Any suggestions on how to get out of debt quickly?

Credit and mortgage advice Forums Consumer Credit Debt Management Any suggestions on how to get out of debt quickly?

This topic contains 23 replies, has 12 voices, and was last updated by  Anonymous 7 years, 10 months ago.



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  • #206479

    Anonymous

    I am already working two jobs and serve in the Army reserve. Bad thing is I have bad credit so I cant seem to get a loan that I can afford. Have several offers, but dont want to just get something else I cant pay. Dont want to file bankruptcy, but am almost thinking that is the only option left. Anyone with any suggestions please let me know, I would greatly appreciate it.



  • #259037

    Anonymous

    Cut up your credit cards.

  • #259212

    Anonymous

    Rob a bank.

  • #259421

    Anonymous

    I’m working with http://www.creditsolutions.com

    I just started so I can’t say for sure if they will help me in the long run, but they did reduce my debt drastically. (By over 50%) And they got the calls to stop.

  • #260053

    Anonymous

    there are a lot of ways to help reduce your debt. The first thing you might want to consider is to look into debt consolidation. Sometimes the offer given is actually an overall reduction in interest which is beneficial, sometimes it won’t be beneficial so buyer beware!

    Also you may want to look at what you owe exactly. Are they all credit cards? Different banks? If this is true you should try to set out a plan of attack. The goal would be to consolidate the debt into one card and knock it out completely. How I did it was I knocked out the card with lowest interest rate first and used it to transfer funds to the other card. I no longer had to pay as much and I actually improved the credit on the better card, I got to consolidate much quicker and cancelled my other card the day I cleared it (i learned that even if a balance is zero, a bank will charge you a retarded fee sometimes.)

    Second and most important, start reducing the amount of money you spend.
    Stop eating out all of the time.
    Have cable internet? reduce it to DSL unless you torrent day and life for the rest of your life (if you play WoW, now is the time to quit).
    Have a cell phone and a home telephone line? get rid of one or the other (some phone companies will let you have DSL without phone service if you argue with them enough). If you run out of cell phone minutes you can make calls over skype for as little as 2 cents a minute ($45 a year if you want your skype account to have a land line number).
    Just how often do you watch TV? You can survive with just on the internet alone thanks to legitimate new sites now like hulu.com and the improved southparkstudios.com.

    There are also loads of quick jobs you can do for quick cash. If you live near interview marketers/software companies, you can call and ask for times that they do focus groups. You can easily get $100 cash for a 1 hour survey.

    You mentioned you are part of the army reserve. When I first started college I had access to a military base. At least at that base, the grocery baggers were paid on tips alone. I could go there whenever I had time and easily pick up $50-60 in a few hours to pay for food and help out with the monthly bus pass. It may differ from base to base (the one I went to was Travis Air Force Base, my community college was right by there). Also don’t think of it as embarrassing or anything as I know people young and old that do it.

  • #260907

    Anonymous

    Getting further loans will only put you deeper in debt. Talk to the people you owe money to, make realistic payment arrangements. Spend less. Set up a budget. Self discipline.
    Oh wait, you said quickly, rob a bank.

  • #261674

    Anonymous

    Beats me, but if you find out, could you let me know?

  • #264816

    Anonymous

    Sell what you’re living in

    sell your car if you’re in a big town

    see if you can live with friends/family for a bit.

  • #265653

    Anonymous

    try to consolidate your credit cards…get all the debt under one credit card and get rid of the cards that get to a 0 balance so you don’t use them. it will not be overnight and will be hard but you can do it.

    Bankruptcy doesn’t get rid of your debt anymore. The goverment changed that about four years ago. so that will not solve the problem.

    Just pay as much as you can, get rid of bills that you can live without, example cable, cell phone, car (take the bus ), go out less, eat out less, buy generic foods…good luck

  • #268379

    Anonymous

    I am so sorry to hear you are struggling.

    There are some great online sources for getting out of debt. Just take a deep breath, you will get through this.

  • #269137

    Anonymous

    I am in the same boat as you. I am gettng married next year and want to buy a house but….my credit is horrible. Since you are working 2 jobs (like me) try to pay off you debt as best as you can. I have a lot of credit card debt and I am just trying to pick a card and try to pay it off. You also need to build your credit back up. Get a credit card and BE CAREFUL and try to build your credit back up. Good luck.

  • #433951

    Anonymous

    Yes.

  • #433952

    Anonymous

    Absolutely you can do this…You may not be able to get the best deal but it’s perfectly legit.

  • #433953

    Anonymous

    You can have whatever cars on whichever policy you want. There is nothing preventing you from doing this at all!

