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Can I get a realistic answer for getting out of debt?

I have read and listened to numerous "get of debt" solutions. Are these books for real? The rolling affect of once a credit card is paid off put that payment on the next credit card and so forth? We currently have a $12,000 personal loan that is 21% interest. Our payment is $316 a month but they take out $298 every month in insurance and interest. How are we supposed to get out of this loan if our payment is always taken out from underneath us? We are a one income family. I am also wanting to find some income but haven't had success in finding a NO SCAM stay at home job. Even the ones that were posted to my question a couple of days ago seem shady to me. So....please we are needing some relief before we go under financially with four kids! Help! Any other money saving/earning suggestions? Thanks soooo much! Just for the record.....we don't use the credit cards any more...cut those babies up long ago. We are trying really hard to make the payments on all loans/cards. We pay extra when we can. We also don't want our credit hit again due to the fact we want to move soon. Credit score will drop with each hit. So, refi is out of the question. Credit counseling is a no go as well....damaging to credit in the end. We haven't had a late pay in 14 months but want to get ahead, ya know? We only have $27,000 debt (I say only because that is below the ave of most people) however, it's above our means.

Asked By: Sybil M - 2/17/2007
Best Answer - Chosen by Asker
If you only pay the minimum payment on that card - it will take you 60 years to get out of debt... More
Answered By: Cat - 2/17/2007
Additional Answers (9)
I would take the debt that is the oldest, then the one that is the biggest and start paying that off. If your looking to save, try a liquid CD with a high interest rate. If you take the $ out before it matures, you get charged. Dont touch that $ and consider consulting a credit counselor.
Answered By: di12381 - 2/17/2007
 
Have you tried refinancing the loan at 21% down to a lower rate? Check with some area banks and credit unions... More
Answered By: Harbinger - 2/17/2007
 
First let me say there is a good book on the "Money" page at http://godisruleroftheuniverse.com which can be downloaded for free. The beginning of the book is all about budgets and getting out of debt, the middle of the book is about creating extra cash flow. The book is Rocket to Riches. Excellent guide for what you... More
Answered By: Orion777 - 2/17/2007
 
Hi there... More
Answered By: Josh R - 2/17/2007
 
Sybil, Work from home jobs are scams. The only way to get one is to get a job and negotiate a telecommute work schedule. Second, regarding your loan, get a 0% interest on balance transfers card and move as much of the balance over as you can. I swear by those.
Answered By: SexyTrojan - 2/17/2007
 
Can you refinance this loan to lower-interest paying one? If not, you would have to make larger payments in order to get rid of it sooner. And in order to make larger payments then you need to earn more income. Then why not simply start by selling on ebay. To begin with, find some items lying around the house or... More
Answered By: nspro - 2/17/2007
 
The rollover is the best way to do it. It's recommended by Carolyn White, Garrett Sutton, and Charles Givens as well as many other financial seminars I've been to. It works...I'm doing it personally. It's a little rough to commit to but I see it working... More
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Answered By: John N - 2/17/2007
 
marykay or avon? (neither of those would personally work for me but I have seen a few pink caddies in my day to know that they work for someone... More
Answered By: shaun m - 2/17/2007
 
As trite as it sounds..you probably didn't get in debt overnight and you won't get out overnight either...sounds like you are trying all you can..the rolling effect for credit cards does work if you can be disciplined about putting the paid off payment on the next card...don't think .....'just this one month' ...of... More
Answered By: sw-in-gardener - 2/17/2007
 
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