How to get out of debt?
By iluvpeaches2
@iluvpeaches2 (170)
United States
December 15, 2006 12:57pm CST
My husband and I are both going to school and we don't make a whole lot of money. We are in debt about $15,000 and we tried to get a loan fromt he bank, but they wouldn't loan to us because our debt to income ratio. Has anyone else been able to get out of debt? Do you have any tips?
1 person likes this
2 responses
@snowflake5 (1579)
• United States
15 Dec 06
There is only one way to get out of debt. That is to increase the amount you earn and decrease the amount you spend, and use the difference to pay down debt. Don't take on any more loans.
If you are studying, it's hard to earn more, but perhaps you can get a member of your family to help?
@iluvpeaches2 (170)
• United States
15 Dec 06
Well, part of our debt is we loaned my parents money so they could buy a house and when they get their settlement they are going to pay us back. No one else in my family really has a substantial amount of money either, but thanks for the help.
@livingnchaos (56)
• United States
15 Dec 06
Make a budget and pay every penny that you can as soon as you can. Even if it just $5 here and there. It will start to add up. Start with the higher interest rates. There are also people you can go to that will help lower your interest rates or have late fees credited back to your account. That may help you as well.
@iluvpeaches2 (170)
• United States
15 Dec 06
Thank you. I don't know about who to go to? I don't want to spend money to talk to someone either? Are there people that can REALLY help that are free?
