Comments on: I’m In Big Financial Trouble – Where Do I Start?

By: Leanne

Leanne — Tue, 12 Jun 2007 16:11:25 +0000

I agree with cutting non-essentials. The easiest way to stay out of debt is to stay away from credit cards. I pay 100% cash for everything, including going out to eat. If I can’t pay for it then, then I don’t need it. I raise a fzmily of 6 (1 in college) on $24,000 a year. Its not easy but it can be done.

By: Trent

Trent — Thu, 07 Dec 2006 23:13:12 +0000

I paid cash 100% for essential expenses. I refused to incur any debt at all while in this stage.

By: Mukesh

Mukesh — Thu, 07 Dec 2006 23:09:17 +0000

I understand how you reduced non-essential expenses, but in your essential expenses, aren’t you considering food, gas, utilities, clothing (other than your loans)… if you did, how did you pay for them without increasing your dept on your credit card? Did you just simply pay with cash 100%?

By: Trent

Trent — Tue, 31 Oct 2006 18:38:32 +0000

I managed to actually keep my bills paid pretty well even through my financial crises, so my credit score survived well. Transferring my balance was one piece of the puzzle of escaping, but the first and hardest piece was really switching to the appropriate mindset to do it.

By: Frugal Frugalson

Frugal Frugalson — Tue, 31 Oct 2006 16:53:31 +0000

You don’t say what your credit score is like, but have you considered applying for some new credit cards that offer 0% balance transfers? This would allow you to save some money and pay down your credit card balances sooner since you wouldn’t have to deal with that 10% credit card interest.