Best ways to pay off debt?

I ran into some credit card debt, but fortunately I took action about 6 months ago before things started to get really really bad. The first warning I can give to people trying to relieve their debt is to be wary of anything they see advertised on the radio, television, etc. Very rarely are these programs run with the debtor in mind. You shouldn't have to be paying an arm and a leg to receive help with money that you already owe..it doesn't make sense.

My number one suggestion is to do what I did, and find the Consumer Credit Counseling Services office closest to you. Check out their website: cccservices.com/ They are a non-profit company; NON-PROFIT is the key there. They are approved by the National Foundation for Credit Counseling, which is something that you may not find on many of those companies and programs you hear commercials for day in and day out.

Once you find the closest office, you will make an appointment with them and be asked to bring in your most recent statements as well as fill out forms detailing your income and other financial information. You will then sit down with one of their counselors who will ask you a few more questions about your monthly expenses. From there, they will give you a sheet detailing an initial payment plan.

On mine, they were able to reduce two of my debts down to 0% interest, and the other two much, much lower than they were. They also reduced the monthly payments on each by a significant amount.In addition to this, they will also go back over your budget that you originally outlined and show how much you will be saving each month by using their program. Keep in mind that with the repayment plan, their initial projections may not stay that way; for example, I had one of my creditors deny the CCCS offer for a monthly payment and request that it be higher.

Despite that, I am still saving myself nearly $200 a month overall and my repayment time is drastically shortened. This place basically saved me from getting in way too deep. While I haven't used them, they also offer other services such as bankruptcy counseling and housing programs.

I can't reiterate enough how highly I recommend this organization if you are trying to take care of debt.My only other advice is to nip it in the bud as early as possible, and don't let your debt spiral too far out of control. Good luck to all!

The best way to pay off debt depends on what type of personality you have… but let’s say that you are the type of person that needs a whole lot of motivation to get the ball rolling. Here’s how you do it. Order your debt from smallest to largest.So it would look something like this: Credit Card: $100 Car Payment : $1000 Student Loans: $10,000 Mortgage Payment: $100,000 Pay the minimum payments on everything expect your smallest debt.

In this case it would be the Credit Card. Then throw every extra cent you have towards that debt. If needed get an extra job, sell plasma, sell items in your home, cut back on entertainment etc. Once you’ve paid that off, take the money that you were putting towards the credit card plus your regular minimum payment for the car, and start paying the car off as quickly as possible.

Once you’re done with that, take the payment from the credit card and the car payment plus every extra cent you can find and put it towards the Student Loans. You get yourself motivated by paying off the smallest debt first and then continuing on. But then if motivation isn’t what you are looking for, the truly best way to pay off debt would be to pay off the debt with the highest interest first.

There are programs out there that truly help people repay their debt but in all honesty they can’t do any more than you can. They call credit card companies and ask for a lower interest rate, or a settlement on the debt. It usually ruins your credit report.

What you should do is call the credit card companies (or any loan company for that matter) and ask for a lower interest rate. *If you are in dire need, scrounge up some money say… $75 for the credit card that you owe $100 on and ask them if they’ll take $75 and consider that a full payment. *Get the agreement in writing before sending them any money.

Never send them a check, or give them any bank account information. They can use this to take money directly from your account. As far as I know there is no Government aide that doesn’t have strings attached.

Even a Pell Grant requires you to attend certain schools, take so many classes, and get above a 2.0. Other helpful ideas for getting out of debt: *Cut up the credit cards *Make a goal! Know when you want to have your debts paid off and have a written plan on how you are going to get there.

If you've got a $100 credit card, for most people that should be paid off in a month. Write it down and then feel good about crossing it off your to do list. *Have a small emergency fund so that you don’t have to get a loan for most unexpected problems.

I recommend 5% of your annual income. *Budget for those things that happen, but aren’t predictable. Like car repair, new appliances, Christmas/birthdays- okay birthdays are predictable, but budget for them.

*Down size. If you are in an apartment and the rent is too high, move. Sell your car if the payment is killing you and buy an older, reliable car.

*Use cash as much as possible. Ask for a discount. (Credit card companies take about 4% from merchants- so it saves you money and them if you use cash.

) *Shop around! Compare ads, clip coupons, buy 2nd hand etc. *Cancel things you can do without: Cable, internet, cell phones, land phones, gym pass that you never use etc. *Budget! Know where your money is going before you get it, and then stick with it.

*Put bonuses, birthday money and extra money from raises towards debt. *Figure out how much you owe and create some type of ticker to count down until you’ve paid it all off. I use an online ticker, but you can also use things like paper chains that are market with increments of $100 or something like that… depending on how much you owe.

Put it somewhere where you can see it every day. *Celebrate. When you’ve paid off a debt, especially a larger one, plan to do something fun.

You’ve been sacrificing so much, now reward yourself. Go on a picnic, buy a tube of ice cream, go on a date with your spouse or significant other. Just make sure you pay cash.

I could really go on and on about this… if you want more tips/advice just ask. I’m loaded with a bunch of information on budgeting/finances.

