what is the best way get rid of debt?
82228
Cut up all your cards now!!!!  Find the card with the highest rate and pay that one off first then work your way through the Cards.  Try to get a 2nd mortgage at a lower rate.  Also you can transfer the cards to a different card that offers no interest for 3 monthes to a year.  when you get that card ....cut it up...and pay it off
906791
Not at all!! I work in a high street bank and believe me that is nothing!\nMost people I deal with have overdrafts, mortgages, loans, credit cards etc. etc.\nIf you want to get rid of the debt, ask your bank to restructure the overdraft as a loan, then you can pay off a set amount each month to clear it in full over 2 or 3 years. £2500 over 3 years would be around £80 per month.
1003886
The answer is YOU!  The best way to eliminate debt is with a simple interest loan.  This allows your payment to have a bigger impact on your principal balance and not interest and fees.  A simple interest loan is commonly a secured loan such as a 2nd mortgage.  In addition you can set the term between 5 and 30 years.  The 30 year loan will give you the smallest payment, so make sure you don't have a prepay penalty.
49869
The best things you can do are re-establish and re-affirm.  Meaning, no more late payments or going over balances from now on.\n\nMake sure you don't have too many credit cards with high available balances.  There really isn't much need to keep more than 4.  Keep the two oldest cards you have (long account history is a good thing), and then keep the one with the best rate.  (If you *must* keep a forth, just pick one).\n\nMake sure your balances owed are less than 40%'ish of the balance.  If your card has a $10,000 limit, try to keep your balance under $4,000.\n\nIf you are over the balance on any cards, rectify that as soon as possible.\n\nIf you are rebuilding from square one, you two best bets for a fresh start are local jewelry or furniture stores that carry their own paper (handle their own credit accounts), and secured credit cards.\n\nLots of small or local jewelry/furniture stores can offer small credit accounts.  Only use this if you are buying something that you have the cash to pay for (ie: a toaster, a chair, etc).  Establish a credit account, and pay off the balance as soon s you get the bill.   *Do not close the account*.  Letting it stay open with no negative activity is a good thing, especially for new beginners.\n\nSecured credit cards are low limit credit cards offered by most financial institutions, where you give the bank a deposit of x, and they give you a credit card with a limit equal to (or in some cases, slightly higher) than your deposit.  IE: You give them $500 on deposit, they give you a credit card with a $500 limit.  As time goes on, (and your credit improves) you may get a higher limit, or they may offer to convert your card and give you your deposit back.  Secured accounts aren't treated any different than regular credit accounts.\n\nPolicing your spending habits (don't buy things you can't pay for), making your payments on time, and letting time take its course will help rebuild your credit.
1094421
pay cash for things not charge. payoff what debt you have as soon as possible by making payments for more than the minumin due.
901211
Speak to the Citizens' Advice Bureau about FREE debt advice. There are some other charities that will offer you free advice about the best/quickest way to repay what you owe but I am unaware of any organisation that will administer your debt for you or give you a consolidation loan without making some sort of charge. \n\nCAB will encourage you to look at what all your income and outgoings are and devise a strategy with you, not for you, as to how you are to pay it all back. Meanwhile, write a holding letter to your creditors telling them that you are seeking independent advice about the debt. It will only serve to stall them temporarily. \n\nWork out your priority and non priority debts. Priority debts are ones which will affect your home or your liberty and include rent/mortgage, water, gas and electric and any other loan secured against your property. Non-payment of council tax can lead to imprisonment and so is a priority debt. All other debts are non-priority. It is vital that these are paid first.\n\nDraw up an honest list of what comes in to your household and what goes out and include everything, including newspaper money and pocket money for the kids etc. Don't try to hide an amount under the heading 'Housekeeping'. Debt companies know what to expect to see under all the headings based on reasonable amounts according to your home circumstances and trying to hide amounts under ambiguous headings won't work. \n\nYou then need to write again to your creditors and include the income and expenditure form. They should then come to an agreement with you although they are not obliged to. If you go to the CAB with this information, they can help you work out payment plans for each creditor and give you a standard letter to send. It may also carry more weight with the creditors if they know CAB are involved. \n\nCreditors are not obliged to accept your suggested payment plans and will be looking for some commitment from you that you are determined to clear your debt. Can you return the cards to the company, cut up? Can you sell some of your assets? Can you take on another part-time job specifically to pay them off? Could you rent a room out in your house? \n\nThere are other options like IVAs or bankruptcy depending on how much debt you are in but these have as many cons as they do pros and are not the answer for everyone, particularly if you own a house with equity. You could speak to CAB about these options but think carefully before going down these routes. \n\nYou are right to think about alternatives to taking out more debt. There are obvious problems if you cannot keep up repayments on bigger consolidation debts especially if they are secured against your home. I don't know your own circumstances, of course, but maybe going through the debt procedures above will concentrate your mind on how you managed to get into debt in the first place, the pain of being in debt and how hard it was to get out of it which will prevent you from ever going down that road again. I know that I learned that same lesson the hard way and am steering well clear of ever going there ever again. Consolidation seems like easier options but will anyone ever learn to change their behaviour or is it just a quick fix to allow the same thing to carry on all over again? \n\nAnyway, good luck. It seems like a pit you can never climb out of but it will get easier. Promise!
