to conquer! Shame so many of us suffer financially these days... wonder if or when things may get better! :dontknow:
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I worked in the finance industry and moved on to a specialty in mortgages. I started putting like minded groups together when I started working in banks at age sixteen for the purpose of utilizing non-producing residential equity in purchasing commercial properties. When I worked with people who were in debt I put them on a reduction plan that consisted of paying off the smallest debts first and then applying that retired payment to the next balance in line. For example: pay off a one hundred dollar credit card with a monthly payment of five dollars. The next credit card (say a two hundred dollar balance with a ten dollar minimum payment) would now get an additional five dollars worth of payment per month until that debt was retired allowing you to put an additional fifteen dollars a month towards the next payment. Stop using the credit cards...only use a debit card. If you can't make ends meet you need to find additional income.
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I Normally Take $5.00 A Week Out Of A Paycheck And Put It Away. Then At the End Of The Year, I Have Over $250.00 . Then I Normally Pay A Bill Or Splurge. :thumbsup:
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Set up a budget. Stop living beyond your means. Stop going out to eat-you can make some great meals at home. Stop trying to keep up with what everybody else may have. Only buy what is really needed and not what you want. Get rid of all unnecessary bills that is not really needed such as paying monthly for say netflix-go to library-they always have the new releases. just a few steps to start on the road toward being debt free. It can be done, but it takes discipline.
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What I am learning is there are two things you should do: 1)lower your debt and 2)increase your income. What I mean by lowering your debt is eliminating any bills that aren't necessary (ex., cable, gym membership). If you've done that, then that's when the second part comes into play. You can only save so much but if you increase your income, you have the potential to save even more. You can do this by taking on a part-time job and continuing with FC of course. You can also search google for other online money-making opportunities. No matter what your income level is, it is important that you pay yourself first, even if it's only $1. That's how you will start to build any kind of savings. You can also put your change in a jar and label it "savings." The bottom line is you need to have a plan. For example, how much can you save each month, each week, etc.? Write down all your expenses for the month and total them up. Then write down all the income you make for the month and total that up. This will help you to decide how much you can pay yourself. Focusing on the bills will come after that. Just remember, you take control of the money, don't let the money take control of you.
Please tell me how I can increase my income. I'm not being smart but I have heard this over and over. It took me forever to get the job I have now. It's part time and there are no other jobs available. No one hires for full time any longer. Most just hire for temporary. It's hard for some people to save money because it takes everything they make to just survive. And there are tons who are trying and don't get paid enough to survive. :(
It may be hard, but it's not impossible. Maybe you can't save $1, but how about 50 cents? Or 25cents, 10cents, etc.? Either you're going to plan to save or you're not. It has been a little rough for my husband and I, but just recently we were able to pay to have some work done on our car. All because I had some savings put aside. It took almost all of it, but now our car is fixed. You can put all your focus on your current situation, or you can ask yourself, "How can I increase my income?" You can take control if you want to. There are income opportunities all around you that may not be advertised like "jobs." You just have to start looking. Online is a good place to start. You can find something you like to do and figure out how to make income from it.
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What I am learning is there are two things you should do: 1)lower your debt and 2)increase your income. What I mean by lowering your debt is eliminating any bills that aren't necessary (ex., cable, gym membership). If you've done that, then that's when the second part comes into play. You can only save so much but if you increase your income, you have the potential to save even more. You can do this by taking on a part-time job and continuing with FC of course. You can also search google for other online money-making opportunities. No matter what your income level is, it is important that you pay yourself first, even if it's only $1. That's how you will start to build any kind of savings. You can also put your change in a jar and label it "savings." The bottom line is you need to have a plan. For example, how much can you save each month, each week, etc.? Write down all your expenses for the month and total them up. Then write down all the income you make for the month and total that up. This will help you to decide how much you can pay yourself. Focusing on the bills will come after that. Just remember, you take control of the money, don't let the money take control of you.
Please tell me how I can increase my income. I'm not being smart but I have heard this over and over. It took me forever to get the job I have now. It's part time and there are no other jobs available. No one hires for full time any longer. Most just hire for temporary. It's hard for some people to save money because it takes everything they make to just survive. And there are tons who are trying and don't get paid enough to survive. :(
Have you considered relocating to an area where full-time jobs are available?