Firstly, you should attack the balance with the highest annual percentage rate first. When that one is paid off, move onto the debt with the next-highest interest rate. Doing this you should be minimizing the large amounts of costs that are leading you into debt.

Of course, you must remember that all the little costs can all add up to result in an even larger debt! However some people may be discouraged by doing the above - instead some people believe in the tactic "littlest first". That way they can see the small debts begin to disappear rather than having to pay for just one thing.It is actually quite similar to Mahalo.

Getting to a white belt with yellow tip is easier than purple belt because there are less points to have to gain to achieve that belt status. To be able to see how to repay debts - we need to look at why they are in debt and what is resulting in that debt being caused. The increasing problem in society now is the lack of jobs as there are more companies and businesses collapsing each day.

People have to spend money but they are earning too little too pay off mortgages, insurances and general everyday necessities; food, heating, electricity etc. People are having to take large loans to be able to pay for these things and resulting in them becoming further in debt.So therefore the largest and most obvious problem is jobs and that people are not earning money. To be able to avoid this problem, people need to get jobs. The best solution at the moment is to look on the internet or in job centre's for any jobs that are available.

Of course, jobs are becoming more wanted by people as time is progressing. Now, for every one job there are at least 4 people applying for it. This figure could increase to 6, which may not seem much - but then think of it on a larger scale and the increase of two people will make a dramatic difference.

Retraining may also be another option one may take. Jobs such as teachers and doctors will always be needed - health is one of the most essential things that humans have and although there might not be enough jobs as doctor's - it is one of the most secure jobs available. Again, same with teaching.

We need to educate the next generation in order to be able to cope with the financial problems we are facing today. Education is also an essential skill - it helps with medical research (cures for diseases like cancer, be able to genetically manipulate the human body etc), advances in our understanding, helps to produce people that could help resolve problems that have been caused by our generation (global warming, extinction of animals, economic downturn etc). We need to control our financial situation.

What are you spending the most on? In order to avoid debts, we need to avoid spending our money on luxury goods and activities. Holidays and clothes are two examples of what people may spend a lot of money on - but are not necessary.

Of course, we need clothes but we don't need to have three wardrobes. Again, holidays - do we really need to have a luxury holiday in the Caribbean in a luxury hotel? We can, of course, have a holiday - but try and keep it as under budget as possible.

This will avoid debt arising. If you have shares, then it is nearly certain you are losing a large amount of money at present - and it is likely you are going to lose more. It wouldn't be advisable to sell your shares now - but to wait and just hopefully, the shares will increase in price in the future.

Of course, Barack Obama has been given $50 million dollars to be spent. If he, for example, puts it towards architecture - then builders will be needed, so builders will gain jobs. So will architects, so will plumbers, carpenters, interior designers, journalists (informing progress about the building), etc.These people will then pay taxes and it will help boost the economy.

Of course, the US and other countries have got tons of programs trying to help solve the financial crisis. We need to get as much money as possible.In order to do this, do little things. Lots of jobs will help to bring a larger salary than one normal job.

Of course, it would be much harder - but if you want to get out of debt, then you will be determined to do whatever was needed. Once governments around the world start to get over this problem of the economic downturn - governments will be likely to help each other.

Be careful with debt consolidation. Many of those organizations are unscrupulous, and are looking to take advantage of consumers. Some of them charge ridiculous interest rates on short-term loans, or charge large monthly fees.

There's a free debt consolidation calculator at MSN Money: If you decide to pursue credit counseling, ask the potential agency these questions:Is the agency affiliated with a national body such as the National Foundation for Credit Counseling (NFCC) that requires strict quality, financial and ethical standards for membership? Is the agency accredited by an independent third party? Is the agency a 501(c)(3) nonprofit community organization?

What are the fees associated with the services provided? Is the counselor assigned to you a Certified Consumer Credit Counselor? Will the agency work with all of your creditors?

Is there a minimum amount of debt required to be counseled? Will the full amount of your payment be disbursed to your creditors? For more information see the NFCC website: debtadvice.org.

The Debt Snowball method is a pretty brilliant way of dealing with debt. In short: - list the debts from the highest to lowest payoff, regardless of interest rate. - tackle the smallest one first.

Put every spare dime you have into paying that debt off. For all the others, make the minimum payment needed to keep the debt current. - When the smallest debt is paid, tackle the next one.

This time, you're applying the money you were already using to make the minimum payment + the amount you used for the littlest debt, once again concentrating every dime toward paying it off. Basically, "lather, rinse, repeat" until the debts are paid off. While the logical, financial planner part of us says to pay off the highest interest rate, the debt snowball works at a psychological level by allowing the person to make progress.

They can feel the weight of that smallest debt leave their shoulders at a pretty quick pace, and feel the momentum build toward the next obligation. Additional strategies: - Try to approach the pre-WWII savings amount of 26% of take-home pay. Yep, 26%.

But whatever you manage to save, accumulate enough in a stand-alone account to cover six months of the basic living expenses identified in the previous step. A year would be better, as it's not unheard-of for periods of unemployment to last eight or nine months. Leave that money untouched except for major life emergencies and lack of income.

- Pay cash. You can use a debit card or checks, but the limiting amount of spending during the month is the amount you have left after paying bills, no more. No more borrowing via credit card, especially for daily necessities.

