What is the fastest way to pay off debt?
436731
If you have credit card debt that's probably th first place to start compared to homeowner or student loan debt.\n\nThe generally accepted best approach to paying dowbn debt goes a little something like this:\n1.) stop taking on new debt aka stop your discretionary spending\n2.) pay the minimum payment on all your bills except for the one with the highest interest rate. The bill with the highest interest rate should be paid down as aggressively as possible aka pay as much as you can to that bill after paying the minimums on all the other bills.\n3.) If you're getting offers for new credit cards with lower interest AND free balance transfers, then sign up for that card and transfer all your debts to that card from other credit cards and then it's easier and cheaper to concentrate on paying down that card.\n4.) Call your credit card companies and request lower interest rates, if you don't ask they won't offer it, so call!
405556
Take all your debt and put them in order from the smallest balance first to the biggest balance last. Add up all the minimum payments you need to make to find out your minimum monthly obligation. Figure out how much more you can pay every month and add that to your first account. Pay in this way until account one is clear then take the money you were paying for account one and apply to account 2 along with its monthly payment and so on and so on. This will get more accounts paid off faster while giving you a steady bill to work with. The more you pay extra the faster it goes so a second income might not be a bad idea. Good Luck !
257401
Attend credit counseling classes and PAY OFF YOUR DEBTS. It takes 7 years or MORE to rebuild.
828469
Depends where you are in the world, but a credit card may be the fastest route to the credit.  Or a loan from a local bank - however they will require some collateral.
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!!
363439
If you're a home owner, the best way to get your hands on money is to cash out some equity in your home.  It's your money (from one perspective) and the rates will be about the lowest available on a loan.\n\nI caution you though, borrowing more to pay off your debts isn't the solution; replacing the financial habits that got you into debt with more healthy financial habits IS the solution.\n\nIn general, people in debt live on 'if-come'; they spend more than they make.  To fix the problem, you have to begin living on less than what you make, creating a surplus of discretionary income each month that you can use to pay back the money that belonged to someone else (banks in most cases) that you already spent.  In the meantime, they continue to collect interest on the money that you spent that wasn't yours.  It's a nice business considering how many people today don't see it for what it is.  Watch TV for half an hour, there will be plenty of companies just itching to make you a consolidation loan.\n\nIf home equity isn't available to you, shop for a consolidation loan with the lowest APR available and make yourself a promise to cut back on your expenses and pay the money back.  Get tough with yourself and decide what you NEED to live, and get rid of the things that made life more fun; they cost money that you can use to get out of debt.\n\nIn short, whatever your income is, it is.  Learn to live on it or find a way to make more of it.  Continuing to spend money that isn't yours is just going to keep you in debt, if not dig the hole deeper.
470491
Debt consolidation - learn to budget\ntry learning a trade by taking a class at community college.\nGet a cheaper place to rent(or get roommate) - try carpooling to save money on gas - try to quit bad habits(like smoking/drinking etc.)\n400.00 more a month - comes to a 100.00 a week - that can be made at a part time job.
938189
Figure out how much you make each month - take home, not gross. Figure out how much you owe each month. How much is left over? That is what you live on and/or SAVE and/or use to pay off high interest loans, credit cards, etc. If there is no money left over then you need to get better paying job or a second job.\n \nDon't spend more than you earn. Don't use credit cards unless you can pay off the balance each month. Clip and use food coupons. Ask yourself if you will be terribly inconvenienced if you don't buy *whatever*. Keep your car tires inflated so you don't waste gas. Carpool. No impulse buying. Go to the library and read books on bugeting and saving money.
1062019
You should have no problem paying off the debt if you start managing your money better.  You really ought to be able to pay it off in a few years with that kind of income!  My wife has more in student loans and makes less money and we will pay it off, though not in a few years.
