Best solution right now to get out of debt?

[Anonymous]

I like everything SJ just said.  A whole lot. 

The particular method he described is called the "snowball" method.  One real advantage is that it gives you at fairly regular intervals a satisfying emotional payoff -- the feeling of having zeroed out one more card.  That regular warm feeling of accomplishment can be essential for many people sticking with debt repayment.

The alternative that many other gurus recomend is to focus instead on the card with the highest interest rate (as opposed to the card with the lowest balance).  This method can be shown on purely mathematical grounds to get you out of debt faster than the Snowball Method will.   But for some people it lacks the emotional reinforcement that the SM gives -- and that is crucial if it puts you at risk of not completing the full payoff.

My feeling is that both are fine.  If you have cards that vary a lot in interest rate then I would choose the second method.  If the cards don't differ that much, then Snowball may be better.

And still consider bankruptcy.  Ignore all feelings of guilt or shame -- make the decision purely on the basis of cold self-interest. 

[Anonymous]

You need to put all your credit cards in a drawer somewhere and carefully make a budget listing all your expenses. Then add some "slush" to the budget for the things you forgot to add to it. Then STICK TO THAT BUGDET.

Next just target your credit cards in order from highest interest to lowest interest, continuing to pay your minimum payments. Do transfer the high balances to low balances if you can, but ONLY if you plan on paying it down. Don't just move it around so you can borrow more money -- you will be declaring bankruptcy eventually on that path.

And here's the motivation: After some long time paying all this down you are likely going to be able to quit one of those PT jobs and enjoy more time with your family. The interest you're paying on your debt is likely eating an entire job's worth of income!