What Is The Fastest Way To Get Out Of Debt
Posted on
July 9, 2009
at
11:54 pm
please offer advice on this. i am really in need of relief for my financial situation : credit card debt, $33,000. utility debt: $900. medical bills: $500. other debts from family and friends, $4543.08.rent doesn't count. thank you for your replies in advance
Posted on
July 10, 2009
at
3:56 am
The first thing you need to do, for me, is to arrange these according to priority. Of course your rent payments should come first. That is top priority because you need a roof under your head. The utilities come next, then the credit card debts & medical bills, and finally the money you owe from your family and friends. I'm sure your loved ones would understand that you need to put them last. If anything they should be most sympathetic of you.If you don't mind me asking, are you currently working, or do you have a source of income?
Posted on
July 10, 2009
at
4:21 am
well my work hours were cut and I'm not earning as much as i used to. i have savings, though, i am not sure how much they are exactly, but i really don't want to touch them because i'm afraid of not having enough money to help me survive
Posted on
July 10, 2009
at
4:46 am
The fastest way to get out of debt, given your current situation, is to use your savings to pay whatever you can pay. You need to keep track of how much your savings are, and use the funds to pay off your creditors. Of course it's understandable that you have personal priorities. But if you won't be paying on your debts, it may take a much longer time for you to pay them off. The balances may grow bigger due to interest and fees.Have you considered looking into third-party help, too? There are non-profit companies that can help you with your situation.
Posted on
July 10, 2009
at
4:58 am
On a general scale, debt settlement would be the answer to your initial question, as it allows you to pay off your debt for 12-36 months. In your situation, though, it's a bit more complicated than that. I am not aware of any debt settlement company that agrees to settle rent. You can try to work out an arrangement with your landlord. Like do odd jobs or services around the neighborhood, and use the funds to make small payments to him/her.
Posted on
July 10, 2009
at
5:02 am
oh. how does that work? is that the fastest way to get out of debt? 12 months is too long for me
Posted on
August 11, 2009
at
2:18 am
Well you enroll your account with a debt settlement company, who'll negotiate with your creditors on the percentage that they'll deem is fine in paying off the loan. 12 months is the shortest time period to settle the debt. Debt settlement companies of course will make sure that you'll be able to pay for what you can afford.
Posted on
August 11, 2009
at
3:02 am
You can also go for DIY debt settlement wherein you'll be personally negotiatin with your creditors. One perk of this is that it's free--hiring the services of a debt settlement company will entail having you to pay a particular fee, typically 15% of your total loan amount. One downside to the DIY approach is that you may have a hard time negotiating with your creditor into paying an amount that you can afford and at the same time make you and your creditor happy.
Posted on
August 12, 2009
at
3:10 am
what is the fastest and cheapest way to get out of debt?
Posted on
August 12, 2009
at
4:12 am
Well Mac Daddy that would depend on a specific debt situation. For example a debt settlement may take as little as 12 months before the debt would be paid off, but keep in mind that it may not always be the best option for you.
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