Debt Consolidation

I am trying to get out of debt..Any suggestions?

I have a total of about in debt. $10,000 in credit card debt. $8,000 in installment debt, and $2,000 in college debt. I had $8,000 of my credit card debt consolidated and my credit cards frozen. I tried to consolidate the other $2000 in credit card debt but Dell doesn’t work with debt releif businesses. I want to get a loan to pay off at least half or all so that it is on one loan and I am paying a decent interest rate so that I can get out of debt faster. I do believe that I am very responsible with money butut when I turned 18, I got a few credit cards and racked them up, but now I am doing everything I can to get out of debt so I can stay out. I make about $33,000 a year but most goes to paying my bills and credit card debt. I am wanting to go back to school but just don’t have the money and I can’t get financial aid. Is there any place or website that can help me? Please give you suggestions, Thanks.

I know what you are talking about i’m 24 and was in your position at the first of the year. I would recommend reading a book by Dave Ramsey called “The total money makeover” or go to daveramsey.com and get alot of free info to get you started.

Carry a list and track ALL your expenses for the next month. This is to see where your money is going.

Next sit down with all your bills and your paycheck and do a budget. Figure out how much is going out compared to coming in. Hopefully the budget will be positive but mine was negative when I first started the program so I had to sell my car and get a cash car. That alone saved me $400 a month.

Now see what you can cut out or downsize on. Things like car payment, cell phone, home phone, cable, internet, food, living etc.. If you have a extra room get a roommate for awhile, you can go to craiglist or roommates.com to find one.. Get rid of somethings or downsize the bills to free up more money. Don’t buy lunch everyday at work take one with you or eat off the dollar menu’s if you do eat out. Take morning coffee and beverages to drink to work with you instead of buying them on the go. You will be suprised at how much money you can free up by doing this. Also, you may need to pick up a second job for a year or so something like delivering pizza, cleaning office buildings at night, gas station etc..

Now list all your bills from smallest to largest. Any extra money you have each month should go to the smallest bill while paying the minium on everything else. Once the first bill is paid off take the amount you where paying to it and add it to the next smallest bill and keep doing that. It’s called a debt snowball and it works great. Set goals for when you want to have certain bills paid off, this will help you stay focused.

Ok the next step is to save 1000 quick.. Instead of using the extra money you have at first to pay to debt pay the minium on everything and s ave the extra money until you have $1000 saved. Maybe ebay some items or have a yard sell, work extra hours at work.. Get gazelle intense as dave would say and do whatever you have to do legally, to get 1000 in the bank in about 1- 1 1/2 months times. This is for emergancy only not to go on vacation not to splurge on a shopping trip but incase the car breaks down etc.. Put this money in the bank and don’t use it unless it’s a real emergancy. Having this will help you so you don’t have to borrow from the credit card again when something happens, and lets face it things happen.

You make pretty good money so you should be able to get debt free in a year if you really work hard or less. Something that will make a big impact on your budget right away would be getting a roommate, if you have a car payment sell it and get something for $600-$1000 to drive, pick up a second job or more hours at work.. These 3 things can make a big difference on your budget and it will help you make progress right away.. Just think once your debt free all that money your paying out in bills will go right in your bank account. Best of luck and if you want you can messege me on here I would be glad to help you.

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