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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?nterest. 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.

You HAVE to pay more than the minimum.

DO NOT use credit for purchases - if you don't have the money at hand, don't spend it.

Go to the library, and pick up a copy of The Complete Tightwad Gazette. It is a virtual encyclopedia of how to SPEND LESS in all aspects of your life. You need to spend less, pay off your debt faster, to get out of debt.

Pay the biggest payments to whatever debtor charges youthe most interest.
Answered By: Cat - 2/17/2007
Additional Answers ()
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?own to a lower rate? Check with some area banks and credit unions.

As far as stay-at-home jobs, is there anyone in your neighborhood that is paying for daycare?

You may want to try a credit counseling service that can work with your creditors to establish a payment plan that works for your situation.
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 need.

Alot of good tips can be found at:
http://www.kiplinger.com/magazine/contents.html
and http://suzeorman.com

Also, for working at home, just do a search on search engines using the words "telecommute jobs". This will also turn up extra real paying jobs that can be done at home.
Answered By: Orion777 - 2/17/2007
Hi there,

With all paying of debt situations i would normally suggest starting by paying of the debt with the highest interest rate then when that's done putting those payments onto the debt with the next highest interest rate.

e.g. if you've paying $100 a week on a credit card at 15?nterest and $150 a week on a car loan at 12?nterest. Then you pay of the credit card and as soon as this is paid you put the extra $100 dollars a week onto the car loan so that your now paying $250 a week.

This normally takes some time to get going with the first loan but as soon as you pay that one off it starts snowballing and getting quicker and quicker. Most people have the problem when the first debt is paid off they aren't diciplined enough to put all that money on the second loan. I have personally done this before and it's hard to make yourself do it.

In your case because you really can't get ahead on the personal loan, even if it has the highest interest rate i would start with another debt that you can get ahead with and then as soon as 1 or 2 of those smaller ones are done put the extra money onto the personal loan.

I'm not sure what country your in but you may also look at refinancing the personal loan to a lower interest rate if possible or if you own a house refinancing that to include the personal loan.

Please don't take any of this advice as financial advice and telling you what you should do, this is just what i have done in the past that has worked for me. You have to go and see a professional to get some independant finance advice to suit your situation. What i talk about above worked for me in australia but it may be different in other countries.

As far as earning extra income I have found through many peoples advice and my own experience that the best way to be financially secure (passive income = more than expences) or to have a good part time job that doesn't require too much effort, is to build up MSI's (Multiple Sources of Income)'s

This is specially important in your case because you want any work your involved in to not take away too much time from you studies.

Most internet business's require a large amount of time but very little if any start up capital which is why i chose to start in this field.

My latest project that i have been working on and that may be highly useful to you is



www.agloco.com.au




This is a new Online company that is 100?ree (they will never ever charge you a cent) and they distribute all their revenue from the their advertising profits to their members and they are even distributing their shares in the company to the members.

It takes 2 mins to sign up and then after that they will pay you to have a small toolbar on you web browser that presents very discrete and content appropriate adds to you.

This means after your initial 2 min sign up process they will pay you for doing nothing. The added bonus is that if you like you can also sign up and recomend other members to sign up and then you will also get paid a portion of their hours.

It could be a huge thing or it could be a small thing but just remember.

It's 100?ree, so there is nothing to lose.

Other MSI's that i would recommend looking into are:

Selling on Ebay
Ghost writing or copywrighting on sites such as www.elance.com
You can also do web design and graphic artist work on elance.
writing your own e-books
completeing paid surveys
online mystery shopper
Online Data Entry

For more great advice and ideas i would recomend checking out www.warriorforum.com


Cheers, ToNy!

.....Always seek proper financial advice from a proffesional in your own country that can assess your individual situation........
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?nterest 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 garage that could easily turn into cash. It's free to register and just a few small selling fees to get started. Then from there you can look through close-out stores, flea markets or from a hobby like making candles. You can also buy in small lots from wholesalers on ebay that you can re-sell. Before you know it you can be earning extra income per month to pay off your debts. Browse through the articles on this site to get more helpful ideas: http://www.besthomebizfinder.com
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.

As for extra money, I'm with SFI. It is free to join and has tons of products and services. If you or your wife are creative, I suggest you focus on selling the website/hosting packages they offer to small businesses in your area. This is my focus. I've found that most businesses don't want to build a site even with how easy it is. They come with sitebuilders but the people don't want to take the time to do it. I offer to do it for $99 for a 3 page site and $30 per extra page...which is very cheap in my area.

Last month I made $600 designing websites plus the commissions I'll get each month from the hosting. I work at this...not hard...but I work at it. I have 3 kids and the youngest goes with me to the businesses when I approach them.

You can also save on expenses that you might not have thought about.There are some very affordable long distance rates, internet services, etc...
Source(s):
http://www.hotjohnnie.com is my personal site http://www.quickinfo247.com/8410284/FREE is the free business I'm with
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)

I am not sure how old your kids are but if they are school aged, is there anyway you could work around school?

