Re: More financial advice sought
1) Call credit card companies and negotiate lower rates, debt forgiveness, etc. They'd rather have *some* money than *no* money so they're usually open to working with people.
2) Plow every available dollar into paying off the debt. That means no going out to eat, no fancy cable package, driving a used car instead of new, etc Most budgets have fat in them, I don't care how little you make. No more starbucks, no more lotto tickets, no vacations, no "splurges".
Shop at Aldi instead of Kroger. Clip coupons. Eat at home and dont' buy pre-packaged meals (i.e. actually cook). Mow your own grass. Drop the lawncare service. Quit smoking. There's a never ending list of things you can do to lower your exenses (and plow that money into paying off the debt).
3) Increase your income. Whether this be from taking a second job or selling stuff on ebay, find a way to increase the amount of money coming in. Work overtime. Work hollidays. Offer to pick of shifts. If a sallary job do everything you can do to get a raise/bonus.
4) Avoid home equity loans (which sounds like a moot point anyway) to pay off debt. You only increase the cost of the debt, spread it out over more years and pay more interest. Besides, the equity in your home should only be tapped for emergancies, not to pay off a cheeseburger you ate three years ago. Too many people took home equity loans out to pay off credit card debt but then didn't change their spending habbits. Next thing you know the cards are all charged up again and you have no "emergency cash" to tap from your biggest asset.
Lower expences and increase income while putting every available dime into paying off the debt.
It's like dieting. You can try all sorts of wacky diets, and some might work, but eat less/excersize more always works.
a super volcano of ridonkulous suckitude.
I simply don't have access to a "cares about RBI" place in my psyche. There is a "mildly curious about OBI%" alcove just before the acid filled lake guarded by robot snipers with lasers which leads to the "cares about RBI" antechamber though. - Nate
Last edited by Ltlabner; 07-20-2008 at 06:38 PM.