695746
Don't panic. You need to deal with this problem like all problems in life with calm and confidence.\n\nIf your income is less than your expenses there is no way you can get out of debt. So, first step.  Is it possible to cut down your expenses? Evaluate the following  home rent, expenses for cable tv, internet connection, mobile phone, long distance telephone provider  and other utilities- do they all cost the lowest rate possible. \n\nIf not shop around and get the best deals. If you call only one or two people frequently then switch to some connections like friends and family which give you the lowest rates for 2-3 phone numbers you choose. Cut down on things you never use or which can be postponed. If you don't use your internet connection - get it disconnected. You don't need the cable connection - get it cut too. Till you are firmly back on your feet you may have cut out some luxuries. \n\nCall up your credit card company and ask them if they will lower your credit card interest rate. As you have good record of paying on time they will surely consider your request. A lower interest rate is like getting a cash back. For example on your debt of 18,000 dollars at 20 percent interest you will be paying 3600 dollars per annum in interest alone. Cutting down the interest rate to 10 percent can bring down your interest to 1800 dollars. That means you save 1800 dollars in interest which you can use to pay your principal. If you promise to pay on time they may even waive your late fees. So, make that call to your credit card company. If you have more than one card then transfer your debt to the lowest interest card, that should also save lot of cash.\n\nCan you get another job? That should help you go a long way in cutting down your debt. If you daughter can pitch in by earning a few extra dollars through some baby sitting or cleaning neighbors yards that should help too. Many such jobs will be posted at the local supermarket. \n\nIs it possible to get a raise at your current job? If not try to find a job that will pay you more. Most important don't lose your confidence. You have done a fine job till now with a little help you would definetly do better.\n\n You should also go to debt counselors who will give you more advice on how to tackle your debt with the income you have.\n\nBest of luck.
722654
I would suggest first looking at your expenses and try cutting some costs.  Try to come up with an extra 100 dollars (ex. Don't eat out as much, carpool, bring lunch to work).  \nNext take all other payments you are making to other debts and bring them down to the minimum payment.  The next step is to apply all the excess that you were paying and the extra $100 you came up with towards the credit card.  As soon as you do this you will see a significant difference in your balance. Once that card is paid off, take all that money that your were applying to the credit card and pay off your next debt.  This is a great way to quickly get out of any kind of debt.
780895
Newsflash: Borrowing money to pay off debts only puts you further in debt.\n\nThe first step to getting out of the hole is to stop digging!
685061
Here are some websites that discuss how to get out of debt. Watch out for the "non-profit" credit counseling agencies that are frequently scams. Good luck!
324464
concentrate on paying off your highest interst loan first, like a credit card that can be 18% or more.  then pay off the 2nd highest debt, etc.  you have to make more than just minimum payments to make any headway at all.
450180
Don't get into debt to begin with!!  But if you already have, then the main thing is to pay more than the minimum required by the credit cards, etc.  That's the #1 way to pay off the debts quicker and to pay less interest. Even if you have to get another job. And this philosophy go's for any age! Good luck!!
