Regular Contributor
Posts: 133
Registered: ‎03-28-2008
Re: Best way to reduce debt?

It is true that some people like using the Debt Management Program but I am not one of them.  They all make money off of you.  Yes true they are able to help you to pay less back but I have found that doing it myself has been the best for me.  I just keep going month after month.  Whenever I am able to lower some of my home expenses I take that money for that month and put it towards the card with the highest interest but then I usually pay the minimums and then take whatever I have been able to save during the month and apply it to one card at a time which has the lowest balance and pay that off.  I started with 8 cards and now I am down to one with a large balance so now as of May I will be taking all the money I was putting on the other 7 credit cards and apply it onto this one remaining card.  It has worked for me and I have not had to pay for anyone to do it for me.  Sometimes you need help otherwise you get deeper and deeper in so not a bad idea but if you are able to do it yourself the outcome is always better.  I have been working on my cards for about 13 months now and it does work but you have to stay on top of it.  All I know is in October when I should be done with having any credit card debt I will then take that money and apply it towards my car loan.  I have about three years more of getting out of debt but I think it is worth it in the end.  The last couple of months as I became very serious about it I was able to cut down so many things I did not think I could do but each month I have been able to save at least 30-40.00 on my electric bill, I cut the cable down to basic, I changed my cell phone plane so it would free up some money, use coupons at the grocery store and go where it is the cheapest.  It works but you have to have a good budget in place to get where you want to be.  We are all able to get these things accomplished but it ends up coming down to what we are able to live without.  If you have no credit issues then I definitely would try to get another credit card for 0% for 18 months on balance transfer and that could help you with your largest interest rate.  I think it was CitiBank that offered this butnot sure if they are still offering it.  Good Luck with what you are doing and I know what a struggle it is but just know that one day this will all be behind you.

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