How to Get Out of Debt

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  How in the World Do We Even Start to Get Out of Debt?

  Question: Dear Steve, My husband and I both went to school about ten years ago. He has federal student loans ($30k-ish) and I have both federal student loans (40k-ish) and private student loans (30k-ish). We are both...

  • Posted January 25, 2019
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  Worth a Read – “The Couple in That Horrifying, Viral Personal Finance Diary Is a Sad Indictment of Capitalism”

  Jordan Weissmann over at Slate posted this article recently. Weissmann was in somewhat disbelief that the post “Debt: A Love Story” could be a truthful representation of a couples financial condition. “To be entirely honest, I didn’t...

  • Posted November 26, 2018
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  I Lost My Job and Someone is Trying to Sue Me Over My Debt. How Do I Get Out of Debt?

  Question: Dear Steve, I had 3 credit cards. I lost my job and place for a little while (about 4 months). I slowly got back on my feet but still barely make enough to stay afloat. I...

  • Posted October 2, 2018
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  How Do We Get Rid of Our Debt So We Can Go to College?

  Question: Dear Steve, Credit card debt. Working overtime to pay%. Two years didn’t miss any payment. All money goes to live and pay cards. We want to study. Before applying to college, need help with this 70...

  • Posted September 24, 2018
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  We Are Trapped in Bad Debt and See No Way Out

  Question: Dear Steve, My husband and I decided to prepare for a family. We got two family-friendly vehicles before trying for a child (since I actually totaled my paid off the car after hitting a deer and...

  • Posted May 3, 2018
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  My Wife is Stressed and I’m Feeling Like a Failure and Don’t Know What to Do

  Question: Dear Steve, I’m 41 and married with kids, 2 and 5 years old. Home loan and credit cards on hold while we identify affordability. Van unregistered just received penalty notices. 20 years history of spending more...

  • Posted March 7, 2018
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  Just Married With New Debt and Expensive Student Loans

  Question: Dear Steve, I am recently married and between the two of us we have some credit card debt and students loans. Because of our wedding and moving into a new apartment, we have increased our debt....

  • Posted February 7, 2018
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  How Do I Get Out of Debt With Credit Card and Student Loans?

  Question: Dear Steve, Between credit cards and student loans I owe $41,000. That does not include my house or car that I lease. I am not behind, but as of next month I will be, due largely...

  • Posted December 6, 2017
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  How to Get Out of Debt When I’m Barely Making Ends Meet

  Question: Dear Steve, I’m married with 2 kids. We are about $40,000 in debt and I don’t see a way out. Between my wife and I losing income and the mounting bills with child care and taxes...

  • Posted November 28, 2017
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  We Are Struggling With Credit Card Debt We Can’t Pay. Should We Go With Actify?

  Question: Dear Steve, My husband and I have about $18,000 in credit card debt and unsecured debt. We got into trouble after my husband had a stroke in 2014. I had to close down his trucking business....

  • Posted October 24, 2017
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  I’m a Financial Professional in An Impossible Financial Position and Don’t Know What to Do

  Question: Dear Steve, I was reading the article about top 10 reasons to stop paying private student loans and i’m thinking it might be for me. I make good money, but my loans are killing me and...

  • Posted September 17, 2017
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  We Are Living on Social Security and Disability And Can’t Pay Our Bills

  Question: Dear Steve, Between myself and my partner of 11 years we are in debt about 20K. I am undecided as to whether I should file for chapter 7 , or a debt relief company. We are...

  • Posted June 8, 2017
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  I Need to Get Out of Debt But I Don’t Know What to Do and I Want to Avoid Bankruptcy

  Question: Dear Steve, I am $80,000 In credit card debt. I have about $60k in 0% credit cards of which I transfer back and forth for a 4% fee every 1-2 years. I have about $20k on...

  • Posted June 1, 2017
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  How Can I Continue My Education With All This Debt?

  Question: Dear Steve, First of all, LOVE that you are answering such tough questions with all proceeds going to Pilot.Dog. Love this. You’re amazing. Some background: I am a 28 year old living in NYC. I am...

  • Posted April 24, 2017
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  Should I Close My Credit Cards and Freeze My Credit? – Bea

  Question: Dear Steve, I have a small combined debt of probably $5k or less (old phone bill, old credit card debt, etc.). I believe it’s best to simply pay off the total debts I owe instead of...

  • Posted October 13, 2016
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  How to Get Out of Debt. The Honest and Unvarnished Truth.

  As a student of the history of debt, having lived through debt problems myself, and having founded and run a credit counseling organization I have a very unique view from inside and outside the debt world. If...

