How can I become debt free?
Answer:
Declaring bankruptcy will stain you for years - avoid this route except as a last resort.
It seems like it is simply a matter of creating additional income to supplement current earnings.
If you'd like to email me your geographic location, I may have something that you can create income right away. (Not get quick rich; and not a scam) No guarantees, of course.
Keep Smiling! Stay Positive because your present situation is Temporary.
stop charging things
Declare Bankruptcy
Check out Dave Ramsey's books.
Becoming debt free may not be available to you unless you win a lottery. However you can effectively manage debt. If you have equity such as a house or property take out a line of credit and pay off any high interest loans with one that is more manageable and with a decent interest rate. Pay at minimum the monthly interest on your line of credit and as you gradually become more financially stable set up a schedule to pay down the line.
Your other alternative is personal bankruptcy, which should be a last resort.
Good Luck
Make more than you spend. Pay off anything that charges you interest. It's good to have back up money in the bank, but you are lucky if you a 2% return. Pay off your 8% car loan, 18% credit cards.
You're probably experiencing a world of major stress. Keep in mind, forefront, if you fall hard you will still survive. Now, first things first: Only pay for what gets you to work and back, for food, and a place to live. Everything else has to be planned out in the longer run despite what they think.
Get another job and save your money to help pay it off.
Sit down with pen and paper. Write down the details of what u owe.
Chart out roughly who can be paid last or later,eg. Nationalised banks.
Pay the smaller loans first. Its encouraging to strike out the names and feel good.
Negotiate with the banks whose cards u hold.
Communicate with the persons or institutions u owe.Let them feel confident that u will not run off . But be only honest with them.
Negotiate to lower the interest rates,waiver of interest where u want to pay off at one stroke, request increase in repayment terms, avail of loans at lesser interest from nationalized banks,
do not feel ashamed to request for and take hand loans from relatives and friends if they come to help u out but pay them back. LASTLY.. U WILL COME OUT AND BE HAPPY IF U R HONEST AND DONT CHEAT.ALL THE BEST.
1. stop spending more money
2. put your borrowings into 1 loan and pay that off
3. cut up all credit cards
or you could leave the country but you probably cant afford the ticket
Always spend less than you make.
Try and clear the 'lighter' one fast - if possible by paying higher amounts else pay the other one using another loan of smaller amount where U will be in a better position to pay for the 3rd 'smaller' amount and clear off at least 1 of them at the earliest before it getts out of hand.
Cut your household expenses and don't rely on only one
source of income. Try this Site for lots of Ideas on how to do just
that. http://www.realmoneyideas.com Go to the following pages:
"Cutting Expenses" "Money Saving Ideas" & "Additional Income"
Hi, i know what your question is.
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Good Luck and Best Wishes!
Read a book called "The richest man in Babylon" it chronicles a man that went from having debts that were crushing to being unbelievably wealthy. It is the best book I have ever read. (I have read at least 50 investment/personal finance books) The book costs six dollars but will change your life if you follow the formula. Enjoy your newfound wealth!
The first step is to increase your income. (Get a second job)
First let me know where did you spend the entire amount.Was it on luxuries or on business.
work your way out buddy, i have been through this hell myself, and ten years later i m still not debt free, but i am more confident and tremendously reduced my liabilities. fortune favours the brave, i know, i have been thru it. just press on, try getting some job abroad, but see to it that you get pragmatic, and economise.
Hello, here are some links which seem to help people in debt:
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and here http://finance.ebookorama.com
also plenty more to read here
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http://credit-repair.ebookorama.com.
good luck!
Thinking about escaping? After what you have done? Think about the people you owe to. They have lives too! However, whats done is done. Cut your expenses, no take out food, no films, go nowhere where it costs money. And if you can find another part time job. Work hard at it and once you are done, you will feel a lot better--in your eyes and God. Believe you me---been there done that. Good Luck.
Do Not waste ur time Retain atleast what u earn now or what u have. Go and meet an attorney. He will help u out of ur crisis. legally there are lot of ways to overcome this kind of problems.
Remember where to go 1) Life threatning problems -- Doctor
2) Problems in leading a peaceful life --- Lawyer.
visit www.jazjanta.homestead.com
Talk to an attorney who specializes in Bankruptcy and finances. They maybe be able to guide you to a plan which can make your life alot easier financially. Their are a number of ways to consolidate your debt so that you make one low monthly payment. But, get the opinion of an attorney first. Their initial consultation is free and you have nothing to lose by finding out!
Well you could declare bankrupcy but that last 7-10 yrs. Or you could try to go to a Debt counselor and they will help you set up a easier pmt. plan with your credit card comps. Many people are in the same boat you're in and I know it feels like you're drowning and there's know way out. Maybe this answer will help you. Good luck.
Sell some of the things that brought you into debt and use the money to help pay down the high interest credit cards.
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