How do i get myself out of debt as fast as possible?

I am trying to get myself out of debt as fast as possible. How can i do this? i currently owe $8,000 on credit cards, i have a $350 Min. car note every month and $650 mothly rent to pay.


i make $550 a week.





Can anyone give me som suggestions?

How do i get myself out of debt as fast as possible?
Look at all of your credit cards.





The only variable available here is to pay off your credit cards. (You have to pay your rent and car, so no help there.)





Look at the interest rate of each card and pay the highest interest rate card the most. Lower your card payment on the others to just about double the minimum payment.





For example, let's say you can afford $500 a month in credit card payments. If you have 4 credit cards and each one has a minimum payment of say $50.00 (or whatever), take the highest interest one and shove $300 into that, $100 into the next highest and pay the $50 minimum on each of the other two. Repeat until finished.





If you have two at the same interest rate, pay off the one with the smaller balance first. It is psychologically helpful, you will eliminate one source of debt.





Oh, and quit using the credit cards. Once there is a balance on a credit card, every new charge on it adds considerably more interest, your $20 haircut can turn into a $200 haircut by the compounded interest...
Reply:First you need to call all of your credit card companies and ask them if they will lower your interest rates. Sometimes if you have been a customer with them for awhile, they will do that. Secondly, cut out all unnecessary spending. Instead of dining out, stay home and cook. Instead of buying lunch everyday, take a lunch to work. If you live near someone that you work with, carpool. If you switch off weekly on who drives, that will save you quite a bit on fuel. For your car, shop around and make sure that you have the best insurance company and that you aren't paying too much for it. If you have cable TV, have it shut off for a few months, use that money to pay a little extra on your credit cards. I know it sucks not to have cable, but I've done it for about a year, and I saved over $600.00 that year. Cut down on your utilities. Anytime a light is not needed, don't turn one on. This time of year, grill out instead of using your stove. There are tons of ways to cut down on spending. Be creative and write down a list of how much you spend weekly or monthly on everything, and then decide what you can live without for awhile. It all adds up.
Reply:Keep track of where you spend your money. Once you have done this you will see where you spend the most and where you cannot afford to spend.


All it takes is diligence.
Reply:First of all, get rid of your credit cards. Don't just cut them up - call each credit card company and cancel them. Then work out a payment plan with each of the credit card companies you owe. Tell them that you want to pay off you debt, and ask if they will lower the interest on your remaining balance. Often times if you ask, they will.





Next, pay yourself first. Put money away in savings (even if it's only $25 a week - or month.) Then deal with your bills.





Cut back any way you can. Pay bills electronically, and save stamps. Make your coffee - don't buy it at the coffee shop. Same for lunch. My husband brings his lunch and coffee to work every day - it probably saves us about $40 - $50 a week.





Don't rent movies or pay for them through your cable company. We get all our movies from the public library. We can keep them a week. We reserve them online. Find out if your library offers that service. Same for books - don't buy them, get them out of the library.





Learn to cook. Tonight's dinner leftovers can be tomorrow's lunch. Making dinner for a date is very thoughtful, and a lot less money.





Join www.freecycle.org It's a great way to get stuff you need for free. I got a barely used bicycle, 3 rugs, a brand-new in the box telephone, a chair, lightbulbs and more, and all it cost me was the price of gas to go get it.





Hope this helps. Good luck.
Reply:Well... if your GMI is $2200 (less 650 and 350), then you have only 1200 to cover all your living expenses and credit card bills, which is not much. What are the interest rates for your car and credit cards? How much do you left on your car loan? First, I would suggest getting another part time after "work" job to make some extra cash that you can throw to your bills. Second, create a budget and shave expenses where you can and use that money to throw at your bills. Let's say you spend 200/month on food, 50/utilities (you should cancel your cable), 50/personal items like toiletries, 50/transportation, then that now leaves you 850 (I'm sure I'm greatly underestimating monthly expenses but this something you should sit down and figure out). You could use 500 to pay cc every month and it would take you 1.5 years to pay it off, assuming a 12 percent interest rate. Theoretically, this leaves you 350 to either allocate to some other monthly expense, put more towards your cc payments, or start a small savings.
Reply:work more? nothing is free
Reply:Opt for a debt consolidation loan: The easiest method of getting a debt consolidation loan is to utilize the equity of your home. Equity of your home is calculated and determined by the difference in the amount you have paid and the amount you owe. If the amount you have paid is more than the amount due, you can use it as collateral. This allows you to borrow money on lower interest rates. Besides, you also get tax benefit on this type of loan. Consult your tax advisor before opting for this loan.