what is the best way to work a budget to cut debt fast?

getrd2go asked:


looking for the best debt reducing budget that will provide debt relief quickly what debt is the best to pay off first?

Thelma

Tags: Budget, Debt Relief

This entry was posted on Tuesday, December 16th, 2008 at 7:31 pm and is filed under Personal Finance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

3 Responses to “what is the best way to work a budget to cut debt fast?”

1. Rich Says:
   December 17th, 2008 at 4:32 am

   1> Cut up all the credit cards!
   2> Review all your bills. Pay mortgage / rent first. Then pay down the stuff with the highest interest rates.
   3> Sell off stuff you don’t need or use. Ebay or Craigslist.com

2. One Says:
   December 19th, 2008 at 8:30 am

   Stop adding to your debt.
   Remove all extra non essential bills (premium cable, daily bar visits, candy bars).
   Use the savings from the extra bills to pay debt.
   Sell stuff in the closet that are useless to you.
   Extra job and use the paycheck for the debt.

   Pay the higher interest debt first. Then the next one and the next one until done.

3. Brooks Says:
   December 21st, 2008 at 4:37 am

   1. Pay off the debt with the highest interest rate first.
   2. Try to consolidate the debt into one, low interest loan. Sometimes this can be done with a home equity loan.
   3. Look into free/government help, like Consumer Credit Counseling Services. Check your yellow pages.
   4. Go to Barnes & Noble or Borders, look in the Personal Finance section, and look for books on debt reduction or books with ‘debt’ in the title.

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