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Home Debt Consolidation I am in over my head and I just want to know how to get out of debt when I don’t even make enough to pay my minimum payments?
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I am in over my head and I just want to know how to get out of debt when I don’t even make enough to pay my minimum payments?

Well this is the question everyone wants to know.  I really wish I could take a magic wand and help you that way but unfortunately it does not work like that.  The real answer is not an easy one, but it is practical advice.  Getting out of debt is NEVER as fun as getting into debt but once you know how to get out of debt it is up to you to apply it and get your priorities taken care of.  I wish you the best of luck, so keep reading and I will give you some advice.  So first things first – a lot of people start this process off with good intentions and then once they have a little available credit they use it on something they “need” and the process goes round and round.  In fact up to 70% of Americans those are in credit card debt get back in credit card debt over and over again.  So take a step back and realize how and why you got into debt.  I promise if that does not get established first you will wind up in the same position as you did before.  If you’re not ready to make changes then there is no need to read on, but if you are figure that out then come back to the article and keep reading.

So if you’re still here then you must be serious on figuring out how to get out of debt.  So once you established the why, now you need to start figuring out a plan of action to get rid of what you currently got.  There are many methods that work, of course the best one is clean out your savings and pay off all balances.  However, most Americans are not in that position.  So you need to start figuring out things you can cut out.  Believe me, there is more that you can cut out than you actually think.  You need to sit down and analyze your spending.  Because it is there, there are things you can cut out.  Even though I am teaching people about debt I still go back every month and see what I spent and see if my family ate out too many times or if I was purchasing unnecessary things.  So you need to look and you need to find it.  Not everyone makes enough money to have the luxury of cable.  Cable is not a necessity, so if you feel like it is then maybe getting a second job is in your future.  After you start eliminating your expenses you need to decide HOW to pay off your debt.  You can look at debt settlement companies, which settles your debt for less than half of what you currently owe and your monthly payments can be about a third of what you are currently doing.  So Houston, we need to get out of debt and you need to make sure you are being real with yourself and your wallet.  You can get out of debt just do it the right way!

 
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