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-   -   Seriously, what are the best ways to get out of debt?? (https://www.yorkietalk.com/forums/off-topic-discussions/96862-seriously-what-best-ways-get-out-debt.html)

Jenn218 10-03-2007 03:18 PM
Quote:
Originally Posted by Bizzymammabee (Post 1410659)
A good way to pay down debt and save yourself money would be to borrow from your 401k if you are not too close to retirement. It's a good way to get the funds, pay it back at a lower interest rate and the biggest plus is that the interest goes to you and not a credit card company. I used from mine to do put in my new kitchen and install hardwood floors throught out my house.

I love the fact that I am in debt to myself only and every single penny of interest goes into my account.

So.....you are not penalized for borrowing from your 401k? For some reason, I thought you were.....I haven't looked into it. What is the criteria for paying it back...how long do you have, interest, etc. I would love to hear about it.

Bizzymammabee 10-03-2007 03:21 PM
Quote:
Originally Posted by Yorkiekids (Post 1410627)
You usually can call the companies you do have high interest rates with and renegotiate the interest rate. Tell them you might have to go with a credit consiolidation company, and they will usually jump through hoops to lower your rate, so they don't lose all the interest. Burn the cards so you can't glew them back together, and their is life after credit cards. It's not easy, but it's do able. You just have to question every purchase you want to make, and make sure you absolutely need the item. If not you don't buy it. This is weird, but if I have an absolute need to shop for things I don't need I'll shop, put them in the basket then walk away. It gives you enough of a fix. Atleast it does for me.
Yep I do the cheap feel good shop too. It really is amazing how we can easily slip into debt.

mizzwanned 10-03-2007 03:23 PM
I was in debt $5,000 and now i am down to $2,900. I am going to pay the whole balance in a few weeks cause i got lucky with some money and i am so thankful for that. But my CC company put me on a program thing, where i basically told them freeze my CC, so i haven't used it and every month i put in money, $100 or more, whatever i can and they don't charge me interest or anything. The $100 just goes and lowers my debt. I have seen the suzy orman show and its great. I hope you get rid of your debt. I can't wait to be completely debt free!

pamacluan 10-03-2007 03:26 PM
So.....you are not penalized for borrowing from your 401k? For some reason, I thought you were.....I haven't looked into it. What is the criteria for paying it back...how long do you have, interest, etc. I would love to hear about it.
It really depends on the 401(k). The plan document has to allow for loans. The plan administrator should be able to answer this question. Many don't allow for loans or only allow for major hardships, terminal illness,etc. If it is not a loan but a distribution, then the rules apply that I posted before.

Jenn218 10-03-2007 03:26 PM
Quote:
Originally Posted by mizzwanned (Post 1410677)
I was in debt $5,000 and now i am down to $2,900. I am going to pay the whole balance in a few weeks cause i got lucky with some money and i am so thankful for that. But my CC company put me on a program thing, where i basically told them freeze my CC, so i haven't used it and every month i put in money, $100 or more, whatever i can and they don't charge me interest or anything. The $100 just goes and lowers my debt. I have seen the suzy orman show and its great. I hope you get rid of your debt. I can't wait to be completely debt free!
They can freeze your card? They didn't throw a fit over that? I always thought that card companies WANTED you to go into debt and spend and spend with their card because that is giving them money.....I never thought to have them lower the rates, let a lone FREEZE the card. I may have to give that a try. AND with that, all the money you pay goes towards your principal? No interest?? Wow! That sounds great!

And....congrats on getting yours paid down!! WAY TO GO!

drawlins27 10-03-2007 03:28 PM
Quote:
Originally Posted by Jenn218 (Post 1410660)
I never thought of calling to lower the 11% card....I will definitely do that! THANKS for that tip!
Credit card companies know that people are being told that they can call and ask for lower interest rates. As soon as you ask the question, the customer svc rep goes to a scripted answer and says that they can't lower the rate. Don't even bother with them, ask to speak to a supervisor instead. And don't give up if they say no, persistance is the key.

