How can I become debt free? I am willing to sell or do almost anything. within reason?

I remember when i used to be in debt. I hated it. I made a vow after a while that i just would basically live off starvation and sell everything in my home to just get rid of debt.

Debt is some what of a hold on people. It’s like your in a pool of water that keeps getting deeper and deeper making it impossible to keep your head above water.

I made a decision that i would do what ever it takes to get rid of debt.

One day after living off crap for months, i borrowed half my debt total from my father, and put it all on Black.

I am free now.

1. If you can move back with your parents and pay all you can on your debt.
2. Find what you are spending each day and cut it down. There are many purchases that you don’t need. Remember the word need not want.
3. Contact creditors and try to work out a lower interest rate.
4. Cut up all credit cards. If you have to keep one, give it to your parents to keep for you so you won’t use it.
5. If you can’t move back home, get a room mate.

Ending it all wont help all your debt will just trasfare to your next of kin..

What you need to do is to go to a debt counsellor, at someplace like Lifeline. They will help you consolidate your loans and guide you through paying it off bit by bit. What you should not do, is take on more debt to pay off this debt.

If you have a number of different loans and are being harassed by creditors, approach them and ask if you can extend the payback time of the loan. Then you must work at it. Write down all you spend each day, no matter how small… do this for a week and you will soon see where your money is going and what you can cut out. It may mean doing without some things for a while, but it’s a small price to pay for getting out of debt. No matter how much you save, pay it off the smallest debt as an extra payment, till you get that cleared, while still paying off the rest. As you clear one and then another, it will become easier. Make a budget and stick to it… no excuses. Don’t make it so constricting that you can’t buy a cold drink on a hot day, but even then, if you plan ahead and take water from home, you’ve saved that little bit extra.

You can do it… have the confidence in yourself and think of how much better you will feel, debt and stress free.

First step, find a debt counsellor … second, listen to and follow their advice. Good luck.

Communicate with your creditors. they won’t sting you if you are honest with them. they can work out manageable monthly payments. Sort out which ones are the most important and most expensive and work on paying thm off first. make sure you make a budget and stick to it. Work out of you can get a saturday job or overtime to add directly to your debt. be strict with yourself.

The most important thing to reitterate is communicaton with your creditors.

Whatever you do, don’t take out a ‘consolidation loan’. Very expensive ways to eventually pay back your debt.

last but not least, contact a financial charity for free advice and for them to help look over all your incomings and outgoings to get on the straight and narrow!

Good luck and keep happy x

I think many of us can feel the pain. Most of us have been there or are still there trying to figure out how to get out from under the load.

I was facing foreclosure, maxed out credit cards, telephone ringing off the hook with collectors.

I was scouring the Internet to try and find the solution.

One of the best books I read on the subject was called, “The Richest Man In Babylon”

The gist of it was, a man was deep in debt, so deep he would never get out.

He was given a tablet that was carved with statements that would bring wealth.

He had forgotten about the tablet until one day he was in dispair and ready to end it all.

He pulled the tablet out and read it. Then he did 3 things that changed everything, so much so that he went from debt to “the richest man in babylon”.

First, he set aside 10% to invest. He was not to touch it, only to invest.

Second, he made a list of his debts, and the order in which he would pay them off. He decided to pay 20% on his debts.

Then he contacted all his debtors and gave them his plan and when they would be paid. They were grieved but he stuck to his decision.

Third, he spent 70% for his family.

The whole idea is to get a plan, let your creditors know the plan, and above all live by whatever percentages you choose.

I really hope this helps!
Thanks!
Gods Blessings, Anthony

It’s difficult when there doesn’t seem to be a way out. But there are things you can do.

You didn’t say what your living arrangements are. Do you live on your own? have a family of your own? Can your move in with family? Could you relocate? or take on a roommate?

After figuring that out. Look at how often you eat out. Do you take your lunch to work, or go out and eat? Do you cook dinner, or go out? You can save money by cooking, and taking the the left overs for lunch.

Can you save by joining a carpool, walking, riding a bike , or take a train or bus? Is there a cheaper way for you to travel to and from work?

Make a budget. Take your monthly income, and write that on the top of a piece of paper.
Subtract out, rent/mortgage, food (include waters), and transportation. (those are the three you HAVE to have.)
Then, continue subtracting out the things you need.

Don’t expect your first budget to work out perfectly. But, once it’s one paper you can see places you can cut your spending.

I have lived on a very tight budget for years, and have done it without credit. ($27,000 US dollar/£13541.98 pounds per year for 2 people) We do not to eat out often, and clothing is purchase when it is on sale, deeply discounted. (I got a tank top, brand new for $0.19/£0.1)
I use freecycle.org to find and replace household items.

We’ve changed lighting, in our house, and use small lamps at night, that do not use as much electricity. (this save use almost $100 a month) We also, follow things that were once common since. Keep curtains drawn when the sun is shining through them. (this keeps the house cooler in the summer) and open window when the sun is not shinning in. (verse in the winter months to help heat the house)

We are not able to go out to entertain ourselves often. So, books from the library, walks, and trips to the park, or dinner at a friend house is considered entertainment. The one thing we do splurge on is 2 movie rentals a month.

We don’t buy much outside what we need to survive. Both myself and my husband scrap together enough to pay for one college class a semester. We do this in hopes of increase our income some day. Usually this money is gathered from birthdays, and holidays.

Good Luck. It can be done. It’s not easy, and people think my husband and I are insane for not having a cell phone, or cable TV. But, we make do, and we don’t have to live paycheck to paycheck. We can handle emergency (when the car breaks down or being sick) without having to turn to credit.

One more thing, you should pay off the credit card(s) by paying the smallest amount owed first. Once that card it paid off, move on to with the next smallest amount. This allow to to get out of debt faster.