What is the best way to become debt free?

[Blasters]

We are on a good plan (e.g., paying of high-interest loan first), saving, working more, etc... and we have consilodated most of our debt with one of our banks and are already paying a low interest rate. Following this course of action, we would probably be debt free in about 4 years paying about 400 a month over that time. Is there a way, other than the obvious ways mentioned above, to pay off debt quicker... Any other suggestions (stock market? tricks? anything?)Thanks...

[vvm]

Stock Market is not guaranteed returns. Look for a parallel source of Flexi-hour Income. A Part time job, Insurance Advisor or get into flexi hour business.. may be DS - NM kind.These can help to get more funds which will help you pay back your debt quickly. I am already into it & started earning rewards. Thanks , All the best, be financially debt free.

[Kitty]

SELL everything that isn't glued down to get them paid off... Especially sell the crap that you bought with the cards.

[henry9tx8]

Sounds like you doing everything right. there is no quick easy solution. The only suggestion I'd make is to be sure to build up some savings and conntribute to your 401K at work concurrent with paying down your debts. This is especially important if your employer offers a match...you don't want to leave money on the table.If you do that, you'll find it extra gratifying in a few years when your debt is gone and you see a nice chunk of change sitting in your emergency fund and 401.Good luck!

[jehut]

The book Start Late and Finish Rich suggests you brownbag everything you usually buy, like lattes, lunch, and so on. Use the 'found' money towards debt.Don't get sick young...it will kill your finances!!

[P S]

All the theories you have been told so far are wrong - First you Debt SnowballPay the Mins on all payments, and then pay all the Extra to the Smallest bill you have. Once that is paid off, you keep working to the biggest.In fact - follow the plans by Dave Ramsey in the book Total Money Makeover.You can also grab his radio show (it is online free if you cant catch it locally).I was able to loose my $70K in debt in only 16 months. I am now - Debt Free!!!It is an awesome feeling.

[Oohlala]

First of all, congratulations! It sounds like your doing all of the right things, 2 suggestions for you:How much are you really saving, maybe its too much and more should be put into your loan payments. What accounts are you putting these savings into? Mutual funds would be a good start, look especially at dividend funds, higher interest rates, easy to convert to cash in emergencies. Most people who pay this neglect to look at their EXPENDITURES. Look and see where you can cut costs, mainly little things. I have to admit, I struggle with this cause I love to eat! eg. a meal out a day, plus snack can easily be $10+, 7 days a week = $70 = $280 per month.Hope this helps.

[south]

I have alot of it at the moment and want to fully eliminate it? biggest debts first?its making my life misserable. and i cant save travel or do anything because of it? i dont have debt on a house.

[Monkeyboi]

Highest interest debt first, usually.By paying off the highest interest rate first, you have more $$'s over time to pay off the lower interest debts.Consolidate your debts, especially credit card debts onto a lower interest card or loan (and with fewer cards you won't have nearly as many minimum payments to make, allowing you to pay down debt faster).

[Bette]

Put your self on a budget, stop using credit cards, and save.