{ "media_type": "text", "post_content": "How to get rid of debt? I’m trying to get rid of credit card debt of 9k. Not like I have not made heavy payments or spend lavishly. I am a single earner for a two-people family and we have been working to spend only on what’s necessary. Want to know how you guys do!", "post_id": "602c87ce5476020029ff806f", "reply_count": 14, "vote_count": 1, "bowl_id": "552d1d24dc1c586b09d2d051", "bowl_name": "Consulting" }

How to get rid of debt? I’m trying to get rid of credit card debt of 9k. Not like I have not made heavy payments or spend lavishly. I am a single earner for a two-people family and we have been working to spend only on what’s necessary. Want to know how you guys do!

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Write down your budget. Don't stray from it. Eat rice and beans for 3 months. Easy peasy.

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Thanks Dave... All jokes aside, this is the way. You gotta change your mindset and be fed up with living paycheck to paycheck. Budget aggressively and follow it strictly no matter what. Crest accountability. If you can increase your income, do it. Cutting your interest rate only helps so much, the best move is throwing more at debt via budget or additional income

Is it on a 0% card? Of not, that’s step 1

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Second this! Get a card with 0% interest and transfer your funds to that. With the amount of interest most credit cards charge, you'll take a lot longer to pay it off. Also, make sure to pay more than the minimum, as much as you possibly can

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I really liked using YNAB (you need a budget) tool. Helped me pay off 20k, although took a bit of time

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Uber

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1. Transfer your balances (consolidate) to one 0% int. credit card. Most out there in the market will give you that introductory rate for about 18 months. 2. Create a detailed monthly budget and stick to it. I use Mint. Don’t allocate $ to anything in that budget that’s not a NEED. Eliminate if possible the eating out. 3. Throw everything left towards debt. 4. Maintain same pattern until you have 3-6 months of expenses saved to avoid going into debt again.

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Take a hard look at how you define "necessary" in terms of spending. You probably make over 80k/year, so spending is more likely a culprit than below average gross income. Yes, you may be struggling with medical bills or supporting parents or something else, but there is likely *something* that can be trimmed or eliminated. Ensure you have visibility into your spending. Sign up for Mint or Personal Capital.

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I paid off 11k of cc debt in 9 months. What helped the most was tracking my spending like a hawk. I also decreased my student loan payments to the minimum so that I had more money to throw at my cc debt. I used the snowball method and paid off the smallest cc first, then the second smallest etc.

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Join the FIRE and other investing groups on here. Good luck!

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