  • Posted September 30, 2016
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  All I Need is to Get My Interest Rates Lowered So I Can Pay Off My $100K of Credit Card Debt – Paula

  Question: Dear Steve, I am trying to avoid chapter 7 or 13 but my credit card companies won’t lower my rates. I am looking for a real way to lower the APR so I can afford the...

  • Posted September 27, 2016
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  I Was Injured on the Job and Drowning in Medical Bills and Debt – Sophia

  Question: Dear Steve, I would really love it if you could take a look at my dilemma!! I have been living pay check to paycheck for years now unfortunately. The job I have doesn’t pay me enough...

  • Posted September 26, 2016
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  How Should I Really Try to Get Out of Debt? – Anne

  Question: Dear Steve, I am divorced, helping older kids through college and still have young kids at home. The father pays child support but is not involved with the kids. They live with me 24-7 and have...

  • Posted September 2, 2016
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  We Owe So Many Bad Credit Lenders We Can’t Break Free – Sandy

  Question: Dear Steve, I am a county employee, as an appraiser with Assessor’s Office. My spouse is self employed. Our income would be sufficient, but we are drowning in debt. I made some horrific mistake and this...

  • Posted September 1, 2016
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  What is the Best Debt Counseling Company to Use?

  Question: Dear Steve, I have $13,000 in credit card debt. I got into this help out others, I am know in too deep and need help to get these paid off. I have shredded all cards and...

  • Posted July 19, 2016
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  The Get Out of Debt Guy 8 Easy Steps to Eliminate Your Debt Checklist

  So you want to get out of debt. Congratulations. To make your journey easier and to help you on your way, here is an easy to follow checklist to guide you on your journey. Getting out of...

  • Posted June 2, 2013
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  The Saddest Avoidable Mistake People Make When Getting Out of Debt

  It is painful for me to watch people make the same ignorant and stupid mistake time and time again when getting out of debt. And what is the number on mistake that screws up their financial future...

  • Posted May 30, 2013
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  Should I Use Credit Counseling, Do It On My Own, or File Bankruptcy? – Carol

  “Dear Steve, I currently have $34,411 in credit card debt, with most cards being close to the limit. In addition, I have $23,422 in an auto loan. My gross pay per month is $5772 and my net...

  • Posted May 29, 2013
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  My Debt Makes Me Sick and I See No Way Out. – Emily

  “Dear Steve, I am in financial turmoil right now and I am extremely stressed out to the point of being sick because of it. I work a full time job, but I don’t make enough to support...

  • Posted May 24, 2013
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  How to Get Out of Debt. The Real Truth.

  People ask me questions every single day about how to get out of debt. Problem debt is a chronic problem that faces many at any one time. If you are facing debt, you are not alone. Normally...

  • Posted May 7, 2013
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  Was Going to File Bankruptcy But My Father Died Leaving Me Some Money. – Brenda

  “Dear Steve, I have 4 credit cards totaling $29,000. Need more reasonable payments and lower interest rate. I recently had to take a pay cut and had surgery with 6 wks unpaid and I am now between...

  • Posted May 1, 2013
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  How to Get Out of Debt Quickly So I Can Save for Retirement? – John

  “Dear Steve, 60K in credit card debt. Annual salary approximately 130K. Able to make minimum monthly payments on all cards, but never significantly reduce overall debt. My credit card debt ranges from Nebraska Furniture Mart to Home...

  • Posted April 25, 2013
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  How to Get Out of Debt of Any Kind

  How do you get out of debt? It’s a question lots of people are asking these days, and the reality is that the answer depends on what type of debt you have. For example, you may need...

  • Posted April 24, 2013
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  How Do I Get Out of Debt Quickly? Change Your Mindset.

  When people come to the realization they want to get out of debt fast or quickly they traditionally run into an emotional slap in the face and then want the pain of the debt to vanish –...

  • Posted March 22, 2013
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  I Want to Know if Debt Settlement, Debt Consolidation, or Credit Counseling Work

  “Dear Steve, I owe $52,000 in credit card debt. I want to know if Debt Settlement, Debt Consolidation, Debt Counseling etc….Do any of them work? I do not want to file for bankruptcy. I have not missed...

  • Posted February 1, 2013
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  Get Out of Debt Fast, But Don’t Run

  Have you ever noticed in the real world, not the TV world, that paramedics don’t generally run to take care of patients? I was a rescued patient recently and it got me thinking about the logic behind...

  • Posted January 15, 2013
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  The Get Out of Debt – “How To” Guide Series

  Below you will find links to how to get out of debt guides I’ve written that give specific advice on how to deal with a number of debt related situations. If you’d like me to write a...

