How Can I Go About Reducing Debt Quickly?
Posted on
July 29, 2009
at
2:04 am
My name is Allison and I am in debt. Specifically, $45,000 worth of credit card debt. I almost fell behind on rent and utilities, but thank goodness I was able to catch up on these payments. I have heard harrassing calls from debt collectors who insist that I pay the full amount. I am getting tired of waking up with the anxiety that I have such huge amounts of debt. If you guys could give me tips on reducing my debt quickly I would greatly appreciate it. thank you.
Posted on
July 29, 2009
at
2:39 am
Hi Allison,Do you have any savings or any form of income at your disposal? Because these are definite ways of reducing debt quickly and efficiently.
Posted on
July 29, 2009
at
3:11 am
Well I can manage making monthly payments but it just seems like the debt amount is getting bigger and bigger each mnth, which is crazy. I am hesistant to use my savings, the cash i have in my bank, because I cannot apply for a medical card anymore and my daughter is constantly sick, so I have to prioritize that.
Posted on
July 30, 2009
at
12:14 am
can i go reducing debt quickly without paying for anything at all??
Posted on
July 30, 2009
at
2:02 am
simply red, your question is honestly perplexing. How can you expect to pay for debt if you are not able to pay anything at all?I've heard that there was a government bailout to pay off debt--meaning, the government was allegedly giving away free money to consumers who were trapped in credit card debt--as a way of reducing debt quickly but it was merely a rumor. Government grants also exist, but they are not specifically designed for the purpose of paying off debts, but rather, for more "useful" purposes, such as putting up a small business.Kindly clarify the question that you have in mind. Thank you.
Posted on
July 30, 2009
at
2:47 am
i was referring to non-profit companies. i mean since they ARE non-proft, i don't have to pay for their services, right?
Posted on
July 30, 2009
at
7:46 am
Actually, the majority of non-profit credit counseling companies will charge a monthly fee for their services (on average around $25 per month). It sounds like a contradiction I know, but it's true. So if you are asking how can I go about reducing debt quickly and think you won't have to pay a fee, think again.
Posted on
July 30, 2009
at
1:48 pm
How can I go about reducing debt quickly if I can't even make my monthly payments. Not to mention the fact that there is no way I am getting approved for a loan!!!!!!!!!!!
Posted on
August 10, 2009
at
12:36 pm
Some tips on reducing debt quickly: 1) Ask a friend or family member for a personal loan. 2) Sell any liquid assets you have and use the proceeds to reduce debt quickly. 3) Credit counseling- potential for lower interes rates. 4) Debt settlement- potential for reduced principle. 5) Loans- careful here, some lenders require you to secure the debt (home equity loan). And unsecured loans are often extended at very high interest rates. Barbara- if you can't make your monthly payments and you are already behind, it may be necessary to look into settlement as a bankruptcy alternative. You can fill out a form on DestroyDebt.Com to see what your options are.
Posted on
August 10, 2009
at
2:51 pm
ella - you sound like you could be a good candidate for a DMP program. It is a matter prioritizing your debt. It takes some time, but when you do, you have more power than you realize. Good luck.
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