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Author: akeate Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308881  
Subject: HHEELLPPPP Date: 10/25/2000 5:34 PM
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I am 24, make about 40000.00 a month, have 10K in CC debt and rent and car payments totalling 1319.00 a month......whats the best way to get out of Debt???...any ideas????? CC no longer exist so that balance wont grow except for interest
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Author: akeate Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 47771 of 308881
Subject: Re: HHEELLPPPP Date: 10/25/2000 5:35 PM
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40K a year..sorry about that

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Author: Grateful2476 Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 47773 of 308881
Subject: Re: HHEELLPPPP Date: 10/25/2000 5:38 PM
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I am 24, make about 40000.00 a month, have 10K in CC debt and rent and car payments totalling 1319.00 a month......whats the best way to get out of Debt???...any ideas????? CC no longer exist so that balance wont grow except for interest

I'm assuming you meant 4,000 a month? If not you shouldn't have any problems getting out of debt. There are many ways to pay off your debt and you will get many suggestions. Mine is simple, live crappy, or as crappy as you can until its gone. One thing I would do is reactivate your card or transfer the balance and get the interest rate as low as you can. It will save you hundreds. Pay the CC off first and then work on the car (assuming your CC rate is higher than the car rate). Again cut all the extras and make some big payments to that CC it will go away in a hurry.

Best of Luck

Jeremy

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Author: tootru Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 47774 of 308881
Subject: Re: HHEELLPPPP Date: 10/25/2000 5:43 PM
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I'm guessing you meant $4,000.00 a month? With $40,000 a month, well, I doubt you'd be here aksing for help (c:

Ok, my best suggestion is to sit down and figure out the basic costs for the month:

rent
car payment
insurance (if you pay 6-month premiums, set aside 1/6 that amount)
utilities (remember those that get paid every two or three months as well
minimum payment on credit card
any other 'necessary' payments

Then you have variable costs like food, gas, etc. Give yourself a fairly generous figure for that but take a look at your lifestyle and cut back where you can. Do you eat out a lot? Buy a lot of 'gourmet' things at the store? Drive around more than you have to/should? Go to the movies and eat popcorn and soda?

Those (and many others) are areas that you can cut out and/or cut back. Figure out just how much it takes to do what you want to do ... and either scale back or cut it out if it's keeping you in debt.

Any amount you have over and above your budget (as figured from above) send to your credit card company as soon as you get your paycheck. Realistically, you could be out of credit card debt within a year if you really focus. I don't know what you owe on your car, but that could probably be paid off soon as well.

There are others here, wiser than me ... those are just the basics.

Best of luck!
t.

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Author: akeate Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 47775 of 308881
Subject: Re: HHEELLPPPP Date: 10/25/2000 5:48 PM
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thanks for your help......gotten get outta debt...its sucky

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Author: tootru Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 47776 of 308881
Subject: Re: HHEELLPPPP Date: 10/25/2000 5:52 PM
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You're welcome. I'm in deeper with not much more income ... and I have two mortgages on a house I'm not living in. Very sucky!

Good luck to you!
hugs
t.

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Author: TMF2Aruba Big funky green star, 20000 posts Old School Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 47784 of 308881
Subject: Re: HHEELLPPPP Date: 10/25/2000 7:05 PM
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I am 24, make about 40000.00 a month, have 10K in CC debt and rent and car payments totalling 1319.00 a month......whats the best way to get out of Debt???...any ideas????? CC no longer exist so that balance wont grow except for interest

Hi akeate!

Actually, your situation doesn't sound that drastic, and it's very good that you're no longer adding to the credit card debt.

It sounds to me like you need to get your budget squared away to look closely at what's going out, and where you can save some money. You already know what your rent and car payment is, so you need to get a firm grasp on all your other essential expenses and then see how much you can do without.

Cut out all of the unnecessary expenditures like dining out, cablevision channels, etc. etc. and work at tossing more of your income to the cc debt. You want to pay as much as humanly possible above the minimum each month. That's the only way to attack it.

If you're paying a high interest rate, call up the company and try to negotiate a lower one. If your payment history is good, it's very possible that they can be more competitive. If that's not possible, investigate transferring to another card.

Additionally, see where in your day you might find a few hours to take on a 2nd job that can be dedicated to solely going towards the debts. Even a part time job a few hours a night can make a huge dent in a relatively short time.

You might also see if there's junk you've accumulated that you no longer need or want and sell it at ebay or even through a garage sale. Your junk is someone else's treasure.

Finally, click the link to the "Dig Yourself Out of Debt" page as well as visit the Living Below your Means board for tips on saving money.

Good luck!

Tony
...but I still am...

Off2Aruba

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Author: AleNat One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 47809 of 308881
Subject: Re: HHEELLPPPP Date: 10/26/2000 8:09 AM
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TMF2Aruba said:
... and visit the Living Below your Means board for tips on saving money.
---

Not to be harsh Tony, but I've found very little of interest on this board. They always seem to engaged in very long discussions regarding off-topic items. I wish that the board would stick to it's original intent. Just my two cents...

AleNat



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Author: jbales Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 47866 of 308881
Subject: Re: HHEELLPPPP Date: 10/26/2000 3:01 PM
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" TMF2Aruba said:
... and visit the Living Below your Means board for tips on saving money.
---

Not to be harsh Tony, but I've found very little of interest on this board. They always seem to engaged in very long discussions regarding off-topic items. I
wish that the board would stick to it's original intent. Just my two cents...

AleNat "

I went over there one time, and they were busy reaming out working mothers. I left quick.

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Author: TMF2Aruba Big funky green star, 20000 posts Old School Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 47876 of 308881
Subject: Re: HHEELLPPPP Date: 10/26/2000 3:42 PM
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Not to be harsh Tony, but I've found very little of interest on this board. They always seem to engaged in very long discussions regarding off-topic items. I wish that the board would stick to it's original intent. Just my two cents...

Not harsh at all, AleNat. You speak the truth.

That board seems to run in cycles and does tend to get very verbose on almost any topic.

But, if you're willing to wade through, there are some gems to be found. Sometimes it's like a scavenger hunt. ;)

Tony
...but I still am...

Off2Aruba

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Author: lovemy64 Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 47882 of 308881
Subject: Re: HHEELLPPPP Date: 10/26/2000 4:01 PM
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Sounds like you caught us on a bad day. Over there the LBYMers talk about everything from snow tires to child care to spending habits to cooking recipes. It's supposed to be all over the place--living LBYM is an entire life style. Next time you are in LBYM land try starting a thread, rent issues are always popular. Take the good and don't read the stuff you don't connect with and of course Fool on!

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