What are my options for paying off debt quickly?

I have about $25,000 dollars of debt and I need to pay it off ASAP. I am 23 and I don't want to go live with my parents again in order to pay it all off while working, which is looking like what I might have to do. Do I have any other options?

5 Answers

  • Anonymous
    1 decade ago
    Favorite Answer

    I've ever ment the similiar thing -- still a little bit annoy,here http://www.debtfreetips.info/debt-free.htm is the resource tha help me out.

  • 1 decade ago

    You should definitely get a second job (provided you have a first), you can work up to 60 hours per week. I know you might not have a social life but it really makes a difference to have a second job.

    If any of your debt is in collection agencies once you have an amount of cash that is at least 50% call them and try to settle. Check MSN.com for articles that tell you how to settle debts.

    I know it isn't fun to move back in with parents but it really helps pay debts off quicker (especially since you owe quite a bit). In general, you don't pay for rent, food, utilities. Your parents go grocery shopping, clean the house, make some meals, and possibly do your laundry. With your parents doing these things for you it REALLY cuts down on money being spent on living expenses and your TIME if you are going to work up to 60 hrs per week.

    Source(s): I am 21 and last year took a year to pay off my debts. I owed about $11,000 in debt. I tried to not move back in with my mom but it made all the difference, I just wasn't making much headway on my own. I worked 1 full time job for 8 months, then 2 jobs for 4 months. I settled debts from collection agencies for half what I owed and paid newer debts. Without my mom doing all those things for me I could never have held two jobs or paid things off so quickly. Good luck!
  • 1 decade ago

    The economy is bad right now; everyone is experiencing difficulties with their finances. With that said I would try to call every creditor you owe and try to negotiate with them. Many of these banks are also experiencing financial difficulties, so they are looking for any options to get money from their customers.

    I called all my creditors last week and all of them were generous. I only have a few but they actually lowered my interest rate from 24% to 0% for 12 months, then 3% after that. The catch is that most of these creditors want automated payments from your checking account.

    So if you do not have a steady income every month, I would not encourage you to do automated payments. Although mention your situation to them; they will work with you. Do something now before they hand the debt to a collection agency

  • 1 decade ago

    There are many different options you can take regarding debt consolidation or even rearranging certain terms with your lenders to make sure you have the best possible arrangement. I would suggest that you just pour every cent you have possible into your debts, sell stuff you no longer need on ebay, get a second job etc.

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  • 1 decade ago

    It depends where is your weaknesses like budget your Salary every month put in calendar the date to pay your bills so that you know what to set aside for the bills. If its not working go to Consolidation Agency(CCSA) Credit Counselling Agency they are good they put all your debt in one monthly payment so you can save money. I hope it will help Good Luck....

    Source(s): experience
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