Posted on January 16, 2010 at 9:55 am Getting out of debt and living out of debt is not simple. Probabilities are you're reading this article since you've already amassed a reasonable amount of debt and are thinking it will be impossible to ever escape from under it all. Discover steps on how to prevent acquiring new debt and transform your life...

Posted on January 18, 2010 at 1:22 am Thank you for making this thread Leah!Tips on how to get out of debt1. Stop being overwhelmed and think one day at a time.2. List down your bad spending habits and make a pact with your future - to never walk on that old road again - change your spending habits. If you can deal with cash, do so.3. Consult with a debt expert - do credit counseling, it's free.4. Move on from there.

Posted on January 18, 2010 at 1:26 am I see what you did there Stan! You are getting to the core (values) of the sufferer. I agree that the debtor must first resolve that spending issue (if that is actually the issue) in his/her heart before actually tackling the repayment part.Anyway, more tips on how to get out of debt:1) Talk to your lenders/creditors and ask about their hardship program. Before you do so, prepare documents/papers that would prove your hardship.2) Determine how much you can allot each month for repayment - and each time you get extra money, apply it to repayment.

Posted on January 18, 2010 at 1:44 am Tips on how to get out of debt:How much is it that you owe?If it is less than $10,000 and you're accounts current, consider Debt Management Plan wherein, your interest rates are to be negotiated - so you can pay your principle.This program lasts for 3-5 years, so if you have a steady stream of income, it's good for you.The best part is it would only cost you $25/mo.Is there a catch? Yes there is a catch -Many creditors don't work with credit counseling agencies (which run the Debt Management Plan)

Posted on January 18, 2010 at 1:49 am If you owe $10,000 or more and you are terribly late with payments - (3 months or more) - instead of having your interest rates negotiated, like what the previous post has said, have your BALANCE negotiated - to more or less half of its original amount.That program is called Debt Settlement. It is a relatively new industry that mediates between the creditors and the consumers that can't anymore pay their debts.Debt settlement is 12-36 month-program that aims to help the consumer be debt free in a short period of time and also save on the process.It is under attack as of late, due to the deceptive practices of some settlement companies, but be assured that there are as much, if not more, trustworthy companies out there - but you have to do your homework and check the company out before you entrust your finances with them.

Posted on January 31, 2010 at 9:03 am I agree with Stan.  Here is my take - being in debt is like being an alcoholic.  Once we get off the wagon self-control, we fall right back into our habits.  It is tough and can be overwhelming.  Believe it or not, they have support groups like AA to help.

Posted on February 1, 2010 at 8:26 pm I got myself out of debt by having the same attitude I had towards losing 30 pounds of extra weight as well as learning to quit smoking. When you think about about it, it's all the same. You first need to recognize that you have a problem and that if you don't fix it, sooner or later you will get buried. As Stan said on his post of Jan. 18, you need to tackle your debt one day at a time and not get overwhelmed with doing too much too fast. This is how I lost my 30 pounds and quit smoking. -They were all tough to do. But...you know what? By taking it slow and steady, the results are easier to get. For instance, instead of putting down $1000 on your credit card all at one time, spread it out by paying a little bit but more often. These "small" results applied at consistent intervals will also make you feel good. As you keep progressing, your payments will be easier to make...(I hope).  

Posted on February 3, 2010 at 6:53 am Thank you for sharing that! I believe that being in debt is like being addicted to drugs, gambling, etc. and that the debt relief programs do work ... it just depends on the consumer to see the program through.It's never easy and it takes time.