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 Posted: Sat Feb 23, 2008 9:47 am Subject: Do you know of any proven strategies for debt elimination? |
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I am in a situation where I have accumulated a modest amount of debt and am living from pay check to pay check trying to keep up with my obligations. If I did not have the consumer related debt I would be doing okay. The money being spent on credit card bills could be saved or invested. I recently became aware of a debt payoff system which accelerates the pay off of consumer debt. Do you have any words of wisdom in the area of accelerating the pay off of consumer debt?
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abreech
Joined: 23 Feb 2008
Posts: 2
Debtcc Points: 100
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| Posted: Sat Feb 23, 2008 5:09 pm Subject: |
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Welcome to the forums, you have come to a good place to discuss this issue. Every one here has dealt with some type of debt in one form or another.
I took my debt one payment at a time, I paid the most I could and got rid of them one bill at a time. I had enough income from paycheck to pay check to do the couple of hundred dollars that it took to do it though. If you have the time, you may want to take on a part time job and put all that money toward one debt at a time. Don't know what your schedule is like, but if this is possible, you will be amazed how fast they go away. Also, you won't have the time on your hands to spend money either so this will help you. Goodluck and I am sure that others will come along and help you out also.
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erb1953
Joined: 30 Dec 2007
Posts: 108
Debtcc Points: 1579
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| Posted: Sat Feb 23, 2008 6:43 pm Subject: |
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Welcome to the Community  Be wary of anyone saying they can pay your debts off sooner!
The way we got out of debt was to get second jobs and pay extra. I started with the lowest balance first, payed extra and paid it off-then I took that payment, added it to my next lowest balance and so on--It took some time and effort and alot of pinching pennies to get there--but it can be done!
If you have any questions, please ask--we are here to help you!!..Karen
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Bossy4455
Moderator
Joined: 27 Feb 2006
Posts: 5304
Debtcc Points: 63306
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| Posted: Sat Feb 23, 2008 6:50 pm Subject: |
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Welcome. I agree with erb, there is no quick fix to debt but to work hard to pay it down. I am working on my debts too. If you are getting tax refunds back, that money could go to paying off your debt. Doing a budget and sticking to it would also help a great deal. I know since I have been on a budget, I have some extra money to put towards it.
Aside from ways of paying, there are several things that someone could do if they no longer can pay their debts. Debt consolidation, debt settlement, or bankrupcy. If you do a search on any of these topics you will find a huge amount of knowledge and good advice from people that have been in your place.
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"If you have knowledge, let others light their candles in it."
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Nobody can make you feel inferior without your permission.
-Eleanor Roosevelt
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spatterson_40
Joined: 04 Jan 2008
Posts: 329
Debtcc Points: 4057
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| Posted: Sun Feb 24, 2008 11:23 am Subject: |
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I also meant to ask you if you had signed up for the free counseling. They have a variety of options you may want to to check out. We also have a Do it Yourself section--located under the tab of Ranking Chart..Good Luck--let us know if we can help..KAren
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As long as you are alive, there's always hope
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Bossy4455
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Joined: 27 Feb 2006
Posts: 5304
Debtcc Points: 63306
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| Posted: Sun Feb 24, 2008 6:34 pm Subject: Another approach |
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There seems to be a Consensus that increasing the amount paid on the debt is the best approach, which I agree. I have been contemplating another solution and that is to restructure the debt to reduce the monthly obligation then use the reduction amount to accelerate the payoff of the smallest loan. Then add this amount to accelerate the payoff of the new smallest loan. continue this progress until all l oans are paid off. Of course, this only makes sense if you have the discipline to not create any new debt during this process. Any words of wisdom as to this approach? Has anyone tried this before?
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abreech
Joined: 23 Feb 2008
Posts: 2
Debtcc Points: 100
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