What are the best advices when dealing with debt?

I have about $3500 in credit card debt, and about $24,000 for my car. I'm only 20 and I'm not sure what to do. What's the easiest, and best way to pay off these bills fast. Is there a way I can put all of these on one bill and have just one monthly payment for all of this?

What are the best advices when dealing with debt?
Don't consolidate. You could lose the car as it would be collateral. Pay off the credit card with any extra money you have. Reduce your driving to save gas. Increase your deductible if you can, and drive carefully to reduce the risk of an accident. Review your spending habits and cut back on necessities.





Your credit card is costing you about $51 per month in interest cost alone (18%). That's about a weeks worth of gas. Your car is about $177 in interest per month.





If you consolidate, your total debt would be about 28,000. It's likely that your interest might be about 10%-12% on the total balance. Your interest would be about $230-$276 per month (more that you're paying now). Of course these are presumed interest rates and approximate figures. You'll have to use more exact figures for your situation.





Good Luck. Dump the credit cards. They're the banks BIGGEST money maker.
Reply:Unless you can reduce the interest rate (and not pay fees) don't consolidate. Also read the consolidation contract carefully. And make sure they are a good company - consolidators sometimes take the money and run.





With that said. Make the minimum payment on all debts each month. Then take extra money and pay it towards the debt with the highest interest rate. Candidly, my bank pays for the stamps, so I would mail a check every week. Getting a second job would help with having extra money to pay them.
Reply:You don't say how much you make. What I did was call each of my credit card companies and ask them to drop the interest rate. I told each one what my best deal was (and I get those 0% offers all the time), so I negotiated a great deal with two out of three. Then I transferred my balances to the lowest card, so I was paying less interest. I figured out ways to make extra money, and I cut expenses and started putting extra payments towards my debt. I also made a commitment that I wouldn't get any further in debt, one day at a time. It feels great, and I didn't have to consolidate.





I suggest you see if there's a Debtors Anonymous chapter near you and start going to meetings. It's good that you're realizing this now, so you can handle it now.
Reply:Your bank would probably let you consolidate this loan, but they would probably also say you have to cut up your credit card. It is safer for you to do this with a bank than with a finance company and the interest will not be as bad. Don't buy things unless you can afford to pay for them.....