  • #433954

    Anonymous

    Yes, but it will cost you more to do it that way, since you will lose any 2 car discount you might have.

  • #433955

    Anonymous

    It is a little unorthadox, but if Geico has no problem with it….
    I don’t know why an insurer would have any big problem with it, especially if you insure your other car with them, once your current coverage runs out.

  • #433956

    Anonymous

    I call and find our if they can give you a deal on the two cars. They may be able to work something out for you.

  • #433957

    Anonymous

    Yes,

    Each car is an individual item and so it can be insured separately, just as your house can. However, if you have both cars under the same insurance then you can get a discount on the combined insurance. This is the same for your house.

    I would tell Geico that you have insurance on your second car with State Farm and are having problems with them. They might be able to quote you a better rate for combined coverage. If you have an accident on your record (or any claim) under State Farm then that will affect the rate offered, but that is true if you went to any other car insurer. Disclosing this information to Geico could affect your current rates when you renew your car insurance, but if they found out about it and you did not disclose it to them then this is grounds for canceling your policy.

    Either way talking with Geico is a good thing to do. Then look for a cheaper combined rate with them. If they don’t want to give you a good rate then you can threaten to transfer to the new company when you insure your second car. You could cancel the Geico insurance at anytime, but if you got it through some sort of deal then you might have to pay a penalty.

  • #433958

    Anonymous

    I think you can but it will be MUCH cheaper to have them both on the same one since pretty much all insurance companies give a big discount on additional vehicles. It’s not that hard to switch insurance companies, just take the plunge and switch both cars at once.

    I have Mutual of Enumclaw through AAA and have no complaints, often it’s worth becoming a member of AAA because you’ll save more on your insurance than it costs for a membership.

    I’ve never been with Geico or State Farm, all I know is to run far & fast from Progressive, they’re horrible.

  • #433959

    Anonymous

    It could turn out to be a dumb move. What happens if you are pulling into your driveway, and hit one car with the other? Don’t laugh, it does happen! You will have a devil of a time with the claim. In insurance circles, by the way, there are a couple of companies that other companies are rumoured to have the most trouble dealing with. Obviously I cannot name them, but their initials contain the letters “state”. Investigate moving both vehicles as a package if you are unsatisfied.

  • #433960

    Anonymous

    Yes you can but why would you? Just move them both….it’s less expensive to do so at the same time vs. one at a time.

  • #433961

    Anonymous

    Move both at the same time. It will be cheaper as many have already mentioned and one thing that no one ever thinks about is if you go out a buy a new vehicle it is automatically covered under your current insurance policy. Which company is going to cover your new vehicle? It will eventually be covered but not without a small mess.

    Always keep all vehicles insured with the same company

  • #433962

    Anonymous

    Why make your life hell and have two cars on two separate policies?

    Like another person answered, what if you hit one of your own cars? Now you get to deal with two different insurance companies, two different adjusters, and two different claims procedures. What if GEICO makes you take your car to a “preferred” body shop, but State Farm doesn’t? Now you get to deal with two body shops as well.

    If you think you are having a hard time with State Farm right now, imagine how they will treat you when they get to deal with another insurance company (GEICO) that also insures their client – meaning you! If I were a State Farm underwriter and saw a claim involving two insurance companies for the same client, I’d cancel you in a heartbeat.

    Let’s make this worse. Instead of you hitting your own car in your driveway, let’s assume you hit me with the car insured by GEICO and I am severly injured. I will hire a good personal injury attorney to assist me. He or she will find out that you are also insured with State Farm. I guarantee you that I will also file a liability claim with State Farm – even though they didn’t insure the car that hit me. There may or may not be coverage, but my attorney will do everything possible to “stack” the liability from the two policies and double my settlement. Now you can add two insurance attornies and two depositions to your “to do” list.

    Bottom line – If State Farm is so awful, dump them now and move both cars to GEICO. That said, my 15 years in the insurance business tells me that your “bad experience” includes some key information you aren’t sharing. The fact that you are trying to “hide” cars by insuring them with two separate companies tells me so.

    Sorry to be so harsh, but do the right thing and insure both cars with one company.

  • #433963

    Anonymous

    Many companies will not allow this. Lets say you have a young driver in the household and you put yourself and the kid on the one policy and just yourself on the other policy. You are then able to rate yourself as primary driver on both policies. Or lets say one of the vehicles is leased and the leasing company requires high liability limits. You put one car on one policy with 100,000/300,000 liability and the owned vehicle you have 15,000/30,000 liability. These are both examples of insurance fraud and reasons that insurance companies require all or nothing.

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