Can anyone please help me with debt

DuchessofDebt

Hi, just joined after someone recommended here. I currently have 40k of debt and I am looking at ways to clear it quickly. 

All help very much appreciated 

sourcrates

Hi and welcome.

We`re gonna need a teeny weeny bit more information than that in order to give any meaningful advice I`m afraid.

You are best off completing a statement of affairs (the stoozing.com link is in my signature) be as honest as you can, and the good folk on this forum can then make suggestions on how best to help you.

tacpot12

Great user name BTW! 

The best way to clear debts quickly is to sell valuable assets and/or get a high paying job. I realise this seems a little facetious, but it was this second option that really helped me, as well as making the decision that the debts had to be cleared!  I was able to find a better paid job quite quickly when I took the decision that I could move on from my current employer. 

The mostly likely options though are for you to prioritise your debts based on the rate of interest you are paying and directing all your spare cash to clearing the debts with the highest rate of interest. Then move onto the remaining debts. This assumes that you can meet all your minimum payments and you need your credit rating. If you aren't bothered about your credit rating, you could look at a debt solution like a DMP, DRO or bankruptcy.

New posters on this board are recommended to complete a Statement of Affairs (SoA). This website can help you put one together for you to post back on this thread: SOA Calculator 

With an SoA, you can expect to receive non-flippant advice and help from the many members that visit the Debt-Free wannabes board. 

DuchessofDebt

Thanks @sourcrates will fill in the form with as much details as I can.

@tacpot12 thank you, thought it fitting of my situation. Would love to be sipping on champagne alas the 11th hour of my financial situation has arrived 🤣😢 

Will make a list of assets I could sell. I like the idea of a high paying job but not sure how I would go about that. Jobs in my rural area are few and far between, will certainly give it some thought though. Ideally I would like to pay everything off and keep my good credit rating. Will make a list of debt and interest rates.

Thanks a million both 😊 I've got a few bits to get working on over the weekend.