I have a good handle on my credit and a good score at 750 but I have almost 7K on a credit card at 7% interest (fixed) that I would love to get rid of and put that money towards paying my car off (about 8k to go). I recently purchased a home in Nov %26#039;07 and now trying to renovate. I have school loans at about 20k also... I plan to use my tax refund to pay off another card that has a 2k balance.
What%26#039;s the quickest way to get out of debt?
pay off creditors
What%26#039;s the quickest way to get out of debt?
review all your bills. pay max on high int loans and only min on rest. once each is paid. work on the next.
What%26#039;s the quickest way to get out of debt?
Just keep paying off your debt. If you want to pay them off faster I would hold off on the renovations.
What%26#039;s the quickest way to get out of debt?
bankruptcy or pay your damn bills..better job :)
What%26#039;s the quickest way to get out of debt?
Stay home, eat at home, no movies or shopping. It works. It%26#039;s not the glamorous answer, it%26#039;s the realistic one. I got myself out of debt that way.
I used balance transfer offers -- keeping track of when the offers ended. I never paid any attention to the minimum payment. I determined how much money I could afford to pay on the cards, and then split it between the balances, paying off the highest interest cards first.
What%26#039;s the quickest way to get out of debt?
When it comes to credit cards, if you can%26#039;t pay off whole amount, start paying them off by bringing down the total 25%-30%. That helped me pay off one of my credit cards faster than making the minimum payment.
You should also try not eating out as much, stick to cheaper brands of products (generic instead of the best brand)... Make your own food, and try not to buy new clothes/shoes for a while. If you buy your own food, you should look into coupons... you%26#039;d think it only saves you a couple of cents, but it can actually save you a few bucks... any saving you can use to pay off your debt.
I am in debt though, and I hate it.... :[
What%26#039;s the quickest way to get out of debt?
The quickest way is to pay as much as possible as soon as possible, paying the highest interest rate debt first but keeping abreast of all other debts. It also is necessary to stop adding to your credit cards while they have an outstanding balance as that slows down the repayment tremendously.
It would be a good idea to postpone renovation of your home for now and use the money to repay credit cards.
Once your credit card debt is fully paid, it is then OK to use your credit cards only to the extent that you can repay in full each month. And to improve your credit rating, do not charge more than about 30 percent of the credit limit on cards.
What%26#039;s the quickest way to get out of debt?
do this
http://www.tkqlhce.com/click-2518501-104...
What%26#039;s the quickest way to get out of debt?
You might be in a good enough of a position to get your interest reduced. I would inquire with your creditor about that.
You seem to have a lot going on, so I would prioritize which needs addressing.. paying off the credit card, paying off student loans, or working on your new home.
What%26#039;s the quickest way to get out of debt?
Pay off the highest interest rate credit card first.
Pay off the car loan next, because it is a secured debt.
Pay off the school loans next.
Pay off the home loan last (because the interest is tax deductable).
What%26#039;s the quickest way to get out of debt?
Two words: focused intensity. What works for me (and keeps me motivated) is knocking out as many debts as I can in a short period of time. So, personally, I like to pay off the balances from smallest to largest regardless of the interest rate. Of course paying off the highest interest rate makes mathematical sense, but I have found that personal finance is only about 15-20% math. For me it would motivate me to pay off 4 debts in the same time period it would take me to pay off 1. And motivation is powerful!
But you have to find what works for you. That is why it is called PERSONAL finance. If paying off the highest interest rate works for you, then great. Do it that way. If you want to try and rid yourself of some of the smaller debt, then work extra hard on the bigger debts and knock them out, then go at it that way. Whichever method you use just make sure you stay focused and intense. Keep telling yourself that once your debt is gone, all that extra money can be used for home renovations; or savings; or vacations; or whatever else you want.
What%26#039;s the quickest way to get out of debt?
1. Stop using credit cards.
2. Postpone home renovations until you get your debt under control.
What%26#039;s the quickest way to get out of debt?
Get a bad credit loan - http://loan-guides.net
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