1146659
Living with debt or bad credit can be very stressful, but help is closer than you realize. Improving your credit rating requires that you take positive action and change your attitude toward money. \n \n   \n  Steps:  \n1.   Request a copy of your credit report from a credit bureau. If there is an error, write to the bureau and ask it to fix the mistake. It might also help to contact the creditor who reported the error. Some creditors will contact the bureau on your behalf.  \n  \n2.   If the bad marks on your credit report result from outstanding debts, repay them as quickly as possible. Pay off those with the highest interest rates first.  \n  \n3.   If your debts are overwhelming, contact a nonprofit credit-counseling organization to work out a debt-consolidation plan. A counselor will help you consolidate your debts and will contact your debtors on your behalf to reduce or eliminate finance charges. This can reduce your monthly payments by up to 40 percent.  \n  \n4.   Steer clear of any services that offer you credit-repair or debt-consolidation loans. These companies will plunge you further into debt. Be suspicious of any company that advertises aggressively or sends unsolicited mail or e-mail.  \n  \n5.   Close your credit accounts and cut up the cards. Sell valuables or liquidate assets that will help you repay your debts. Buy the bare essentials (food and gas) and use the rest of your earnings to pay off your consolidated debts.  \n  \n6.   Work with your credit counselor to repay all of your debts. Meanwhile, live a life that will help you re-establish good credit. Pay rent and utilities or mortgages promptly, keep the same residence and job, maintain savings and checking accounts, set a budget and stick to it.  \n  \n7.   Once you have repaid your debts, apply for a new credit card to build a good credit history. It might be easier initially to get a department-store or gasoline credit card or one from an employee credit union.  \n  \n8.   Promptly pay off the balance of the credit card monthly to build good credit. Use the card responsibly.  \n  \n9.   If you don't qualify for a regular credit card, apply for a secured one. With a secured credit card, you fund an account up front and then "charge" expenses on it. This card will show up as a credit card on your credit report and, if used responsibly, can help you build a good credit history.  \n  \n  \n  Overall Tips:  \n Get a copy of your credit report once a year even if you think you have good credit. You may find errors that will damage your credit rating.  \n  \n Filing for bankruptcy is always an option, although your credit history will reflect it for 7 to 10 years, making it very difficult for you to get a car or home loan in the future.  \n  \n Creditors agree to reduce or eliminate interest rates under a debt-consolidation plan because it saves them the expense of collection efforts and increases their chances of recouping the balance.  \n  \n Every application you make for a credit card shows up on your credit report, and multiple applications can hurt your credit rating. To avoid this, use an online service that matches you with creditcard companies that will extend credit to you. Search online for "credit card finder" or "credit card search."  \n\nNo matter how bad your credit is, you can take steps that will make it better. \n  \n1.   Pay all of your bills on time. Late payments (payments that are 30 days late or more) have a negative effect on your credit rating.  \n  \n2.   Reduce the number of credit cards you carry. Write to your creditors to request that they close your accounts and report this status change to all three credit-reporting agencies.  \n  \n3.   Avoid bankruptcies, tax liens (a lien for not paying state or federal income taxes or property taxes) and collections. A bankruptcy stays on your credit report for up to 10 years. Collection accounts and paid tax liens stay on for seven years, and unpaid tax
371351
Go with the Dave Ramsey method, pay minimum payments on largest debt while paying more on smaller ones and get the smaller ones paid off first.  Then when you get one paid off, put that much more on the next one.  I am doing this and it works!  I have lived paycheck to paycheck and have now paid off over $2,000 in debt so far in 2006.  It works!
764158
There are pros and cons to whichever type of debt program you choose... \n\nHere is a good article: http://www.expert-credit-advice.com/options_to_eliminate_debt.htm \n\n\nThey offer a debt settlement service which is very inexpensive. \n\nYou can also check the www.bbb.com for other companies
319200
COntact your creditors & ask for a repayment plan to be set up, draw up a budget & work out your incoming & outgoings pay your rent/mortgage in other words ESSENTIAL bills first, food, gas/elect etc. divide whats left & pay to your creditors. If you dont have it you cant give it to them so most will agree to a repayment plan & hopefully stop or lower interest charges.\nConsult a consumer credit advice council or citizens advice group\nDONT PAY ANYBODY more money to fix!?!?! your DEBT\nDONT TAKE another loan\nCUT UP & return store cards & Credit cards.\nOPen a new bank account & pay all your money into that Ignore your old bank account let it just sit there especially if you owe that bank money & when you work out a budget take the money left & divide it amongest your creditors BUIT ALWAYS KEEP YOUR CREDITORS INFORMED as to how you are resolving the problem
890213
When you find out be sure to tell me!\n\nBut seriously the only "free" way to get out of debt would be to file bankruptcy and even that's not free.  You have to obtain a lawyer and depending on what kind of bankruptcy you're eligible to file you may still have to pay a small payment each moth depending on the amount of debt you've incurred.