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How can I get out of debt in 12 months?

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Subject: How can I get out of debt in 12 months?
Posted on Wed Oct 22, 2008 6:21 pm  

Ok, so you have a lot of debt, and it seems like it's going no where. You pay your credit cards every month. What do you do? I am in the final stages of completing a course right now that will teach you how to pay off your credit card debt in 12 months. So, in order to make sure I don't leave any rock unturned, I want to know your questions on this? In exchange for your question, you will receive a free digital copy of the course when it is completed. Completion time will be in about 2 weeks. Just visit the site below and enter your question. No tricks, no gimmicks. Just want your most burning questions about paying off your debt.


Joined: 31 Aug 2008
1002543's page
Posts: 80

132 Magic Points

Posted on Thu Oct 23, 2008 12:42 pm  

Oh, please.
No one needs a course to get out of debt. The only thing needed to get out of debt is a will power and stick to a budget.


Joined: 06 Jul 2006
Mary's page
Posts: 684

17426 Magic Points

Posted on Fri Oct 24, 2008 11:53 am  

I agree with you 1002543. This forum has in fact a lot of discussion on how to get out of debt. Moreover, prevention is always better than cure and so one should always try to keep his/her expenditure under control. Most people fall in debt only because of their spending habits on the credit cards and soon become delinquent as they fail to repay them back on time. This delinquency gets reflected on the credit report and lowers the credit score. However, the effect on the credit score is even far more worse if the creditor brings judgment against you to recover the debt.
Where there's a will, there's a way !!


Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1883

1916 Magic Points

Subject: debt
Posted on Fri Oct 24, 2008 1:18 pm  

How many times have been gotten on this fourm, to tell all of us a 'magic' way to get out of debt? We all have our own issues,and the 'next' person doesn't know what they are..except us. So....that's, ALONE, should be a good reason to do repairs ourselves. Hope this makes sense to ya'll.

Joined: 12 Sep 2008
jtrenton's page
Posts: 14

232 Magic Points

Posted on Mon Oct 27, 2008 3:42 pm  

The only way to get out of debt is to spend less than you earn.


Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1883

1916 Magic Points

Subject: debt
Posted on Mon Oct 27, 2008 4:25 pm  

What about those who have bills that equal MORE than their income? There is someone, on this forum, who is having that problem. Just trying to 'talk her through' different issues.

Joined: 03 Nov 2007
goodnatured's page
Posts: 3931

623 Magic Points

Posted on Sat Nov 01, 2008 3:19 am  

I would be interested in taking a look at this anyway. I think the best way to get out of debt is to educate yourself, examine where you are, be honest about it and attack it from the front, head on.

I don't think it hurts to examine all possibilities, who knows there may be something in there that we did not think of. I would love it if you would pm me the link please.
for all the ways I make $$ online


Joined: 17 Jul 2006
Justin's page
Posts: 1238

28944 Magic Points

Posted on Sat Nov 01, 2008 5:13 am  

Hi Chargers
If you have outstanding bills more than your monthly income, you need to come to a repayment agreement, which should not exceed more than 75% of your monthly disposable income so that you can have at least 25% to survive. So I think that if you have a huge amount of debt, you can go for a debt consolidation loan which would be easier for you to repay because of the low interest rate on such loan. However, you can get a good interest on debt consolidation loan only if you have a good credit score.
All the Best Smile


Joined: 27 Jun 2006
carol's page
Posts: 1299
Location: Los Angeles, California

30072 Magic Points

Posted on Sat Nov 01, 2008 5:30 am  

Hi jtrenton
I agree with you. One should always keep track on spending on credit card debts and repay them back on time. Doing this, you can not only manage your debt properly, but also maintain a good credit score. However, I think that one should always save at least 25% if his monthly disposable income for future emergencies. This will prevent you from taking payday loans which generally push people to vicious circle of debts.
Keep in touch

Joined: 03 Nov 2007
goodnatured's page
Posts: 3931

623 Magic Points

Posted on Sun Nov 09, 2008 4:33 pm  

I only use mine to establish a payment history, I have one small retail card, usually only has like a $30 balance.
for all the ways I make $$ online

Joined: 26 Feb 2008
fireyone's page
Posts: 4246

142 Magic Points

Posted on Sun Nov 09, 2008 10:56 pm  

Thats a really good idea GN. I also agree with Carol. I know it is hard to save at times like these with the economy they way it is but even of it is just afew dollars a month that can add up to quite a bit overtime. One thing noone wants to mess with is the payday loans. Tht really can start a vicous cycle. It seems easy enough to just go get the money but at the interest rate these places charge you could be way in over your head in no time.

Joined: 18 Oct 2009
SIA's page
Posts: 62

2524 Magic Points

Posted on Thu Oct 22, 2009 6:11 pm  

You're living paycheck to paycheck and it's causing a lot of stress. Bills and credit card payments are eating up most of your income. You know you need to rid yourself of debt and save some cash -- a cushion of three to six months' living expenses to use in case of emergency. And you'd like to begin investing on a regular basis to build some financial security.

Joined: 27 Oct 2009
marcusandila's page
Posts: 133

3037 Magic Points

Posted on Thu Oct 29, 2009 5:10 am  

I honestly feel that having a savings account & credit card debt at the same time isn't really doing you any good money wise. Personally, I think that its a great idea for that nest-egg fund for emergencies. But, then when you are paying higher interest rates on credit cards/loans [minus mortgages & such] than you are earning in your savings account then you really arent utilizing your money the best way.

First you need to pay off the interest-burning cards/loans. THEN add to savings. That is the best way to go about it, in my opinion. Of course, having the nest-egg is necessary if you arent budgeting for things like car issues/maitenence and things of that nature.

I'm sure not everyone would agree, but that is my opinion. I feel after you have a little nest-egg built up. Pay off your cards by chipping away at it a little every month. as much as you can.

Gosh, i hope that wasnt confusing.

Joined: 14 Jul 2009
warghade's page
Posts: 34

629 Magic Points

Posted on Sun Nov 15, 2009 12:52 pm  

One thing you should examine that if we repay our cradit on time,we always live stable. you should always try to minimaise the expenditure that is help to you to pay interest on monthly.
You should think about your income. On your income you should pay your interest.

Joined: 09 Nov 2009
Archie's page
Posts: 57

37 Magic Points

Posted on Sun Nov 22, 2009 12:08 pm  

Definately you can get out of debt provided you have proper budget. The budget planning is playing important role in removing out from debt.

Saving money for the future and earning more money will also impact and help a lot to get out of debt.

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