Do you know of any proven strategies for debt elimination?

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.

Welcome to the Community :D 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

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.

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 :D

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?