paying off debt

iVillage Member
Registered: 04-09-2003
paying off debt
4
Wed, 04-09-2003 - 12:05pm
What is the quickest and best way to pay off debts?
iVillage Member
Registered: 03-26-2003
In reply to: ajw622
Wed, 04-09-2003 - 4:25pm
Win the lottery. Well, you didn't ask for the most realistic way to pay it off.

I think the only way is to cut expenses and make more payments. Not easy and I'm certainly not one to talk. But unless you would consider going to a credit counsellor and getting into a repayment plan (which has its down side as well) or going bankrupt there is no easy and quick way. Unfortunately.

Keep your fingers crossed I win at least a share of the 30 million here this weekend. LOL Yeah right.

Tam

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iVillage Member
Registered: 03-26-2003
In reply to: ajw622
Wed, 04-09-2003 - 4:52pm
Hey Tam,

Just thought I'd let you know that I am planning on winning the 30 million. LOL I see your from Ottawa. I am in Calgary.


Sandra :)

iVillage Member
Registered: 03-26-2003
In reply to: ajw622
Wed, 04-09-2003 - 5:02pm
Okay, okay. How about we split it? I could live with half. LOL

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iVillage Member
Registered: 03-26-2003
In reply to: ajw622
Wed, 04-09-2003 - 5:53pm
I don't know if there is neccassarily a best way. There are a couple methods out there. I like the snowflaking idea you should check that out if you haven't already there is a link at the top of the board. The way I'm paying back my debt is paying a little extra to the couple of past due accounts that I have. A lot extra to my target debt; that is the debt that I'm paying down first. When all my accounts are current (I'm really close) then I will pay even more to target debt. It has the highest interest rate, once it is paid off I will then take the money that I was paying to that each month and pay it to the next debt on my list, when thats paid off I will head to the next one always applying the money to the next debt. Others will start with their smallest bill owed and pay that off first and then go to the next and the next. This will work good if you have a lot of bills with just a couple hundred owed on each one. No matter which way you choose to pay off your debt the bottom line is that you have to bring in more money than you pay out. If your monthly expenses is more than your income your never going to get anywhere. I hope this helped.-Darcy