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Info Seeker
Posts: 1
Registered: ‎09-10-2017

Getting out of debt

Message 1 of 6 (347 Views)

Any suggestions on getting out of 10,000.00 credit card debt. Curently unemployed, picking up side jobs my current heath conditions will allow to survive. I have no retirement,savings, or family that can help So I guess my main question is , Do you have any suggestions on bringing in extra money to get out of debt. Really looking for suggestions from those who have hit bottom financially and found thier way through.  Much gratitude for any wisdom.

Treasured Social Butterfly
Posts: 3,375
Registered: ‎04-07-2015

Re: Getting out of debt

Message 2 of 6 (333 Views)

The best way to get out of debt, is, of course, not to get into debt. One does this by creating and sticking to a budget.

 

That's for when you get yourself out of this current mess.

 

Right this minute I suggest you pull out your credit cards and cut them to shreds. Also close your credit accounts. Disconnect your subscription TV, cancel all newspaper and magazine subscriptions. Ask for a refund on any unused club memberships. (some are prorated) And start living on a cash basis. This way, you quickly get real about your needs and your wants.

 

You gave us nothing to go on in terms of your abilities, so I cannot offer a response relative to work other than to say, yep, you'll need to start making more than you spend. Meanwhile, perhaps a credit counselor can help you work out reduced payments for and or consolidation of your debt. 

 

Sorry I can't point you to a magic solution. You'll get out of debt the opposite way you got into it: one good money decision at a time. Good luck!

 

The key to success is to keep growing in all areas of life - mental, emotional, spiritual, as well as physical. - Julius Erving
Treasured Social Butterfly
Posts: 3,375
Registered: ‎04-07-2015

Re: Getting out of debt

Message 3 of 6 (314 Views)

I didn't want to mention this, but it is the easiest manner to jettison credit card debt: bankruptcy.

 

It isn't free. There are court costs, plus attorney/counselor fees plus who knows what else, and you might not be forgiven 100%. Bankruptcy rightly ruins your credit standing for years to come. That may or may not be a concern. For you to decide.

 

Wishing you very good luck,

Epster

 

 

 

The key to success is to keep growing in all areas of life - mental, emotional, spiritual, as well as physical. - Julius Erving
Respected Social Butterfly
Posts: 35,218
Registered: ‎02-27-2008

Re: Getting out of debt

Message 4 of 6 (294 Views)

venusv630053 wrote:

Any suggestions on getting out of 10,000.00 credit card debt. Curently unemployed, picking up side jobs my current heath conditions will allow to survive. I have no retirement,savings, or family that can help So I guess my main question is , Do you have any suggestions on bringing in extra money to get out of debt. Really looking for suggestions from those who have hit bottom financially and found thier way through.  Much gratitude for any wisdom.


Call the card company, hopefully it is just one.  Explain the situation.  Ask to set up a payment plan.  If you cannot do that, then is any of the debt secured by merchandise you could return or sell.  If you have no assets it will do the card company no good to sue you.  You don't have much to worry about.  If you have no assets there is no much they can do to you.

 

 

Life's a Journey, not a Destination" Aerosmith
Recognized Social Butterfly
Posts: 814
Registered: ‎09-03-2011

Re: Getting out of debt

Message 5 of 6 (264 Views)

Try to negotiate terms, payments and interest rates with your card company. Most card companies are willing to arbitrate with you about your debt.

 

If you do manage to have your debt cancelled the IRS will consider the entire amount taxable. Its income to the federal government and you’re expected to pay taxes on it. You’ll receive a 1099 C Cancellation of Debt the following year the debt is canceled.

Regular Social Butterfly
Posts: 806
Registered: ‎12-31-2016

Re: Getting out of debt

Message 6 of 6 (107 Views)

What are your current living arrangements like? Can you get a roommate?