What is the best way to get out of debt?

[maria g]

What is the best way to get out of debt?

[Jay J]

Pay your bills. Only buy the necessities.

[ARMY WIFE]

Work 2 jobs.

[Miss D]

This going to be easier "said" than done but.......STOP SPENDING!

[GERARD v]

don't buy so much stuff. sell stuff you don't need.

[wrxk]

The best way to get out of debt is to start saving. Save atleast 10% of what you earn every month, and then pay as much as you can towards your debt....you'll hav to make some sacrifices on your lifestyle! oh! yeah...also start looking to make more than you do...that helps too!

[Micheal J]

have money transferred from your checking into some kind of savings right when you get paid, so you do not have a chance to spend it. It adds up fast then you can invest it or pay off debt with it. Read the book "Automatic Millionare"

[cynthia r]

Debt consolidation or working with a debt counselor is the only way to get out of debt. People just telling you to save and to stop spending doesn't work. It took me almost 4 years to get out of debt but through debt consolidation I was able to do so. They will call all of your credit card companies and negotiate lower interest rates on your credit cards (one of my cards went from 27 percent to 11 percent) and they will make it so that you are unable to use them forcing you to live on what you make only. It was the only way that I was going to get out of debt, once you do that you will be able to see how much you can save. I work two jobs and all the money from my second job is directly deposited in my saving account, that way I only use my primary pay check for my everyday expenses. I am 26 now and almost completely out of debt, and am proud of my savings even if it is still small by most standards. Good Luck!!

[amazing_creation]

Snowball your debt:Start by paying off your highest interest rate accounts first, then work your way down. Be sure to make at least the minimum monthly payments on any other accounts.Example:Say you have 3 credit cards and a car loan with the following interest rates and minimum monthly payments:CC #1 19.99% $85CC #2 12.50% $78CC #3 9.99% $112Auto Ln 7.50% $214If you have $520 a month to put towards these bills, pay as follows:CC #1 $116 CC #2 $78CC #3 $112Auto Ln $214 **Most car loans are fixed pymts, so don't worry about paying extra on this.Put your extra $31 per month towards CC #1 until it is paid in full, then put the $116 per month towards CC #2 [$194/mo] until that is paid in full, etc.

[fred333]

Try to cut corners wherever possible and try to save and payoff debts fast.