- Make a hobby out of looking for waste in your life. The less you waste, the less you need. I know that 25# bags of onions at the big box store are $5 and onions are .69 per pound at the local grocery - a "savings" of over $12!

But if you have to throw out 2/3 of the bag due to rot before the next big box shopping spree, you're probably better off buying 2 lbs of onions at the local grocery every 3 weeks or so. - Buy what you need, not what you want. This is harder than it sounds.

This is necessary to save money, of course, but you need a baseline amount of what it costs you to live for a month. - Find ways to have fun that don't cost so much. For instance, ask everyone to bring 8 oz.

Of their own preferred grillable, marinated protein to a shish kebab party, with the host providing the barbeque, the veggies, and the skewers. A great time is had sharing food, comparing sauces, and messing up, and the total cost is way less than the whole group convening at the local restaurant! This becomes a lifestyle, and it's fun.

I wish everyone all the best in working their way out of any financial hole!

1. Save $1,000 dollars 2. Save 3 months of living expense 3.

Weekly review of a running budget. The tasks must be on the mind, too keep focus. Allocate money for future bills in advance.

Include monies for fun and recreation. Empathize with your wife and show emotional support. Getting out of debt is a big commitment and people are afraid.

Show love and support through the process. Getting out of debt requires teamwork. 4.

Pay off student loans first (This is secure debt) 5. Pay off IRS liens 6. Create a list of all your debt payments by business name (unsecure debt) 7.

Pay off the small debt first (snowball you income) 8. Pay off the high interest debt (don't consolidate - it extends the interest payments period - you can pay four times as much in interest payouts) 9. Pay off your home in seven years (Think how good it will feel to own your own home.

Banks hate pre-payments. ).

The best way to get out of debt is the slow, steady rate: Create a realistic budget that you and your family all agree on. You probably need to stop going out to eat and maybe pick up a second job (part-time jobs are available. Look on Craig's List, for instance).

Save an emergency fund of $1000 in case something else comes along while you are paying debt. Pay minimum payments on all your debts except the smallest. Put all your extra money onto that.(Paying off the smallest first gives you hope, and aving fewer creditors makes you feel like you're getting traction.) And that's it!

Once you're out of debt (excluding the house), you can save up 3-6 months of expenses and start putting 15% of your income into retirement.

I have never encountered debt because I am too young..But my answer is solely going to be out of my own opinions/commonsense. No, there are no programs or company's to help people with debt, the company's that constantly advertise about this seem only to change your debt from once place to anotherthey help you kill the debt in one area and then they charge you for those services and mess you up in another!. And the government shouldn't have to help the people with their debt.

They shouldn't have helped those major companies either. They are not going to help smaller companies or drastically help people with their debt, the country has its own debt problems to deal with. A few things I can say to help people with debt is for them to TRY and pay the debt off more.

Many people chose to pay the minimum payment which lets the debt and interest build up and expand over the years. If the person in debt paid a little more each month they could worth their way to debt-free a little sooner. The person in debt could also stop living beyond their means.

Most people in debt have fancy cars they DON'T own, nice houses that they DON'T own and some people actually eat out at restaurants/fast food places each week or they go shopping for clothes or fashion type stuff when they do not need to. If the person in debt stopped living beyond their means with credit cards and started paying off debt a little sooner I think they would be better off.

I found a great site of a service provider that helps with just that! They assure that you will never be victimized by creditor abuse once you have this information. This knowledge should not in any way be used to take advantage of the credit system of course.. ;) They will deliver documentation revealing the fundamental know-how and furnish the invaluable tools with specific instructions to improve your credit score.

Check them out.

One way my wife and I paid down our debt when we were young, was to do a roll over of our IRA. We would cash in our IRA knowing that we had 60 days to roll it into a new account. Then we paid off our credit cards and worked like heck to save money.

We knew that we would have to repay that IRA in 60 days or pay a big penalty, so that caused us to be very frugal during that period. We did this once a year. Once we each had enough money in our IRA's, we could take one out, pay down our debt, wait 50 days, take the other one out and roll it into an account that covered the first IRA, wait 50 days and then reborrow enough to cover the second IRA.

The point is that for 100 days we had no debt and thus so interest payments. After a few years, we were completely out of debt. After that, we almost always paid our credit cards off every month unless we could get a rate like 0 percent for one year.

Right now, I am paying off $16,000 that I borrowed at 2.99 percent until it is paid. I used one of those credit card checks. As soon as I borrowed the money, I cut up the credit card, so I can't use it again.In two years, I plan to do a balance transfer to a card that has a 0 percent interest rate for one year (assuming that I receive such an offer).

At the end of three years, the $16,000 will be completely paid off. Using this method, I built a lanai for $12,000 a few years ago, and paid about $200 in interest payments.

I cant really gove you an answer,but what I can give you is a way to a solution, that is you have to find the anglde that you relate to or peaks your interest. A good paper is one that people get drawn into because it reaches them ln some way.As for me WW11 to me, I think of the holocaust and the effect it had on the survivors, their families and those who stood by and did nothing until it was too late.