Getting Out Of Credit Card Debt
Q: I was wondering if anyone could please help me. My family live off a subsistance wage that barely covers our rent, what to speak of food, medical expenses etc. We are clocking up debt just to survive, but want to offer the credit companies a reduced balance to get rid of some of our debt, does anyone have experience with this. Can you do it and how do you do it?
A: It's amazing to me that, for people who barely earn their rent money, you were able to be approved for credit lines. There are no easy ways to get out of debt. I paid off a credit card debt of close to $14,000.00 on my own. In my opinion, trying to do debt negotiations with the credit companies yourself will be treacherous. If you use a service to do this, you will spend more money. Services like that don't do things for free. You will destroy your credit score. Reducing your balances would be great, but it would be like telling your child that even though they did a "d" job on a schoolwork assignment, they really should go talk the teacher into giving them atleast a "b", because atleast they are "trying". Where is the responsibility? Millions of Americans put themselves into credit card debt, don't want to work that hard, yet don't want to take responsibility for their own financial mistakes. I know that sounds tough, but hey... I've been there and had to pay off the entire debt mistake myself. The only debt my family has now is our mortgage... and that's it. Everything else gets paid for with cash upfront. 1. Get extra part-time jobs.. anything, babysitting, lawn mowing,.... as along as it legal 2. Spend way less on convenience foods. Do you need to lose weight? Now is the time to do it. Try growing your own foods, such as tomatoes, peppers, ....many vegetables can be grown in old spackle buckets on a porch! Look into food banks through local churches (as a temporary help)... but one day make an effort to give back, even with work help they may need. 3. get rid of all "luxuries" - cable, cell phones, financed vehicles, ..... etc.... (it's only temporary) 4. Don't buy any more new clothes for adults (live with what you have) Try clothing swaps for all the kids clothes. If there isnt a swapmeet in your neighborhood, start one! ...... the list could go on on how you could cut spending, pay off the debts in full and start living a more prosperous life... it will take commitment however and be ready for the long haul of sticking to it. I wish you well and hope that you gain emotional prosperity... way before the debts are gone. Breaking free of debt is a physical, mental and emotional freedom that is definately worth it and you will not start to understand that until you accept the debt for what it is and know that you are stronger than it. Maybe one day you will be able to buy a house. A great goal and accomplishment to strive for and be educated towards .
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