Sunnyd 10-03-2007 03:34 PM
Freeze your credit card
 
in a gallon of water. That way you can get to it if you need it but not really easily. You have to wait for the ice to melt to get the card and that gives you time to talk yourself out of the purchase. Another easy way to stop using your cards is to not carry them in your purse. Again you have to go home to get your card and back to the store which gives you time to decide it's not worth it.

I too am in the process of paying off my credit cards. There are two recommended methods, you can start by paying off either the lowest balance card or the highest interest card. You pay the most you can on one card and only the minimums on the others. Then when you pay the first one off you role that payment into the next card and so on. It works great but seems to take a long time.

Yorkiedaze 10-03-2007 03:38 PM
Quote:
Originally Posted by Jenn218 (Post 1410516)
Okay, we all have it......but how do you really get rid of it??? DEBT!!!:eek:

I could really use about $15,000 (not much, but too much) to get out of debt.

What is the best way to get the funds to do this?

Have you been in debt and got out? If so....HOW DID YOU DO IT??

I know, I know...the first thing to do....CUT UP THE CARDS and NOT spend money......

WHAT ELSE?

Anyone get a loan to pay it off and does that work well?

PLEASE PLEASE PLEASE....send any and all options!!!:D
I would love to hear your success stories!!!

Go to a financial advisor and they will help you.

scrappysmom 10-03-2007 03:49 PM
i cut my cards up and am now paying on my cards no more credit cards for me .and i find myself staying home more to keep me from being tempted to spend money it does work .i just paid off capitol one and now working on wal-mart.

mizzwanned 10-03-2007 03:57 PM
Quote:
Originally Posted by Jenn218 (Post 1410688)
They can freeze your card? They didn't throw a fit over that? I always thought that card companies WANTED you to go into debt and spend and spend with their card because that is giving them money.....I never thought to have them lower the rates, let a lone FREEZE the card. I may have to give that a try. AND with that, all the money you pay goes towards your principal? No interest?? Wow! That sounds great!

And....congrats on getting yours paid down!! WAY TO GO!
I guess, i mean this was and is my first credit card. I wasn't paying and they were the ones that called me and i basically told them im a college student, im working right now and and going to school full time so i haven't been able to pay much and they told me we can make put you on a program where you pay a set amount every month but we basically freeze your CC and you can't use it while you're on this program. So they told me to choose an amount i can pay def. every month and i told them $100 and they said whenever i can try to pay more than that so i can eliminate my debt faster. So it's been a couple of months and they don't charge me anything , i think it expires in February and then that's when they have to start charging me interest again but by then i will have it all paid off!! :thumbup: :D So i have not used my CC in almost a yr and the debt has just been coming off!

chattiesmom 10-03-2007 04:05 PM
go to http://www.clarkhoward.com

he gives good financial advice

Superstarkba 10-03-2007 04:21 PM
Quote:
Originally Posted by chattiesmom (Post 1410752)
go to http://www.clarkhoward.com

he gives good financial advice
I would have to agree!!! :thumbup:

futureyorkiemom 10-03-2007 04:35 PM
I agree with Wylie's Mom. Suze orman has some great tips for getting out of debt.

Erin 10-03-2007 04:45 PM
Paying off debt is hard but it is so awesome when you are done (or almost done!) :D

Listen to Dave Ramsey and read "The Millionaire Next Door" (from the LIBRARY, not Borders!) ;)

I like Suze Orman too.

Luckyone 10-03-2007 04:49 PM
A lil under 4 years ago, my husband and I had $36,000 in debt. Yes, you read that right. $36,000. We were so close to declaring bankruptcy.

Instead, we went to Family Means, which is a program funded by United Way in our area. All of our credit cards were shut down, rates adjusted and we began paying them off. Come Februaryish, we'll be completely paid off. (Save our house, cars etc)

So debt management is not always a bad thing. It depends on who is doing it and how committed you are to getting your debt paid off.


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