Get-out-of-debt resolutions for '13

These 8 easy-to-achieve goals can help ensure that you’ll be on stronger financial footing come next holiday season.

 of 10
 of 10

VIDEO ON MSN MONEY

67Comments
Jan 3, 2013 3:35AM
avatar

with all these, pls Earn More than your need or settle within the available resource. 

Spend only what you have.

 

Jan 2, 2013 8:08PM
avatar
Everyone has great ideas but you know what? Reality!! over 75% of the American public are single parents barely scraping by..I have tried consolidating my small amount of credit cards and no credit card company will do it cause I have too many small revolving accounts..I tried to get a personal loan to pay off all debt and have 1! bill to save on the interest from all the little ones, NOBODY will loan, as soon as i get my head above water my children need things and the child support stops!!!! So reality is people are trying but nobody will give us the opportunity and open the door for us to get ahead, They do not want us to get ahead and make it because they make their money off of the interest which is ridiculous for some of the loans out there!! So unless you are a single person, no kids, nobody to take care of but yourself and make 40,000 a year saving any money or getting anywhere is IMPOSSIBLE!! I have been trying for several years!!!!
Jan 2, 2013 5:40PM
avatar

I would say to first examine your debt - -  how much is honest debt ??  how much is incurred by illegal immoral interest rates  ALLOWED BY CONGRESS......

An interest rate of 24% is usuary - and illegal on the streets as loan sharking but allowed for banks and financial institutes. . . 

Now that you've examinied you debt. . . . . Examine your credit rating. . . Think long and hard about what it does for you...how much can you lose ??

If your mortgage is over the top a 400,000.00 mortgages on a home worth ( re-appraised by not the same people that appraised it for the mortgage )  for 100,000.00.....me ???   sorry I've got to go down to the corner store for a pack of cigarettes ( see you in twenty years - unless they find me first)

in life people will do what they have to do - - beg - - borrow - - or steal.....our congress lies - lies more - and themn lies even more  THEY ARE NOT HONEST - - YOU OWE THEM NOTHING

- WHEN THEY RETIRE ANY MONIES IN THEIR RE-ELECTION CAMPAIGN FUINDS GO INTO THEIR POCKETS.......

 

I can not say walk-away-Jose....it's a option -  is it time to stop beating your head against the wall ???  I know it feels good when you stop.......maybe  stop

. . . one other small point - debts are civil and unless you allow them to over-ride your constutional right there are NO DEBTOR PRISONS IN THE UNITED STATES.....( THAT IS DONE BY EXTRACTING AN AGREEMENT TO PAY  WHICH MAY OR MAY NOT BE LEGALLY BINDING)

Jan 2, 2013 4:44PM
avatar

im 23 and ive been doing this since I was 18

I have zero credit card debt tho so no need to worry if people havnt been doing this then theyre just stupid come on people be smart

Jan 2, 2013 4:41PM
avatar
I spend like a congressman....on wine, women and Song....the rest i just wasted....
Jan 2, 2013 4:32PM
avatar

Cancel your cable/sat and spend more time with your family.  If you need entertainment go to the library and check out a book.  Some even have movies you can borrow.

 

Get rid of the cell phone altogether.  I'm only 35 and I remember not using them, so I know they are not life essential!  At the very least drop the family plan.  There is no reason at all a teenager needs to have their own phone.

 

If you insist on having a cell phone drop the landline.

 

drop the internet.  again if you have to check email or surf the web go to the library.

 

cut up those credit cards.  ok, you can keep one becuase there are some things you might need one for, but you don't need 5.

 

if you keep the one credit card get rid of the debet cards.  carry cash.  that way you can visibly see the money disapear.  IF you have gotten rid of all your credit cards you will probably need one debit card becuase again there is somethings you can't do with cash.

 

cut back on the soda,beer, and other coastly drinks.  If you do happen to find money to eat out save a little on the wallet and gut and order water.

 

Of course I'm talking about extreme cuts and if you are in extreme debt  and are serious about getting out they should be considered.

Jan 2, 2013 4:31PM
avatar
Try not to eat much, in the winter you should freeze, sit in the dark, walk everywhere you go, don't have children, don't but clothes or shoes. If you accomplish this you;ll have to worry about funeral costs.If you're dying, please do it quickly, save on medical costs.
avatar

Been debt free since 2011 except mortgage. Followed Dave Ramsey's Total Money Makeover. Author did not give due diligence to her research. Like other posters on this pointed out Dave says $1000.00 as Baby Step 1 and then in Baby Step 3 build that to 3-6 months of living expenses.

