Advice For Getting Out of Debt - Page 4

nettie2076 · 07-16-2008, 01:26 PM

the excel spreadsheet is a great idea. I will have to get one made up for us. Thanks.

matisse · 07-27-2008, 09:00 AM

Does anyone know if there is an on-line budget worksheet that I could use to set up one? I need help!!!

emmy123 · 04:22 AM

Quote:

Originally Posted by master01

If you have creditors demanding payments, deal with them realistically. Contact your creditors and let them know you're having difficulty making your payments. If you have had a temporary financial setback, explain it. Try to work out a payment schedule with your creditors. Most are willing to work with you and will appreciate your honesty, but they will want regular payments.

The Fair Debt Collection Practices Law prohibits a debt collector from telling anyone but your attorney how much you owe, harassing or threatening you, using false statements, giving false information about you to anyone, and misrepresenting the legal status of your debts. Under federal debt-collection laws, creditors cannot seize most government assistance and can only garnish a portion of wages to collect debts.

I totally agree with you::
Sit down and work out how exactly how much you owe and who you owe it to. Be honest or you'll only store up more problems for the future. If your debt repayments take more than 20% of your net monthly income you are entering a danger zone and must take steps to cut back.

Then,once you know how much you owe you can draw up a budget, including a schedule for repaying your debts. Be realistic and work out what you can afford to repay and still stay within your budget.

This steps could take up to different instances from being discplined,watching how much you spend,organising bills,sorting out your bank account.all these will help as well as saving money for the rainy day.

I will continue this topic in a new thread. Watch this space.

chrtho · 08-21-2008, 06:40 AM

Quote:

Originally Posted by matisse

Does anyone know if there is an on-line budget worksheet that I could use to set up one? I need help!!!

Gail Vaz-Oxlade.com has a great one. She is a Canadian who hosts a show called "Til Debt Do Us Part". She has an interactive budget worksheet on her website.

Rowdy35 · 09-03-2008, 05:33 PM

Google Docs

have you checked out google templates? I think these are fabulous

pmciufo · 09-15-2008, 09:16 PM

Quote:

Originally Posted by stacia

First and most importantly: Go to your library and check out Dave Ramsey Total Money Makeover

Follow Dave Ramsey's guide for the cash envelope system, it's the easiest way to dramatically cut your spending.

I agree. Definitely check out Dave Ramsey. His site periodically sells the books for $10 - great deal and you get to keep the book for reference.

My husband and I are doing his plan and everything is paid off except the mortgage. We hope to have that done in 5 years and next year we are getting a pool (no loan). And we have increased our charitable donations substantially.

It's a nice way to live.

Schmare528 · 11-20-2008, 09:43 AM

Wow these are great ideas and very motivating!!!

tabby25 · 12-23-2008, 05:42 PM

This is a great thread. I am so glad I found it. Thanks for all the ideas. Starting January me and dh are going to eliminate all out debt.

marci98 · **Great Advice!**

Alot of good info