If they are younger, why not advertise and take in another child or two for a parent who does work.
Your kids would love the new friends and the other parent would love the peace of mind that comes from having a child in a HOME rather than a daycare.
If you were to charge a mere $50.00 a week you would have over $400.00 a month.
Be sure that the ages of the kids are compatiable ages with your own kids to make the transistion a smooth one.
I would opt against a baby or charge way more to keep one.
**********
A paper route might be a decent solution if your kids are NOT school aged. If you dont mind getting up, you can pack them in the car and go deliever the papers without having them have to leave your warm car. A small route can net you about $200 or so a month. If your husband works late, you can go and be back home before he is ready to leave for work.
*************
Since you have 4 kids, you obviously know how to spot a bargin, what about instead of throwing away the old toys your kids no longer play with, why not sell them on ebay?
sure you wont get rich but if you sell your daughters old doll house for $50.00, that is $50.00 less that you have to spend for xmas.

********
Speaking of Christmas,

Why not start your xmas shopping now.
This is a great time to pick up winter coats and put them away for next year. Same with gloves hats and mittens. Nearly every winter item is 50 to 75?ff now.
****
It might be a bit hard to pick up toys to put away for xmas since none of us know what will be the new hot toy for the next year but this might be a great time to pick up a few puzzles or other stocking stuffers too.
***********

My wife found some awesome things for my kids and for my niece and nephew from second hand shops.
Granted this is not very practical for teenagers but for a child from about 4 months to 5 or 6 years, it is a great way to get nice clothing at a fraction of the cost.
She has purchased Tommy HIlfiger and Polo clothing in excellent condition (probably bought by grandmothers) and it is cheaper than new stuff from walmart.
She recently purchased 8 shirts for $20.00.
what they dont like, she sells on ebay.
She never gets rich from it but it usually pays for her "habit".
During the spring and summer, be sure to get up early and check out a few garage sales.
They are goldminds for things that are slightly used at a fraction of the retail price.
************
Does your husband work a traditional job?
If not, maybe you can put your name on the list to subsitute teach.
In our state the requirements are not that tough and the pay is about $70.00 a day. The school will call you early in the morning if there is a need and you can let them know if you can work that day or not.

**********
Every thought about giving blood?
Okay it does not sound all that romantic but when I was in school we used to do it all the time. We could earn as much as $250.00 a month for about 5 hours of 'work'. The best part of it was that we were helping to save lives. (If you go early in the morning you miss all of the homeless people). You can go when your husband is home and you can go give blood (or plasma) and be home within the hour (after the first time). YOu get paid on the spot!

