1. do not use your credit cards for another thing unless it truly is a life or death situation — in the meantime, call the creditors and ask for a lower interest rate;
2. do without everything except necessities until you get out of debt;
3. pay as much as you can on the debts that are behind or that have the highest interest rates — pay only the minimum on the rest;
4. do not use any more credit until all is paid off;
5. as soon as you pay off the first debt, add the amount of payment you were making to the second debt until you have that paid off – pay only the minimum on the rest;
6. do not use any more credit until all is paid off;
7. as soon as you pay off that second debt add the payments you were making to the payments on the third one until it is paid off;
8. keep doing this until all the debts are paid and then don't use credit for anything else – except maybe a car or house;
9. You WILL have to do without the lunches out, the Starbucks coffees, the movies, etc. You WILL have to get by with only the bare necessities and only buy for your "needs" not your "wants" until you are out of debt.
10. It won't be easy and it won't be fun, but you can do it without ruining your credit rating or your reputation.
11. DO not use a debt consolidator — many are just crooks who take your money and do not pay off your debt;
12. DO NOT close your accounts as you pay them off — having the unused, but available credit with improve your credit rating faster so that if you really need credit for a car, a house or college, you will be highly rated and get a lower interest rate and better terms.
BE willing to take on a second part time job to get extra cash to pay off quicker.
One Response for "For the people successful financially, what are your budgeting tips for those in the negative?"
1. do not use your credit cards for another thing unless it truly is a life or death situation — in the meantime, call the creditors and ask for a lower interest rate;
2. do without everything except necessities until you get out of debt;
3. pay as much as you can on the debts that are behind or that have the highest interest rates — pay only the minimum on the rest;
4. do not use any more credit until all is paid off;
5. as soon as you pay off the first debt, add the amount of payment you were making to the second debt until you have that paid off – pay only the minimum on the rest;
6. do not use any more credit until all is paid off;
7. as soon as you pay off that second debt add the payments you were making to the payments on the third one until it is paid off;
8. keep doing this until all the debts are paid and then don't use credit for anything else – except maybe a car or house;
9. You WILL have to do without the lunches out, the Starbucks coffees, the movies, etc. You WILL have to get by with only the bare necessities and only buy for your "needs" not your "wants" until you are out of debt.
10. It won't be easy and it won't be fun, but you can do it without ruining your credit rating or your reputation.
11. DO not use a debt consolidator — many are just crooks who take your money and do not pay off your debt;
12. DO NOT close your accounts as you pay them off — having the unused, but available credit with improve your credit rating faster so that if you really need credit for a car, a house or college, you will be highly rated and get a lower interest rate and better terms.
BE willing to take on a second part time job to get extra cash to pay off quicker.
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