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Need Advice to be out of Debt

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  • #1

    Need Advice to be out of Debt

    In this time of recession so many people have to leave their jobs and now they are in really bad situation. One of my friend has a lot of debt of different companies . Now she is in critical situation. Though she has a good job but she has a lot of debt. So what should she do now? Thanks a bunch in advance.
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  • #2
    Without knowing any details, I would suggest getting Dave Ramsey's Total Money Makeover- it really works (helped me a lot).

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    • #3
      Welcome. It really isn't possible for any of us to give you an answer without any details of the situation. If your friend is willing to post her income, living expenses and debt breakdown (balances and interest rates), we could help pick through everything.
      Steve

      * Despite the high cost of living, it remains very popular.
      * Why should I pay for my daughter's education when she already knows everything?
      * There are no shortcuts to anywhere worth going.

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      • #4
        I get a kick out of posts like this. Have alot of debt, but not much money coming in - what is the magic answer?

        There isn't one. You have to pay your debts. You have to either make more money, cut your expenses or both to free up money to pay your debts. You have to stop adding to your debt as well.

        Why don't people know these simple facts?

        Maybe they expected - If you do XYZ you don't have to pay those credit card bills!

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        • #5
          Originally posted by wincrasher View Post
          Maybe they expected - If you do XYZ you don't have to pay those credit card bills!
          Wincrasher, I thought you were going to post tomorrow's lottery numbers for us all...

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          • #6
            I'm all for getting out of debt. However, if anyone thinks they might be laid off and they don't have an emergency fund they need to save as much cash as possible.

            I'd also look to reduce my expenses to minimum levels to reduce the cash outflow. I'd also stop using credit cards, if that were the case.
            My other blog is Your Organized Friend.

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            • #7
              Sorry Boo, I was out driving around trying to find the end of a rainbow so I could corner that leprechaun. I might have lost my crystal ball in the move to my new house, so stock picks and lotto numbers may be delayed.

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              • #8
                Originally posted by Greg Orlando
                I am also in this loan problem recently come across some firms who help to get out of loan you may search for them as I am doing.
                Don't use them.

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                • #9
                  Hello All..
                  Thanks For Sharing your suggestion here ...

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