do you have debt? want help paying it off?

[bongogocrazy]

Hi. My name is Mike. I am currently about $16k-$20k in debt.

I have been in debt for about 6 years. I am 24 years old. But I have the answer to the debt problem.

I see a light at the end of the tunnel. I am not selling anything, I am not asking for anything. All I need is a yes I am interested in getting out of debt. and I will tell you what I am doing.

I don't need any info at all. all I need you to do is get a white board, or paper.

Write down all your debt.

example here is a small one of mine

Name of card or loan..........Amount owed..........your APR on this....


XXXXXX.....$80......30%
XXXXXX.....$150.....30%
XXXXXX.....$500
XXXXXX.....$500
XXXXXX.....$500

I can't remember those last 3 aprs. I don't want to see any of this info of yours. You write it on paper or white board at home for your eyes only.

If you can when you write it down put at the top of the list the lowest amount owed, that one there of the $80 is now at $23.01. I will pay it off as soon as I get it in the mail.

go from lowest to highest on the balance.

now that you did that. What I do is next to the APR% put what the mini payment you can do.

then what I did is take the lowest balance you have owed, and focus on that card. do mini to all the rest. and just focus on 1 card at a time.

so say you are like me and trying to pay off 10 cards


$80, $150, 3x $500, 2x $1,500, $5,000

I am going to pay off the $80. Which was too easy. Next is the $150. I don't know if I can really pay that one off in just 1 payment. But the mini is $10 on it.

So I am going to do like my mini payment of the $10 plus the old mini payment from the $80 one which was $15. so there is $25. and I was also giving like an extra $40 a month to the $80 1.

so

$10+$15+$40. which is only $65 but in 3 months of barely doing anything that one would be paid off. I will more likely just do $100 payments cause I can to rid it.


so now that 1 is paid off. so next is a $500 one. and the mini on that is $15.

so $10+$15+40+15=$80. and the fact I was able to do $100 on the last card which was an extra $35 more. and now I am saving a little interest cause 2 cards are paid off which were both at 30%.

I could do $100-$140 a month on a $500 card. Then pay 1 of those off. Id probably just do $100-$150 on all 3 of the $500 cards.

I figure by end of year I will be down to the 2 $1,500 cards and the $5,000 card.

But then I will have 5 cards paid off. which is

$10+$15+$15+$50+$15. those are my mini on 5 credit cards, the lowest ones.

that is $105 in mini payments alone, not to meantion the extra throwing down to pay off a card faster. so after those 5 are done.

then I have my personal credit card of $1,397.40 APR is 23%. My mini payment is $33.

Here is a tip I like to do. get the bill and look at your payment compaired to the interest charge.


for me $33 paid, $17.69 interest. Which means only $23 a month goes to the balance.

so once I get to this card I can do my old min payments put together of $100 plus $50 to $100 a month that I am now saving on the interest of old cards.

I can do $200-$250 a month. and being that about $20 a little less who cares. about 8 months of only $200 a month and it would be paid off.

But also at the end of the year come tax time. My girlfriend got about $1,300 for her taxes last year. This year we going to take her refund and put it towards her $1,500 credit card.

which her card is currently at. 1,301.77 with 30% interest with mini payment being $40.


now hers sucks. $40 payment and $27.13 was interest. so only $13 went to the balance.

so paying that one off would really help us.



between all my debt, counting loans, car payment, and everything.


$15+$10+$15+$50+$15+$33+$40+$100+$100+$100

We are paying $478 just in mini payments.



now you see why you want to pay off all your debt?!

$500 a month going to credit cards for 2 young adults.



I have 1 advice for everyone. Do as I say not as I do. If you can't pay cash for it, don't buy it.

Don't use credit cards. I first started by getting a small credit card for sears to buy socks or underwear like once a year and paying off when comes in. then got a credit card for gas with like 5% cash back on gas. and thats were it just went down hill.




don't have the cash? then pass it by. Come back next time you have the cash.

[lifemaka]

lawl