Question

What are the fastest methods to reduce debt quickly?

Answer 1

contact your lenders and advise that you may have no alternative but to file bankruptcy ( assuming you already havent) work out a no interest payment plan, dont go to 'debit free' or one on those kind of companies , as they would do the same thing for you , though they will charge you like $39.00 a month for their 'service' and you will be locked in for the duration of the payout which can be 4-5 years, and at 5 years you'll be paying an additional fee to them in the amount of $2,340.00 @ 39.00 a month, which you would be better off applying that amount towards your pay off. Good luck.

Answer 2

Pay yourself first from each pay. Saving even a little pays off down the road. You have to spend less than you earn.

Answer 3

ur a**

Answer 4

If you are in good standing w/ creditors - no late payments, and such...you can actually call them and ask for a temporary reduction in interest for a finite period of time..... . The fact that you bought a home is a good sign. You might call a realtor to run "comps" to get a ballpark figure of the value of your home - maybe it's increased enough to obtain a home equity line of credit - (not that attaching your only asset to old debt is a great idea, but.....) . . In fact, if you are paying PMI ($45ish/mo) you may not need to - get a value and if you owe less than 80% of the VALUE, you can get the PMI removed..... . Blue collar attitude might be: cut the cable tv $40. cut the internet $25. cut the cell phone $50. make sure your landline is the cheapest plan possible - no call waiting, no caller ID , and certainly no long distance plan on the landline..... There's a quick $100/mo that might help....Not Forever....just til you can get a handle on the worst of your debt.. . Pay the smallest balances first......pay minimums on all others and slam down the small debt....then go to the next smallest balance and slam that one down... . I'd stay away from debt consolidation companies....you can do what they can w/out destroying your credit completely.....get your bills together and start calling - be polite and they will work with you.....good luck.

Answer 5

Have a budget. Dump everything you don't need such as the Starbux cofee ($4*365= $1460), cable (that's like $600 a year right there), extra trips in the car ($40*52=$2080), top of the line clothes ect. I think you could squeeze $2,000 a year with ease that way. If it's real bad, think of working another job on the weekends ($8*16 hours *52 week =$6656). So now you could possibly have $8,000 a year extra this way.

Answer 6

rob a bank....dont spend any more on credit cards

Answer 7

sorry to say, for me its, death

Answer 8

There is a lot of good info on this subject right here.

Answer 9

Well I would think could you file for bankruptcy under the new law? If not I was taught to eliminate your biggest bill first then so on and so on. good luck!