Debt need away out?

We are about $43,000 dollar in debt with credit cards and loans. Most do to a lost of a job about 4 years ago. I am working know but making $30,000 less. It is to the point that we are living off credit cards for gas and food because the bills takes our money. We do own a homes an a rental property not sure if we need to sale them or what, and we have kids in school eating up funds. Advice needed.

Debt need away out?

If you have an excellent fico score, see if you can get a credit card with a 0% interest rate, transfer your balances and pay HUGE amounts until the 0% rate expires. Then look for another 0% card and start again. Pay as much as you can, get an extra job. Be VERY disciplined. Don%26#039;t start re-charging your empty accounts again.

This way you won%26#039;t be paying interest, all of your payment will be going towards your debt.

You could be free %26amp; clear in 3 years if you can pay about 1200 per month.

You might want to buy Dave Ramsey%26#039;s Total Money Makeover so that you can understand the debt better. He is pretty extreme in his dislike for debt. Although I am not in debt, I learned a whole different way to view debt from his perspective and although I am not as extreme in my beliefs as he is, he has influenced my mindset for the better.

http://www.amazon.com/Total-Money-Makeov...

I wouldn%26#039;t suggest closing your old credit card accounts as this would lower your fico score. Just stop using them, destroy the cards if you have to, but dont close the accounts.

Debt need away out?

1. stop borrowing.

2. work more hours and/or jobs

3. get on a written plan, a budget. you need to track expenses, income and outgoing.

4. sell things. sell anything you can to pay off the debt.

5. you may need to sell the homes and/or property to clean up the mess.

6. get rid of things you can live without... cell phones, cable tv.... eating out.... you have to fix the leaks!

you should be using cash for gas, food.... pay credit cards with any money leftover... AFTER you pay must have items.. gas, food, mortgage, utilities...

if there is NO money left, send credit cards what you can.

Debt need away out?

call on of those credit card consolidation places it really does work and want hurt your credit either, so many people have run into these types of situations so very good question.

Here are some choices to help you on your way I know have been there and done that as well but now debt free from the trap.

Debt need away out?

I think the first think you should do to help, is stop using those credit cards now. Take a second job or something to pay for gas.