Quote:
Originally Posted by dgorila1  I am looking for real world, proven ways to get out of debt (over $40k worth). This is all credit card and loan debt. Doesn't include the mortgage, as this is a monthly "living" expense that we would have regardless. I have read about many of the ways (the envelope method, pay smallest debt off and add that to the next one and so on, etc). What tactics worked for you guys and still allowed you to have a "normal" life as far as spending for family expenses? This is the most debt I've ever been in, and I don't intend to do this again once its paid off. I just need to figure out how to pay it off first. The thought of going to cedit counseling to consolidate the payments into one set amount and have them negotiate a reduced % rate crosses my mind, but I know it'll end up ruining my credit (which I don't intend to rely on much after I pay everything off, but its good to have it if needed). Same for bankruptcy. |
one thing you can do with credit cards - asked for a reduced rate, cite financial difficulty. your cards will be frozen ( you won't be able to use them), but it shouldn't effect your credit rating. some companies do some don't.
Credit card companies are only a little worse than cigarette and alcohol companies -they try to get you 'hooked' on debt. I would not feel bad about doing anything within the grounds of legality to pay as little as possible.
Is it a 'fair' world where congress bails out s&l's and banks when they get in trouble yet passes legislation that makes it harder for you to declare bankruptcy?