Paying off debt?

I'd find one of those 0% for 18 month deals (Citicard) and transfer all of debt to it. Then get really mad at it and make sure you pay it off before the 18 months. Figure out how much per month you need to pay to have it paid off in 18 months and do it. I paid close to 20k off in about 14 months doing it this way.

Sign up for mint.com. It will help you realize where your money is actually going.

I used a Citi balance transfer for a downpayment on a condo.

Put together a budget. Make sure you both agree on it. Stick to it.

I know this sounds obvious, but this is this surest way to get out of and stay out of debt. Have an emergency fund so you don't go back into debt when life happens.

As someone pointed out, Mint is a good way to help you track your spending.

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Anyone had any luck with any debt consolidation companies

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Myth: Debt consolidation saves interest, and you have one smaller payment.
Truth: Debt consolidation is dangerous because you treat only the symptom.

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Debt consolidation is nothing more than a "con" because you think you've done something about the debt problem. The debt is still there, as are the habits that caused it – you just moved it! You can't borrow your way out of debt. You can't get out of a hole by digging out the bottom. True debt help is not quick or easy.

Larry Burkett, noted financial author, says debt is not the problem; it is the symptom. I feel debt is the symptom of overspending and undersaving.

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A friend of mine works for a debt consolidation firm whose internal statistics estimate that 78% of the time, after someone consolidates his credit card debt, the debt grows back. Why? He still doesn't have a game plan to either pay cash or not buy at all. He also hasn't saved for "unexpected events" which will also become debt.

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The way you get out of debt is by changing your habits. You need to commit to getting on a written game plan and sticking to it. Get an extra job and start paying off the debt. Live on less than you make. It is not rocket science, but it is emotional.

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The Truth about Debt Consolidation

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I have great credit, never been late on anything.

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This single fact will help you a lot.

Call the credit card issuers and ask for a lower rate. Since you have never been late and (presumably) your credit score is decent, they will probably lower it a good bit.

The reason why is that if they don't, you will probably qualify for a low "teaser" rate with a competitor. So do both - get the lower rate and then get another card with a teaser rate anyway and use that while you pay off the higher rate card. So long as you pay the bills on time and keep a good credit rating you can repeat this trick as many times as you need to in order to pay it all off.

The trick, of course, is make absolutely damn sure you are making progress. What kills some people is that they get that second card and can't resist using it for a vacation or some such.

Oh, and stay the hell away from debt consolidation companies, or anyone who offers to settle your debts for less than you actually owe. That will kill your credit record as if you'd filed for bankruptcy.

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rolltide06

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Read Total Money Makeover. People hate on Ramsey, but he really nails this stuff.

Well someone above said it best. "Get mad at it."

Rice and beans baby. Rice and beans.

No frills living until its done and when it is it is a great feeling.

I had several CC that we used while my wife was in school, etc.....I paid them off one by one by paying off the one with the highest interest rate and so forth.

I finally got all of them paid off except for one and I am putting all I can towards it each month.

I do have two other cards I used for home improvement projects, new furniture but both of them are 12 months no interest.


Good luck.

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"get mad at it"

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This is the MAIN problem:
emotionalizing money and debt.
Money has no emotion and we make it emotional. Do not get "mad", but undersand and accept your decisions, find the source of your "problem", and create your solution.