| What do you think is the best way to clear debt? |
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leo
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| What do you think is the best way to clear debt? |
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Well. Since most of the people is drowning in debt, I am wondering if there is any practical solution for it. Hopefully this post can save someone out there.
Let's get the ball rolling.
For every problem, we should look in the cause of it and eradicate the cause. In this case, debt is either cause by overspending, sudden loss of job, unexpected monetary burdens, etc a new addition in the family.
-overspending, cut down on unnecessary expenditure and try to find ways to reduce the expenses of necessities by finding coupons or buying in bulk (with friends)
-sudden loss of job, learn new skills from the net(free), and try to find what you like instead of going for where the money is. First, you are less likely to burn out and secondly, as steve jobs proves, your job can be your hobby too.
-unexpected monetary burdens, have a reservoir of funds that can only be touched in case of emergency. Ideally, it is best to keep 10-20% of your combined salary for this alone so you won't get a heart attack if something really unexpected occurs.
If there is any better ideas, please keep it flowing in. Thanks everyone. 
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Mon Oct 10, 2011 2:52 am |
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Consolidating payments into a lower interest plan and making steady payments to pay down and eventually eliminate the debt.
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Wed Oct 12, 2011 12:15 am |
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globaldoc2001
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Clearing debts is never easy. It will take a long line of discipline and determination. First off, I would suggest one to give up all of his credit cards. After which, he has to give up his checking accounts. Then, he will have to really pay off little by little, leaving him penniless for a couple of weeks. He should only have what he will need. At this point, he is very fragile as he would not have the money to pay in case there is an emergency. This is going to be short only if there is the right discipline for it.
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Wed Oct 12, 2011 9:48 am |
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quote:
Originally posted by globaldoc2001
It will take a long line of discipline and determination.
Agreed 1 million percent! It's always easier to spend money than it is to save money or pay off debt.
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Wed Oct 12, 2011 5:19 pm |
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globaldoc2001
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It is in fact a very painful thing to be paying off the debt. However, it will create in us the sense of responsibility to do so. In fact, we would have the discipline so as not to spend so much. We would learn to handle our money wisely.
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Thu Oct 13, 2011 5:24 pm |
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It is painful to pay off debt. It's much more enjoyable to spand. But if you can be disiplined and keep paying down the debt you have, ultimately you can become debt free.
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Thu Oct 13, 2011 5:46 pm |
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peterleewaih
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easy way is cut all your credit cards and limit your expenses weekly.
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Fri Oct 14, 2011 12:09 pm |
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quote:
Originally posted by peterleewaih
easy way is cut all your credit cards and limit your expenses weekly.
Agreed. Or at least cut yourself down to one credit card. Cutting out any unnecessary expenses is also a good idea.
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Sat Oct 15, 2011 3:58 am |
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globaldoc2001
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I would suggest giving up all credit cards, then also give up all checking accounts. Budgeting would do a big help. Then allocation of funds for expenses and paying back would do the trick.
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Sun Oct 16, 2011 8:10 am |
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fine17
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Its good information. I like it...
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Thu Oct 20, 2011 5:56 am |
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globaldoc2001
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There are things that need to be sacrificed, and these things are the regular things one usually overlooks. These are the things like the junkfood, wines and liquors, cigarettes, and many other things that are quite small in prices, but compound to a huge amount of useless personal expenditures.
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Thu Oct 20, 2011 12:20 pm |
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globaldoc2001,
I totally agree. The small things can really add up.
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Fri Oct 21, 2011 5:15 pm |
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globaldoc2001
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An example that I would like to mention is actually dinner. I know of a friend who was drowned in too deep in this situation. He found it so hard to pay up to his obligations. I asked him to keep a journal of what he has done for the few months, then write whatever happened to him. A few weeks after, he realized that the simple dinner he had consumed was the chief culprit.
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Fri Oct 21, 2011 6:29 pm |
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CentageCorporation
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In some cases, debt is unavoidable, but the best plan of action is to be conservative with your spending and save what you can no matter what your financial situation. It's always important to plan for the future since anything can happen.
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Fri Oct 21, 2011 6:44 pm |
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payment proof
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quote:
Originally posted by CentageCorporation
In some cases, debt is unavoidable, but the best plan of action is to be conservative with your spending and save what you can no matter what your financial situation. It's always important to plan for the future since anything can happen.
Very, very well said. I couldn't have said this better myself.
Follow the old addage and "Save for a rainy day"
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Fri Oct 21, 2011 9:35 pm |
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