  • Posted January 2, 2013
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• I Will Never Get Out of Debt, Will I? – Joni

  “Dear Steve, Credit card debt totaling about $50,000. High interest rates. Payments made on time but I want to consolidate and lower interest rates. I have 2 credit cards with high interest rates (17%+). One is about...

  • Posted June 22, 2012
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  How to Get Out of Debt in Three Big Steps

  As a consumer debt expert I deal with questions from readers on a daily basis about how to get out of debt. It’s a short and simple question that becomes easily overpowered with a lot of emotions...

  • Posted June 21, 2012
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• Matching Financial Tactics to Your Goals. Don’t Think Like a Race Car Driver.

  The other Saturday I went to the drag strip with some friends of mine. It’s an annual event for us. We’re a bunch of car enthusiasts who get to spend a day with some truly amazing equipment....

  • Posted April 2, 2012
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• How Do I Dig Myself Out of This Debt?

  “Dear Steve, I owe $4600 in collection account that I am currently paying payments on. I owe $1600 to a friend. And I have 4 credit cards that are now sold to various people that I haven’t...

  • Posted March 7, 2012
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• I feel like such a loser because of my debt. – Sophia

  I feel hopeless.. Don’t see a way out of this big black debt cloud I am under.. I have tried many ways to resolve my debt but nothing is working.. my last thought was to refinance my...

  • Posted January 7, 2012
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• Living in Apartment With Bills. Getting Married Soon and Just Got Big Inheritance. – Keith

  “Dear Jon, I’m 31 years old, living in a rental apartment. I’m single but thinking about proposing in next 6 months. I just got my auto loan in August $20K with no money down and a low...

  • Posted January 3, 2012
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• Recent college graduate with public service job needs to eliminate debt. – Rosy

  Hi Get Out of Debt Associate, My name is Rosy, and I am in debt. I finished school in May and I have a lot of credit card debt, along with school loans debt. With the school...

  • Posted January 2, 2012
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• Our Financial Situation is Out of Control. What Should We Do? – Tashia

  Family of 4, Husband ownes a business & works at another job. I work p/t for a non-profit out of our home. We have 2 children under the age of 12. We reside in an area that...

  • Posted December 29, 2011
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• What is the best solution to my debt problem? – Jean

  HELP! I am going under. What are my options for the following scenario??? Recently Divorced, 57 yrs. Income:Teacher Annual Salary: $50K ~30K credit card debt Own Home @ 5.99% on a fixed 20 year note (Bank of...

  • Posted December 29, 2011
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• Carrying Credit Card Debt for 13 Years And It’s Grown. What Now? – Laura

  “Dear Steve, I’ve been carrying credit card debt since grad school in 1988 – it went from 15,000 to 40,000+ plus in 29 years. I’m gainfully employed, but am 55, living on one income and supporting 2...

  • Posted September 30, 2011
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  I Was Looking at Credit Relief Center. How Do I Get Out of Debt? – Joni

  “Dear Damon, I was searching for reviews on credit relief center. I have accumulated about 30,000 debt in credit cards for about 20 years. I thought I was able to catch up but the balances kept on...

  • Posted June 6, 2011
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• I Never Can Seem to Get Out of Debt or Afford to Buy Shoes. – Billy

  I’m a 30 yr old man with an established career I have roughly 10,000 in dept that I can never get rid of, I’m thinking I need a house but I can not see how, almost all...

  • Posted May 31, 2011
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• What is the Best Way for Me to Eliminate My Debt? – Tom

  I have about 75,000 of credit card debt I want to know the best way to eliminate as much of my debt as I can. I’ve looked into debt resolution which seems to make sense to me...

  • Posted May 27, 2011
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• I’ve Never Missed a Payment But I Have No Savings and Not Really Getting Out of Debt. – Brian

  “Dear Andy, I am 31 years old and I own my own house. I have never missed a payment, yet can’t get refinanced due to my lowered house value. (Currently I owe about 149,000 and I just...

  • Posted May 19, 2011
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• Gerri Detweiler and I Talk Honestly About Debt

  Gerri Detweiler and I talked recently via Skype video about debt for a video blog she did for DebtConsolidationCare.com. Below you will find our discussion which surrounded the issues I brought up in my article The Honest...

  • Posted January 17, 2011
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• Are You Really Ready to Get Out of Debt? Can You Handle the Truth?

  The Question Isn’t if I Can Get You Out of Debt. That’s Easy. I Can. The Real Question is…Are You Really Ready? People come to me all the time in an effort to get out of debt....

  • Posted October 12, 2010
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• My Husband and I Have a Huge Amount of Debt. – Karen

  “Dear Steve, My husband and I have incurred a huge amount of debt ($44,000) and desperately need assistance with identifying strategies to help us pay it off. We have enough money coming in to pay the bills...

  • Posted October 6, 2010
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