Trying to find ways to make more money and pay off my debt faster. Looking for advice on methods, resources, or anything that has worked for others.
Pro tip… just move to another country
Frost said:
Pro tip… just move to another country
Not that serious lol
There are two solid ways to go about this—Snowball Method and Avalanche Method. Both involve making minimum payments on everything except one debt, which you focus on until it’s paid off. Then you move to the next one.
Snowball Method: You start with the smallest balance first. It helps build momentum since you see debts disappearing faster.
Avalanche Method: You pay off the highest interest debt first. This saves more money long term.
If keeping up with payments is tough, look into Hardship Programs or Debt Management Plans. These can lower interest rates, making it easier to pay off faster and avoid legal trouble.
For Hardship Programs, you apply directly with your creditors. For Debt Management Plans, a third party handles it for you.
Check out:
- https://nfcc.org
- https://www.consumerfinance.gov/ask-cfpb/what-is-credit-counseling-en-1451/
- https://www.consumerfinance.gov/ask-cfpb/what-is-the-difference-between-credit-counseling-and-debt-settlement-debt-consolidation-or-credit-repair-en-1449/
- https://www.consumerfinance.gov/ask-cfpb/how-do-i-find-a-credit-counselor-en-1351/
- https://www.consumerfinance.gov/ask-cfpb/how-can-i-tell-a-credit-repair-scam-from-a-reputable-credit-counselor-en-1343/
@Eli
I like this breakdown… definitely doable.
Step one… stop taking loans and get rid of credit cards.
Phoenix said:
Step one… stop taking loans and get rid of credit cards.
Haven’t used a credit card in two years now.
Depending on how much you make, bankruptcy might be an option.
Ari said:
Depending on how much you make, bankruptcy might be an option.
What kind of income level would that make sense for?
Ari said:
Depending on how much you make, bankruptcy might be an option.
What kind of income level would that make sense for?
I’m not sure about exact numbers, but if paying off 53K feels completely out of reach, it’s something to think about.
Ari said:
Depending on how much you make, bankruptcy might be an option.
Not an option for me lol, I can pay it off.