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Old November 23rd, 2014, 07:34 PM   #1
dirtygirl
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Default Paying down debt

So the last 2 years of my life I was incredibly irresponsible with money.


I have thus accumulated a good chunk of debt, nothing unbelievable like 10ish grand.

(Which is including my car loan, student loans, hospital bills and misc credit cards)

Well I've kind of hit that point where I'm done and I want to fix it in a timely matter while still begin able to afford my current livelyhood



Since you are all so mature and worldly, just kidding but a lot of you do have families and experience in money management and budgeting I'm sure, I'm just looking for methods or references for debt pay down that actually works.

I know there's the Dave Ramsey bible or whatever but I'm looking for real world experience and thoughts on debt pay off and savings methods

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Old November 23rd, 2014, 07:45 PM   #2
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Obviously, spend less than you make.

Be realistic, share expenses with friends or family when possible. Use the savings to pay down the highest interest bills first.

Don't forget to live today while paying off yesterday and saving for tomorrow.
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Old November 23rd, 2014, 07:49 PM   #3
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Pay minimums on all your debt, choose the debt that is the smallest, pay that off. When it is paid off, take the amount you paid on the smallest debt monthly and apply it to the next smallest debt while paying minimums on the others. Keep working your way up.
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Old November 23rd, 2014, 07:52 PM   #4
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Do you get semi regular overtime?

Live on the straight time check, pay debt down with overtime. Then, after you pay off debt, save the overtime pay. This way you train yourself to live on a standard 40 hour check.
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Old November 23rd, 2014, 07:56 PM   #5
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Pay minimums on all your debt, choose the debt that is the smallest, pay that off. When it is paid off, take the amount you paid on the smallest debt monthly and apply it to the next smallest debt while paying minimums on the others. Keep working your way up.
This is what my wife and I did a few years ago. We paid off CC, auto loans and student loans faster than I ever would have thought.
Dave Ramsey
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Old November 23rd, 2014, 08:01 PM   #6
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This is what my wife and I did a few years ago. We paid off CC, auto loans and student loans faster than I ever would have thought.
Dave Ramsey
Not sure who Dave Ramsey is, but this seems like a logical approach, has worked for me in the past.
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Old November 23rd, 2014, 08:01 PM   #7
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Check out this article by Clark Howard...http://www.clarkhoward.com/news/clar...ard-debt/nFbH/
I would ignore most of the ads on his site though.
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Old November 23rd, 2014, 08:11 PM   #8
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Keep a ledger of all money you spend for one month. Write down all purchases no matter how small. When I did this I was really suprised how much money I was wasting.
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Old November 23rd, 2014, 08:13 PM   #9
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Real world experience - started the Dave Ramsey plan in 2009. Been debt free since 2011. Living the debt free, pay cash for everything, no credit card life style (and loving every minute of it) for 5 years. Just do it.
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Old November 23rd, 2014, 08:14 PM   #10
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Start keeping a ledger writing down what you spend and on what so you know where your money goes. This should include lunch, snacks, night outs, gas, etc. Put together a spreadsheet of your income, bills, expenses, payoff balance, everything. Set priorities. Make sure you are spending less than you take in.

Once you have all that recorded, it is easier to see where to apply what Kickstand suggests.

edit; rargreen posted while I was typing.
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Old November 23rd, 2014, 08:19 PM   #11
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^^^^......now that all the above is cleared up.

Get a sugar daddy
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Old November 23rd, 2014, 08:20 PM   #12
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^^^^......now that all the above is cleared up.

Get a sugar daddy
Or show boobies for money.
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Old November 23rd, 2014, 08:23 PM   #13
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Living below your means is key to finincial success. Obvious, but rarely done. Easy way to start saving money. So start there and pare down, if you do not live this way already. It's always a good idea to save a few bucks before going all in on debt reduction, just to keep from needing a loan for something minor. That being said, go ahead and pay down something small and something high interest. That way, you get the feeling of accomplishment by paying something off, and the added benefit of paying off pocket killing high interest debt. You'll be on track in no time. Be patient, and don't feel bad about living a little along the way.
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Old November 23rd, 2014, 08:43 PM   #14
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Go see your banker....If you get accepted, they can give you a lower interest loan to cover those high interest credit card debts. They will likely cancel the credit cards, or extremely lower the limit on them. Once that is done, you need to realize that you have to live within your means. That means, the credit card if you have one is just for emergencies.
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Old November 23rd, 2014, 08:47 PM   #15
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Transfer balances to a 0% credit card and pay it off asap.

If you don't pay it off before the introductory 0% then transfer to another 0% card.

Stop using credit cards as well until you are satisfied with your improved skills and then use them but pay them off every month and use the reward points to help pay your bill.

Enjoy being a thousandaire for the rest of your life.
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Old November 23rd, 2014, 08:48 PM   #16
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Quote:
Originally Posted by poncho62 View Post
Go see your banker....If you get accepted, they can give you a lower interest loan to cover those high interest credit card debts. They will likely cancel the credit cards, or extremely lower the limit on them. Once that is done, you need to realize that you have to live within your means. That means, the credit card if you have one is just for emergencies.
Depending on the debt, that is not a bad idea. I've done this before. Only do it through your finincial institution. Another thing, if you do not have a business and are using a bank, you need to get out of there and join a Credit Union. Do cancel all cards once paid off except for one, from your financial institution.
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Old November 23rd, 2014, 09:00 PM   #17
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File bankruptcy.
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Old November 23rd, 2014, 09:06 PM   #18
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F the police.
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Old November 23rd, 2014, 09:08 PM   #19
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I really appreciate everyone's advice, I know it's seems like a duh thing but I'm young and stupid and I feel like every time I try to start putting a dent in it something comes up

The coming up with some savings first and during is probably a good bet for me, I'm about to start a new position and with that comes a raise so I'm going to try to apply all the new money to debt as I'm surfing of what I make now, most of my debt was accumulated over a year ago I've already made some minor improvements like quitting smoking, meal planning and budgeting and the biggest thing is I ride the city bus to and from work saving me close to 60$ a week in gas.
I wish I had learned younger how to manage money, it's to bad they don't teach you that in school!
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Old November 23rd, 2014, 09:10 PM   #20
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0% credit card is an easy way to get out of debt, as long as you're responsible enough to do it properly. My wife did this a few years back before we got married, she had around 9k in debt (mostly different store credit cards). She opened a card through Bank of America that had a 12 month 0% interest rate on balance transfers. She used that to pay everything off and closed all of the other cards. she put every spare penny down on that one card...within 6 months, debt free and her credit score jumped from the 600's to the 800's.
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