How to get out of Debt (Start a Home based Business)

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Get out of debt
o 1 Cut up your credit cards except for one or two to use for emergencies. Throw away the pieces.
o 2 Cancel all of your credit lines and request a lower interest rate on the debt you have left.
o 3 Transfer as much debt as possible to the credit card that has the lowest interest rate, or get a **** loan from a bank at a lower rate.
o 4 Use cash for all your purchases, and only buy what you can afford.
o 5 Commit to start paying off your debts one at a time and do it. Pay off the credit card and loans with the highest interest rate first.
o 6 Double your payments on the next debt by taking the payment you made on the first debt and adding it to the current debt.
o 7 Triple your payments on the next debt by combining payment amounts. Continue until all your credit cards and other debts are paid off.
Tips & Warnings
• Invest in personal finance software to accurately track your spending and identify problematic habits.
• If you have investments that are paying 6 to 10 percent but a credit card debt with an interest rate of 17 to 21 percent, cash out your investments and pay off your debt.
• Ask your creditors how much repayment is needed before they are able to send a favorable report to credit agencies. Sometimes they will accept less than your total debt.
• Use consumer credit agencies to arrange repayment of debt. Many are free.

Read more: How to Get Out of Debt | eHow.com http://www.ehow.com/how_1135_debt.html#ixzz1j0cKeEEt

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