Your Questions About How To Pay Off Debt Fast

Susan asks…

any ideas on how to pay off credit card debt fast? i will never get it paid off at the rate i am going?

i have some credit card debt.. i have great credit and dont want to ruin it but it seems that i will be paying till i am 90… i dont use them at all. but the balances i do have are taking forever to pay off.. can anyone help?

richmama answers:

Great for you that you are no longer using them and you are thinking about preserving credit 🙂

Option #1 is to call and ask if they can provide a better interest rate for you. Often times they play hardball, so be persistent with them.

Option #2 is to enroll in a Debt Management Plan. Make sure they are certified by the NFCC (National Foundation of Credit Counseling), registered with the BBB, and licensed in your state for debt managment. Basically DMP programs have relationships/contracts with credit card banks to get you lower interest rates. You pay the debt off in full and the balances are paid off more quickly as you are paying on the principal.

Be aware of debt consolidation companies and debt settlement companies, those are typically bad news.

I wish you the best!

Jenny asks…

How can I pay off massive credit card debt, and continue with college?

I currently have over $13, 000.00 in credit card debt, and as a result have withdrawn from college. Since February I have been working, but feel the need to return to school to finish my last year of college. I would like to return to school in the summer, but would like to continue working part-time to pay of my debts. My dilemna is whether I should find a full-time permanent job and go to school part-time in order to pay off debt faster, or get a part-time job and go to school full-time in order to finish school faster, or put off school till debt is paid, or put off debt till school is finished, so I can make more money with my degree. Ideally I would like to graduate with little to no credit card debt. Also, I need help with money management, budgeting, and tips on saving. Please HELP.

richmama answers:

Uh, I’m going to school full time, and working full time, and have no problem with my classes. If you apply yourself this shouldn’t be a problem.

Thomas asks…

How do I get 25K to pay off my ex-wifes credit card debt FAST?

As part of our divorce I got stuck with 25,000.00 of my ex-wifes credit card debts. Any ideas to get rid of the debt will be considered.

richmama answers:

I THINK THAT IF YOU START ASKING YOUR FRIENDS THEY MIGHT HELP YOU AND IF YOU EMAIL ME YOUR ADDRESS ILL MAIL YOU SOME MONEY LOVE YA BABE BYE!!!!!!! EMAIL ME AT JUCIECALPER@YAHOO.COM

John asks…

Not being so good with money, I need some advice on how to pay off a debt faster.?

I have a terrible double-digit interest line of credit with HFC. I am not bad-mouthing them, since they gave me a loan when no one else would right after I got divorced. But, fast-forward 2 years, I am now happier and doing better finacially as well, so I can make extra payments on this thing. How is the best way to do this so that ALL of the extra payments go directly to the principal and not to paying more interest? Should I just send one big check, should I send 2 seperate checks, should I pay every two weeks… Any advice would be appreciated..thanks!
Lesle

richmama answers:

Send two checks one for your regular payment and another for additional principal. In the memo line of the second check write “Apply to principal” and list your account number.

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