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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. |
No offense dgorila1, but if you're not willing to give up a "normal" life for a while, then (IMHO) you're really not serious about getting out of debt.
Almost every approach works - IF you do it. There is no secret, there is no magic formula. It's common sense. John Wesley summed it up nicely - "Spend less money than you make." I would add to that -- "Stop spending money you DON'T HAVE." In other words, stop creating more debt - no excuses.
The best possible advice I can give you, besides what John said, is:
1. Go to your library and grab a copy of Total Money Makeover by Dave Ramsey.
2. Read the book and DO WHAT IT SAYS - step by step. Don't skip anything, and don't try to improve on the system.
3. Prepare yourself to give up the "normal" life for a while. As Dave says, "Live like nobody else, and soon you can live like nobody else!"
I hope that helps.
Dave