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Getting out of debt...
- Thread starter morf
- Start date
I got into some debt when I was 19 and I was a bit overwhelmed. I used to just spend money as it appeared in my account. Not anymore. Now I live by a strict budget of $20 per week (not including rehearsal space rental). And yes, that's per week. I keep track of all my money quite closely, but I still spend way too much on bass gear.
What I did to get out of debt, is to pick the debt that you owe which is the smallest amount. Make as big payments on that one as possible. The rest of your debts get only the minimum payment required. Once your least debt is paid, move on to the next smallest one. Now you have more money to pay off the next one, because you have more money to spread around as one of your debts was paid off. It worked for me.
What I did to get out of debt, is to pick the debt that you owe which is the smallest amount. Make as big payments on that one as possible. The rest of your debts get only the minimum payment required. Once your least debt is paid, move on to the next smallest one. Now you have more money to pay off the next one, because you have more money to spread around as one of your debts was paid off. It worked for me.
Ok guys I've got good news, I successfully sold my audiophile stereo system and some cheap basses/parts/effects/dvds/etc and it seems like I'm starting to see the end of the tunnel!
I should be debt free by next week!
I was going to step in with some good debt advice, but it looks like you don't need it.
I can do great things when I put my mind to it
Thanks for the helping thoughts though. I appreciate it.
