Stock Markets Exposed - Any tips on getting out of debt faster?

Any tips on getting out of debt faster?

We are on a good plan (e.g., paying of high-interest loan first), saving, working more, etc... and we have consilodated most of our debt with one of our banks and are already paying a low interest rate. Following this course of action, we would probably be debt free in about 4 years paying about 400 a month over that time. Is there a way, other than the obvious ways mentioned above, to pay off debt quicker... Any other suggestions (stock market? tricks? anything?) Thanks...

Public Comments

Make a list of each card and what the total amount owed is. Then, put the list in numerical order from least to most. Figure out the monthly payments of each (keeping them in order from least owed to most owed). Next, pay each monthly payment, BUT figure out how much EXTRA you can add to the very first payment on your list (can you forego a cup of coffee each day and add $10-15 to that payment each month?). Pay each monthly payment adding extra to the one that you owe the least on until the first one is paid off (cut up the cards). Then, take the amount you paid on the FIRST card and apply ALL of that amount to the payment on the next card on the list. You can even add your home mortgage or car loan to this. For instance, if you have three credit cards, one you owe $200 on, one $250 and one $600... Minimum payment on each (this is just an example I am making up): 1. $15 2. $20 3. $30 Month 1: Pay $30 on card 1 2. Pay $20 on card 2 3. Pay $30 on card 3 Do this for 6 months ($30 on first card x 6 = $180) then you'll pay the $20 on the first card the 7th month to pay it off. Month 8: 1. Card 1 is paid off 2. Pay the original $20 PLUS the $30 (from the money you used to pay on card 1) to make a $50 payment on card 2 (you only owe about $130 on card 2 at this point) 3. pay $30 on card 3 as usual By Month 10, your first two cards will be paid off. Then you take the $50 from card 2 and add it to the $30 for card 3 making the payment you give to card 3 $80 per month. You won't feel any difference in your living conditions because the money was going out for bills in the first place. And you'll pay off your debts a lot sooner than just making the minimum payments. Good luck! :)
Stock Market is not guaranteed returns. Look for a parallel source of Flexi-hour Income. A Part time job, Insurance Advisor or get into flexi hour business.. may be DS - NM kind. These can help to get more funds which will help you pay back your debt quickly. I am already into it & started earning rewards. Thanks , All the best, be financially debt free.
Sounds like you doing everything right. there is no quick easy solution. The only suggestion I'd make is to be sure to build up some savings and conntribute to your 401K at work concurrent with paying down your debts. This is especially important if your employer offers a match...you don't want to leave money on the table. If you do that, you'll find it extra gratifying in a few years when your debt is gone and you see a nice chunk of change sitting in your emergency fund and 401. Good luck!
All the theories you have been told so far are wrong - First you Debt Snowball Pay the Mins on all payments, and then pay all the Extra to the Smallest bill you have. Once that is paid off, you keep working to the biggest. In fact - follow the plans by Dave Ramsey in the book Total Money Makeover. You can also grab his radio show (it is online free if you cant catch it locally). I was able to loose my $70K in debt in only 16 months. I am now - Debt Free!!! It is an awesome feeling.
It sounds like you are on a good and reasonable plan to tackle your debt. Of course you want to be out of debt as soon as possible, but it probably too you a while(or some bad event) to get into this situation. So it is not to surprising that it will take a while to get out. One thing to check is your tax withholding. There is a calculator on IRS.gov. Make sure you will not owe a lot at tax time. Over 1000 and you will pay unnecessary penalties. In your situation I would aim for a refund of around 200. If you are getting a bigger refund, I would leave my withholding for a few months. Then after being sure that the debt repayment plan is working, I would adjust my withholding to give me more money to apply 1/2 to building savings and 1/2 to reducing debt. If you are able to squeeze a little more out of your budget than $400/month, I would put it in savings to build a buffer to avoid additional borrowing. Once those reserves are built up, I you might increase your debt payments if you have a consistent surplus. Also apply any raises to savings/debt reduction. If you make 3000/month and get 2 4% raises that is $244/extra a month(unfortunately taxes will take a good chunk). I would also use those 50%/50% to build savings and reduce debt. One thing even if it delays retiring your debt, make contributions to your 401K that get a company match.
I don't think anybody ever got rich by working harder. Try starting your own internet business, I did and it's been great. Take a look at the video presentation at http://ytb.com/getawaymall
First of all, congratulations! It sounds like your doing all of the right things, 2 suggestions for you: How much are you really saving, maybe its too much and more should be put into your loan payments. What accounts are you putting these savings into? Mutual funds would be a good start, look especially at dividend funds, higher interest rates, easy to convert to cash in emergencies. Most people who pay this neglect to look at their EXPENDITURES. Look and see where you can cut costs, mainly little things. I have to admit, I struggle with this cause I love to eat! eg. a meal out a day, plus snack can easily be $10+, 7 days a week = $70 = $280 per month. Hope this helps.
do a written budget if you are not already. Then squeeze like hell to get more money out of it. Plus you might look at getting a 2ND job for a while.
Commit to living frugally for 12 months -- For 12 months eliminate cable TV and go to Over the Air TV For 12 months take on a part time job Take a weekend and have a garage sale --- getting rid of stuff you do not need and use and putting the proceeds against the debt. Commit to eating out ONLY once per month for 12 months Consider raising deductibles on auto ins to 1000 dollars (usually good for 150 dollars or more over a year Call and ask for discounts on cell phone plan -- explain your situation and tell them you do not need more service and will extend your contract for a loyalty discount -- Picka bad habit and Comit to eliminating it -- smoking -- drinking -- sodas --- something and use the $$ to the debt