How do you get out of debt?

I hear what you're saying & I'm in the same boat! I keep paying the minimum and don't see a lot of change. I've just began to really take charge of my debt though and am determined to get it paid off as soon as possible. I started a blog about it so I can keep up with my progess at onegirlsquest.blogspot.com and I also have some links up on it of other people that are doing the same.

I have a credit card right now, and so far, I've been able to pay every every time my bill arrives. I only use my plastic to stretch my money and I only buy necessary things like groceries and gas. But for shopping clothes and other wants, I only use cash so I won't be tempted to overspend. With groceries and gas, I do have a fixed budget every month, and I only use it so I won't have to carry that much cash around. Also, I make sure that I set aside the amount I need to pay for my bill.

One way to get out of debt is to not use your credit cards. I would only keep one charge card for emergencies that way I would avoid the temptation of spending. You may want to get a debt consolidation loan for your credit cards so that you will pay less interest and finance charges. You should try and make more than the minimum monthly payment, if possible, that way you will get the balances down quicker.

I'm definitely feeling the pinch. A couple of ideas: Each month, your minimum required payment goes down a little bit. What if you just kept paying the same payment every month - like if this month it is $96, and next month it is $94, just keep paying $96? This will make it easier to be paying extra without noticing. I try to pay my bills as early as possible. Interest on charges that are carried is calculated daily, so if I pay a few days early, it saves me a few cents in interest. Over the long run, this adds up, especially since the interest is compounding. I am doing a big push this month - I'm trying to put as much money as possible to my target card. If I do this now, it'll make it a lot easier because I'll pay less in interest, etc. I am selling a lot of our stuff, plus trying to find creative ways to stretch our budget. We even cancelled cable.

As a college student with a credit card bill and student loans I am feeling the pinch. It is rough. I was told not to pay double payments or much more than you have to because you could pay double one month, then have troubles the next and they don't give a crap if you paid double the month before. They want their payment month to month and even if you took off a huge chunk 1 month, it doesn't make them feel more sorry for you the next. It sucks. It's time to cut corners in all aspects and get those bills paid off.

I think I'm in a similar situation. I've been trying to get out of debt for months now. I got into paying off one credit card with another credit card thinking that I was saving money, but I just got into more debt. Since the new year, I've stopped using my credit cards. I just took them out of my wallet and I only use cash. If there's no cash, I don't buy anything. It's been the hardest thing to do, but so far so good. I've had to cut back a LOT on going out with friends and eating out, but I feel better about my financial situation. I eat a lot of sandwiches now and eat at home more. If I go out, I don't order fancy drinks and appetizers, but I can still go out once in a while. I don't buy new clothes or get my Starbucks the way I used to, but I know I need to do this to get out of debt.

Other responders are on the right track. Stop the bleeding first! Don't put any more charges on your cards. Then look for money to pay them off. Sell something, work more hours, take on extra work or a job, have a garage sale, whatever, but come up with any extra money you can think of. At the same time, start looking for ways to cut expenses. Don't eat out, don't buy unnecessary things, etc. Use every penny you can make or save to put toward your debt.

There is only one way to get out of debt. Stop all unnecessary spending and get rid of all the plastic! It's not easy to do, I know, I've been there myself.

We didnt really notice our payments go up when they told us they would. We try to keep our ballances low but it surprised us this year how much we added on. We are getting our budget tighter so we can put more money towards our debts so we can get rid of it all and hopefully never get back in again. We are trying to put any extra money we have towards our debt even if it is just rounding up the payment to the next rond dollar ammount. I figire every bit helps. As the ammounts we owe go down the payments are easier to hndle and we can pay more toward them. As we eliminate one we put the budgetted amount to the next debt in line and then we are paying more towards that one. In a few years we should be living on a good cash system with only our home to payoff.

I hear you! We are just now coming out of debt and do not want to get back into it. Even though you are not able to pay those big chunks at least you are paying ON TIME!!! If you need more information you can visit my profile and there you'll find a link to my Credit Repair business. Everything you need to repair your credit is there!

We use what is called "the snowball method". That means we put as much as we can toward the largest interest debt while continuing to pay minimum on other debts. Once that large one is paid off, we move that money to the next highest interest debt. We continue this until all is paid off, NEVER considering ourselves to have extra money when something is paid for because we snowball it into another payment. Also, we reduce spending as much as possible and try to utilize alternative products for less money when we can. It isn't so hard, but does take some discipline.