The quick way I feel to get out of debt is to not get in it in the first place!
Although I dont know anyone at all who doesnt have debt afterall a mortage is a debt and is something we all do at one point!
Its the unneccesary debts that get me, the buy now pay next year ones are always the worst!

I have worked with several families in serious situations where "making more money" was not a real option. I think that the most important thing to do when working to get out of debt is to learn how to control spending. Until you can do that, any amount of money will not save you from debt.

I did run across a great site that would be of help to anyone in any kind of debt. It breaks down the steps to debt freedom:
"Debt elimination involves three steps:

1. Stop acquiring new debt.
2. Establish an emergency fund.
3. Implement a debt snowball. "

It really pushes step one and gets kindof harsh, but in a "gotta have it now" society, I think it's important.
"Stop acquiring new debt
(This step can be accomplished in an afternoon.)
This may seem self-evident, but the reason your debt is out of control is that you keep adding to it. Stop using credit. Don’t finance anything. Cut up your credit cards.
That last one can be tough. Don’t make excuses. I don’t care that other personal finance sites say that you shouldn’t cut them up. Destroy them. Stop rationalizing that you need them.

• You don’t need credit cards for a safety net.
• You don’t need credit cards for convenience.
• You don’t need credit cards for cash-back bonuses. "

Check out this site for more information. Get Rich Slowly » How to Get Out of Debt

I hope this helps get you on the way.

Some of your ideas are great. But sometimes are hard to follow. But my husband and I sat down and figured out much we spend a month on smoking. I could not believe it. So we have both decided to stop smoking. It is not going to be easy but we are going to try.

I pay more than minimum each month and I have two credit cards paid off now.

Generally you want to stop accruing new debt and find ways to better live within your means. Look for ways to reduce your expenses and split the 'found' money between building your savings and reducing your debt.

Reduce spendings and source out additional income. Settle your payables on time to avoid penalties and charges. Check how can you reduce your regular maintenance expenses.

It is good that I do not have any mortgage to pay. When we started building our house, it is from our savings. It will soon be finished without us applying for any mortgage and that really helped us in our budget.

Knowing your budget is very important. Do not spend more than what is in your budget. Instead, cut it down. You can have credit cards but be sure that you will only credit what you can pay without paying charges. Review your budget everytime you go shopping or buy groceries. If you think you have already used your month's allocation then postphone it. Buy after the cut-off date to be sure that you can pay all the bills on time.

I was in debt and thought that I would never get out. But I did. I had to really cut back on alot of things. I paid all my credit cards off and then got rid of them. I sat down and made a list of what I really needed and what I just wanted. And only got what I needed. I cooked at home instead of eating out all the time. And I found I feel alot better about myself. I want to tell you it isn't easy, but it is worth it.

That is good advice Taia. Also, if I do not have the cash available, I do not purchase the item.

Be sure that you budget some entertainment for yourself. If you completely deprive yourself of everything "extra" you'll quit on it like most people do their new year's resolutions.

Moderation is the key - but be willing to cut deep if necessary.

That is true, but it is better to pay with cash than credit if you're trying to get the debt paid off.

The best thing to do is not pay anything that doesn't have to be paid. Take care of your clothes, car, and other items so that none of them will have to be replaced. Make do with what you have - ignore the wants for now.

And YES - when necessary, pay cash. If you don't have the cash in hand then don't make the purchase.

BTW - having cash for purchases like groceries will force you to follow your budget and follow a shopping list. Make sure you leave the debit and credit cards at home or you will be tempted to over spend and put it on the card instead of putting items back so that you can afford the purchase with cash.

This is an excellent thread, make sure to check out the tips on the first page.

Hello,


Good thread! It’s really helpful to us.



Bye