How to get out of debt?

Yes, stop buying on credit--it just adds to your bill and adds to the interest charges you have to pay. Also start tracking your spending and creat a budget. People are often surprised at how much they spend on things like eating out, coffee, little expenses that add up. Create a realistic plan of how much you really need to live on , and use the money you save to pay down your debt.

Save wherever you can. Don't have premium cable or the latest gadgets on your cell phone. Save your spare change in a jar. Put whatever you save towards paying off your debts. When you pay off one debt, put whatever you were paying towards that debt towards paying off the next one. For example: Credit card 1: monthly payment $100. Credit card 2: monthly payment $100. Loan: monthly payment $100. When you pay off credit card 1, your monthly payment for Card 2 becomes $200, then when you pay that off, your monthly payment for the loan becomes $300. By paying MORE than the minimum monthly payment, you save a lot on interest and you pay everything off sooner.

Try to budget, and don't charge things.

just save in some monthly installments and invest the same. and clear the debt

Some points u need to consider ... 1)Please study the loan repayment structure.. cartain loan like housing loans have a higher intrest component and a very small principal amount for the first 5 years.. thus makiing it not viable to repay or close the loan before 5 years 2)The tax benifit u can avail on the loan has to be taken into consideration... 3)foreclosure of loan is also chargable.. ..

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