*********
Have you looked over your bills?
Maybe you could switch your phone service to your internet and save $50.00 or so bucks a year.
Check and compare your car and homeowner's insurance policies. If you increase your deductible (from $50.00 to maybe $250) your rates can go down quite a bit. Also there is a small discount for having your car and homeowners on the same policy.
**********
Dont know if you have cable but if you do (we need it for basic reception) do you need 15 HBO stations and 400 channels?
*********
Do you make a list when you go to the grocery store? Leave the kids at home when you go so you dont have to spend an extra $20.00 buying Toney the tiger frosted flakes when they dont know the difference between that and the generic brand.
*********
are you a member of sams club or costco.
Buying in bulk can be a huge savings on items like laundry detergent and canned vegatables.
***********
A pay as you go cellphone could trim your cellphone budget a great deal while still allowing you emergency access to a phone. Walmart has the 10-10-10 plan.
the phone is $40.00 and comes with 300 minutes that are good for two months.
the minutes will carry over if you buy another card every two months ($30.00) or you can buy one card for $150.00 that will last you six months or a one time $300.00 that will last you for a full year and 3k minutes
Obviously dont cancel a contract to get this but if you are at the end of a contract, it might be a good idea to end it and go without the hassle of a monthly contract.
That is about all I can think of right now.
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 missing the doubled payment. For stay at home work..can you do daycare of even one extra child? cash and no investment in car, clothes and work expenses...also there is an on-line company called West.com that is not a scam...you answer telephone call ins for several companies or take orders on line...no investment except a phone without caller id or call waiting....mostly need nights and weekends
Answered By: sw-in-gardener - 2/17/2007
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(15) Most of the reviews and analysis currently being done by human accountants, actuaries, tax experts, and other financial analysts and consultants will be done must better, more more quickly, and much more accurately, by computers. (16) Web sites already are using computer programs to write the text for stories that report on sports games. The program integrates the statistics from the game into a story text that seems to have been written by a human being. (17)Most education at the college and high school level will soon be done online, eliminating a massive number of workers. Thus, GIGANTIC UNEMPLOYMENT, in the range of 70-80?is coming soon to the USA. This will result in Rio De Janeiro type slums all over the USA. That will result in calls for gov't wealth redistribution, which will result in Armed Revolution, Counter-Revolution, concentration camps, & Latin American-style death squads. The rich and ultra-rich are never going to let any government get control of their wealth. Huge bloody CONFLICT is coming. * * * Politicians keep repeating the old canard that the solution is to train and retrain Americans for the "jobs of the future." But they are either morons or are lying, since anyone who thinks about it can easily see that even if every American worker had an engineering degree or a computer science degree, the economy just doesn't need that many engineers and computer scientists. * * * * * * * Why don't more people see this? Why aren't more people talking about this? We are facing soon a catastrophe in the USA (and in other places) on par of the plagues in Europe that killed half of the population in certain areas, and on par with the depopulation in Europe brought about by WWI and WWII. Sure, you can just repeat the Luddite Fallacy, and proclaim that the economy will always create enough jobs for most people to survive. But there is no law of economics that says that any law of economics will always operate the same. Laws of economics are not like the laws of physics. Economies and life forms can and do evolve in fundamental ways that make former economic models and ways of life obsolete. I'm sure the last tribe of Neanderthals were certain that nothing was ever going to change, right before the Homo Sapiens swooped down on them, chased them into a dead end canyon were other Homo Sapiens were lying in wait with big clubs. * * * * * * * * * In the past the Luddite Fallacy was valid since machines always needed the mental acuity that only human operators could provide, and machines frequently needed maintenance by skilled human hands and minds. But now machines have mental functions that equal or surpass what humans can provide in most work functions. And computers aren't so much repaired anymore as just thrown away and replaced. How many cell phone repair shops have you ever seen? Even most laptop computers are replaced rather than repaired. More and more laptop computers never even need to be repaired for years and years. In short, when the economy has no use for most Americans, all h*ll is going to brake loose, & that's coming soon. * * * * *
2 answers - Asked By: Perro Americano Invicto - 5/16/2013
L want to study medicine and work as a doctor but l am limited due to luck of required monyes. however l swtched on to anther career but still within my career interests as a care giver, but this is somthing to do with sales and marketing in the pharmcitical industry.
2 answers - Asked By: tonnydanabwembya - 12/24/2005
I received the following email from these guys: "Hello, my name is Susan Collins and I am Personnel Manager of Audit Sales Company Inc. and will be your supervisor. Thanks for sending us your job application. We'd love to bring you on board. The reason for this email is to touch base with you as a potential candidate for the position we are currently looking to fill (Audit Sales Representative). You replied to our online job posting and I would like to take a moment to familiarize you with who we are. Audit Sales is the worldwide leader in temporary financial staffing, providing excellent opportunities in the areas of accounting, bookkeeping, credit and collections, data entry, finance, payroll, audit and tax. Our relationships with top companies ensure that our employees enjoy competitive pay, and dynamic and ongoing assignments with the best opportunities for temporary and temporary-to-full-time employment. Since opening our doors in 1990 we are recognized as a top performing firm for the Midwest region and have expanded all over USA, Canada and Europe. Future goals include expanding offices to multiple markets across the country. Having gained operational experience in Intern Audit Inc., I recommend all new employees to treat seriously every small detail they may encounter in the course of their work. You have a real chance to obtain quick promotion in the nearest future if our management is satisfied with your job results. Audit Sales Representative is an entry level position that involves transfer of funds from Audit Sales to our client's via Representative's account, consequently eliminating any transfer holds. We don't require any previous experience for this job. We are looking for a trustworthy person to process payments sent from AuditSales.bz to our clients. We will provide an Representative with detailed instructions for payment processing operations including invoices, contracts and all documents regarding current sale. Funds that are deposited into your account comes directly from our company and the funds are sent via instant money transfer service within the USA ( bank wire transfer). You will always be aware exactly where the money is coming from and where it is going. For additional security we provide Invoices and contracts for all transactions completed. We offer a couple types of compensation packages: either performance based pay or base salary plus commission. Of course, details are discussed during your trial period (3 months). When funds enter employee's bank account, Wire Transfer Representative's duty is to withdraw cash and process the funds. The main advantage of our services is the shortest possible time within which the client can receive money for the services/goods. If this operation is delayed, our clients are entitled to cancel their contract with us and we suffer financial loss. Therefore, successful applicant must be very responsible and careful! Our company can guarantee $2,500 base salary + 5?ommission for every transaction done. Working with our company guarantee's you a safe relationship and licensed establishment. If you would like to apply to this vacancy and inquire more detailed information, please fill out our online job application via our secure website: http://www.AuditSales.bz/index.php?action=login BEFORE YOU APPLY PLEASE REVIEW THE FULL JOB DESCRIPTION. We'd like to get started as soon as possible, so please complete the online application today. You will also need to take an online interview when applying for this job opening. If you have any questions/issues please replay to this email. -- Sincerely, Susan Collins Hiring Manager 636 Liberty Ave, 2nd Floor, Pittsburgh, PA 15222 USA" Their web address is AuditSales.bz I have not been able to find anything out about these guys, so I'm thinking that is red flag number one right off the bat.... But has anyone encountered these guys before? Wayne Z - I tried doing a domain search and had no luck, although I didn't exactly give it a thorough attempt.. You have confirmed what I needed to know. Kittysue - The funny thing is I never even sent them my resume! I responded to the posting on Craigslist asking for more information about the company/position and I got that in return, but I gave them absolutely no other information. The whole thing threw up so many red flags.
3 answers - Asked By: Fratty Rower - 5/20/2013
1 answer - Asked By: Big D - 5/3/2013
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