Too bad we can't get our government to A) Set a budget and live on it, B) stop adding to debt. People need to realize that we do not have endless resources...the money they think the government is 'giving us' is really our money to begin with. Government levies taxes, individuals and those evil businesses pay taxes. Then the government spends like a kid in a candy store-then when the money runs out they set up a credit account at the store that they own since they bailed them out with 'stimulus funds' which also came at taxpayers expense.

 

Jan 2, 2013 4:20PM
avatar
So why doesn't the government read this and start cutting unneeded spending, have a "emergency fund." down load the apps that can track their spending. The government needs to operate dollar to dollar. Pull the US military out of all the countries in the world, that would balance the budget very quickly. Also anyone how wants to "represent the american people" should do it for free, and also not be able to accept any money for any corporation or individuals. Thats called bribery.
Jan 2, 2013 3:49PM
avatar
Rocket science man. All the best educated are leading our government and they can't get it right! Why should the common middle class assume responsibility for managing their own lives?
Jan 2, 2013 3:47PM
avatar

Obviously the author of this article, Micheal Cheney, did not do his full research when quoting Dave Ramsey.  He has misquoted Dave Ramsey.  Dave Ramsey says the first thing you do is establish your baby emergency fund of $1,000.00 for foreseeable emergencies like your car breaking down, having to replace appliances, or unexpected medical bills so you do NOT add to your credit card debt.  Once you have paid off your debt Dave Ramsey recommends doing a fully funded emergency fund with 3 to 6 months of living expenses. 

 

If anybody is serious about getting out of debt I would highly recommend Dave Ramsey's Financial Peace University. 

Jan 2, 2013 3:33PM
avatar

Here's a simple way to get rid of debt:


JUST PAY IT, AND STOP SPENDING!!!

 

Hmmm....maybe those Dems and Rep's that just kicked the can down the road could take a lesson...

 

Just saying...

 

Sincerely,

 

A dis-satisfied customer and voter...

 

Jan 2, 2013 3:30PM
avatar

Read Dave Ramseys "Total money makeover" and share it with your whole family like my daughter did for our family. We are all working the plan (that really works and is easy to do) we are all getting out of debt.

Jan 2, 2013 3:16PM
avatar

Thinks you can do to save money and use it to pay off your Debt.

1. Cancel your cable Bill, and signup for Netflix or similar, monthly savings 50%+

a. Get rid off DVR or expansive rented equipment, some of the times you may not actually need it.

2. Cancel Home phone (landline), There is no need to have it since everyone has cellphone those days and if you dont just get a prepaid cell phone and have it in the house its will cost you alot less. Land Line phone companies tell you that you needed or a law requiers it but there is no law that sais you need to have a home Land Line.

3. Cell phone bills. Switching to Pre-Paid those days may save you money as they offer Unlimited everything and price usually starts at $45, all depending on what phone you want.

4. Costly Car repair. Talk to your local repair shop, See if you can get the parts your self, and have them replace it. Most of the time you can get parts online cheaper and better and save allot by having your mechanic just replacing the part instead of placing a markup on it as well.

5. Balance transfer to lower interest on the cards, This can save you Thousands over long run.

6. Shop for better internet provider, Major ISP will give you promotional offers if you switch to them, so if every year you switch let say between Verizon and Comcast, your bill would be shrink almost in half.

More options can be on my website, follow the links

 

Jan 2, 2013 3:09PM
avatar
and if everyone in america just sends me $1, my problems are solved!
Jan 2, 2013 3:04PM
avatar
I believe that Ramsay says start with a $1000 emergency fund.  He also goes on to state that you save up 6 months of living expenses.
Jan 2, 2013 3:01PM
avatar

i resolve to make more money than i spend in 2013.

 

there,  done.

Jan 2, 2013 3:01PM
avatar
Face Book, Text, e-mail, and tweet your way out of debt. If we spent half the time off the social media and working, maybe we could pay for what we charge.
Report
Please help us to maintain a healthy and vibrant community by reporting any illegal or inappropriate behavior. If you believe a message violates theCode of Conductplease use this form to notify the moderators. They will investigate your report and take appropriate action. If necessary, they report all illegal activity to the proper authorities.
Categories
100 character limit
Are you sure you want to delete this comment?

DATA PROVIDERS

Copyright © 2014 Microsoft. All rights reserved.

Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.