How about getting out of debt?

damo66a_2

I've watched martins series on ITV a few times now and I don't doubt that the advice he gives is 100% However, something does get my back up. The majority of things he seems to do is shuffle debt from one company to another. This to me personally, doesn't help. How about actual advice about how to get the company to accept reasonable payments, freezing interest etc.

grumbler

Welcome to MSE!

damo66a wrote:

...The majority of things he seems to do is shuffle debt from one company to another. This to me personally, doesn't help. How about actual advice about how to get the company to accept reasonable payments, freezing interest etc.

Shifting debt is only part of the strategy. For other parts see WHERE TO START WITH PROBLEM DEBTS? article. In the green bar above you can find link Articles to all articles. A lot of information on this topic is on the Debt-Free Wannabe board.

Xbigman

There are a number of steps in clearing debt. One step is to maximise the amount of money you have available by switching around your current credit so that you pay less interest overall. This leaves you more money to use clearing your debts.
If you cannot pay your minimum payments then this step is much harder to sort out and you need to take some more drastic action.

Go to the debt free wannabe board and have a read through the threads there.
Regards



X

damo66a_2

this still doesnt help people get rid of the debt. its still there. if your not in a possition to switch to other companies(eg bad debt or bad credit rating or move address to often) then what other options are there? I appreciate that switching companies is only part of the solution but when its not able to be part of the solution, what then? Theres still no advice here as to how to get out of debt!!

Becles

There's loads of advice all over the board.

Look on the utilities board for ways to cut household bills. Look on Old Style for ways to cut spending on food and cleaning products. Look on the shopping boards for bargains to put away for Christmas/birthdays to reduce the cost of presents. And so on, and so on.......

If you are cutting your monthly spending you can pay more off your debts each month, which will clear them quicker.

grumbler

damo66a wrote:

...Theres still no advice here as to how to get out of debt!!

Do you want some miracle?
Do you listen to others or just stubbornly repeat your question?
The only way to get out of debt is to pay it off.
The only way to pay it off is to earn more, to cut outgoings and to use saved money to pay the debt.
Switching debt is one of many ways to cut outgoings. If you follow the links above you will find many other ways to save and probably some advice how to earn more.