956365
First, I would pay off all high interest debt.  Paying off debt is one of the best investments you can make. You will have more money in the future because you won't have credit card bills to pay. \n\nNext, start investing in stocks, bonds, and money market funds. You want to buy a diversified portfolio of stocks, as individual stocks are too risky. For most folks this means buying mutual funds. I like Vanguard.com, other people like Fidelity, TIAA-CREF, and DFA. Buy no-load, low cost funds. If you are like most people you will invest part of your money conservatively, in money market funds and bond funds, and part aggressively in stock funds. Vanguard.com has an on-line questionnaire which will give you an idea how aggressive you want to be. \n\nInvesting in a mutual fund IRA for retirement may give you an income tax break. Talk to your tax adviser, if you have one. You may also be able to invest in mutual funds via a 401K plan at work. (The Air Force has a Thrift Saving Plan or TSP which is similar to a 401K)  When you get out, consider buying a house instead of renting. It will save you a lot of money in the long run in rent you don't have to pay.\n\nBelieving advice you get on Yahoo answers can be risky, so read these websites for further information. If you find it too confusing, contact a professional financial adviser. They will charge you significant commissions, however.
583721
<sarcasm>\nVote for Frank Castle's Answer.  He's the self-proclaimed "Top 3 Answerer in Business & Finance"...even though he didn't answer your question at all.\n</sarcasm>\n\nGet your bills together and sort them out.  Find out what the absolute minimum you can pay on all of them is.  Pay the minimum amount on all of them EXCEPT the smallest one.  Pay as much as you possibly can on that smallest one.  Do that every paycheck until it's paid off.  \n\nOnce that's paid off, take the money that you were paying towards that first smallest bill and combine it with the minimum for the next-smallest bill you've got.  Do that until it's paid off.\n\nNext, do the same thing with the next-smallest bill.  Take all the money (from the first and second bill) that you were paying the second bill off with, and combine it with what you were paying on the third.\n\nThis "snowball effect" will have you out of the hole before you know it.
395235
Pay in full if you can. If you can't pay it all, then pay as much as you can. \n\nCredit card debt has the highest interest of anything except maybe the pawn shop. If you can get a bank loan at lower interest to pay off your credit card debt, do it.\n\nCredit cards should be used for convenience, not for credit.
107357
The best way to get yourself out of a hole is to stop digging.\n\nDon't take on any new debts under any circumstances whatsoever. If you are able to consolidate your debts into a lower interest rate loan, it would be a good idea. Cut up your credit cards.\n\nIt is bad form to default on your debts - you took them on, you should pay them off. It will hurt, but it *should* hurt. It is the best way to ensure that you never go into debt again.\n\nYou can live on far less money than you think. Be creative. Take every last cent that you can to pay down your debt starting with the highest interest rates. If you want to treat yourself while you are doing this, try some treats that don't cost anything - sign out some DVD's from the library and be a couch potato for the entire weekend if you would like it.\n\nThe *single* best investment that you can make is to pay off your debts. Your credit card debt is racking up at almost 30% before taxes. You would have to get a rate of return on an investment that is about 50% per year to get the same return.\n\nSorry, no pain, no gain.\n\np.s. Been there, done that, will never be there again. I honestly wish you the best of luck.
155763
1. Always pay yourself first. Take out some percentage of your pay on an automatic savings plan. You never see it, you never miss it.\n\n2. Before you start saving, make an investment that will pay between 15 and 25%. Pay off your credit cards. Not worth saving at 5% when you have lots of credit card debt.
20158
1> Cut up all the credit cards!\n2> Review all your bills.  Pay mortgage / rent first. Then pay down the stuff with the highest interest rates.\n3> Sell off stuff you don't need or use.  Ebay or Craigslist.com
427882
Pay off any debts you have.  Start investing in a 401k or mutual fund.  Buy a house as soon as you can-- still the best way to build capital long term.
190813
You start with your smallest debt first- work on paying it off first while paying just the minimums on everything else. Then after the first debt is paid- take the amount you would've used to pay that debt plus the next smallest debt and pay that one off. Before long you'll have everything paid off- it may take a couple of years but  you can do it!