Your Questions About How To Get On A Budget And Get Out Of Debt

Sharon asks…

how can i go on a budget & get out debt?

I need help on getting on a budget i have no clue how it works and how to used it! Im in debt its not allot but i think its allot for a 21year old. it all started when i was in freshman in college, i applied for a credit card an got approved and i was doing all the payments i had really good credit. i was very responsible i would pay everything off at the end of the month. I graduate found a job that i thought was great and would stay there for a couple of years or until i would find something better. unfortunately i got let go of and found a another job. the other job was horrible i would get paid coming no one was responsible and the owner was lazy and a very dirty person. i quit on the 3rd month because i could handle being there. i apply to a million places and started working for jc penny salon. i love it there! the problem is im not making enough to pay my credit card or my little brother. i get paid every 2 weeks between 90-200dollars not including tips. most of my money goes to my bills and home supplies like toilet paper and stuff like that. im sure your wondering why i buy all that. i buy it because im living with my parents and not paying rent, so that my way of pitching inn. i don’t go out for the same reason i don’t have money. i stay home or work most of my time. im about 800-1000 dollars in debt what can i do?

Thanx 🙂

richmama answers:

I started getting out of debt by keeping a log of everything. Every month I would write down all my bills, what the balance was, what the payment due was, the date it was due by, how much I actually paid, and the date I paid it. It took me 3 years, but I went from being $23,000 in debt to only $8,000. I now can manage my monthly finances and still have money left for things I need and want, while still paying off my debt.

Charles asks…

I need help and advice, I have very bad debts.?

I am 20 and I have around £9,000 debt.This is split about £5000 on Credit Cards and £4000 in loans.

I have been avoiding the debts as I have been unemployed and looking for a job and just didn’t know what to do. This has meant CCJ’s, and also debt collectors visiting my previous address as they do not have my current address. I have now started a new job and really want to get this mess sorted out and stop avoiding the problem and the debt collectors. The problem is I will only be getting paid after tax around £600 a month. Rent, bills will be around £400 meaning I have £200 for everything else. I’m probably only going to be able to scrape a maximum of £50 a month to pay off debts and that’s at a push.
My question is are the debt collectors going to accept a payment so low as it is split between 7 different companies so they would each get about £7 a month from me (I have absolutely no assets they could take so I don’t know what else I could do)?
What’s my best course of action? How do I go about presenting a budget to debt collectors and contacting them so that they can see I can not possibly afford to pay them any more than a miniscule amount each month?

All help is appreciated. And before anyone says how stupid I am, believe me I’m aware of that and have huge regrets. Thank you so much!

richmama answers:

You can get free advice at Citizens Advice Bureau, all you get advice on is confidential and the advisers there are very friendly and understanding… Is pretty much one CAB in every town.

Steven asks…

the Chinese owen/Hold 22% of our debt, what does that mean?

They hold the largest part of our debt than anyone and they can call a cash in at any time, with how far we are in debt as is if they called in their chips what would happen?

And as well they are telling us to stop with the reckless spending and socialism (this from the chi-coms) is this sounding the alarm for anyone on the left?

It is like when you borrow money from someone they watch what you are spending money on as they are wanting a ROI (that is return on investment for those of you in rio Linda) and right now the investor is saying hey you are making bad choices and we are about to pull our money out.

Obama said about Gregg “He shares my deep-seated commitment to guaranteeing that our children inherit a future they can afford.”

“The budget the Obama administration has presented to the American people is a new type of budget: it expands our government in unprecedented ways and presents the largest tax increase in history. It raises total spending to $3.9 trillion in 2009, or 28 percent of gross domestic product, the highest level as a share of GDP since World War II.

In the next five years, the debt will double, and in 10 years, it will triple. This budget creates more debt than under every president from George Washington to George W. Bush combined … the Obama administration’s proposal is not a budget that the rest of America would recognize as a document for living within one’s means. It simply spends too much, taxes too much and borrows too much. It is a game plan for an explosive expansion of the size and intrusiveness of the national government based on a belief that bureaucrats can more effectively manage large segments of our economy and our daily lives than the private sector or the individual.”

And with that Gregg Steps down and the Chi-coms are saying hey get it together

Is that scary to anyone on the left or just us hypocritical, brainwashed, racist righties?

richmama answers:

China investing in America is like the US government investing in our auto industry. It could work out? Then again it could fall apart. My question is what will the unions do if we go to socialism? I would think that the unions would be in favor of us being capitalist.

Susan asks…

What is the title of this financial professional?

Who do I contact to help us decide what is the best options for getting rid of debt & properly budgeting our money? We don’t have any money to invest, as our debt is too high, but we need help. Both my husband and I came from financially challenged families and never learned how to properly handle money. We pay all of our bills on time (minimum on credit cards), for now, but the future looks bleak. We don’t know if we should file bankruptcy or try to take out an equity loan for the debt. Who is the right kind of neutral professionsl to help us with this?
Thanks : )

richmama answers:

Well, if you don’t have any money to invest, financial advisers wont be all that happy to work with you – seeing as they can’t make money off of you.

I suggest you get this book, Jim Cramer’s Stay Mad For Life: Get Rich, Stay Rich (Make Your Kids Even Richer). I thought the book was going to be about stocks, but I was wrong. It’s mostly about the best ways to get out of debt, to loan money cheaply, and help budget your money wisely so that you can plan for retirement.

Since the book is a little annoying, skip to page 29 (of the hard cover) and read the first paragraph, it’s about credit card debt. It lists ways to get out of it, and it does it better than most other people could. The book itself has great ideas too, if you feel like reading it.

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