- This topic has 6 replies, 1 voice, and was last updated April 6, 2008 at 5:21 pm by .
- April 6, 2008 at 5:21 pm #257105
Here’s some ideas that my family did. I would recommend Crown Financial
ideas on how to pay down debt.
Here’s some of the things we did primarily to get out of a van loan in 18
1) Got rid of the credit cards. I never had a credit card debt that would
carry month to month, but I had a Discover card I would use to pay for alot
of things each month. I figure I spent about 15%-30% more when I used
credit cards and I could never seem to make progress before on the other
debts and regular savings because of the credit card bill being so high each
month (even though we paid it off each money it was a ball and chain to
2) Started a budget and followed it very carefully. Cut most expensive
entertainment and extra spending and out to eat costs. We spent alot of
time doing our inexpensive hobbies. Riding Bikes, Walking, going to the
Library. We had alot we could find to cut because we wrote down everything
and evaluated what we did the previous months and where we could cut. We
3) Stopped extra payments on the house
4) Adjusted my Federal Tax Withholding temporarily so I would get less back
in tax refund and more back throughout the year.
5) Adjusted my 401K temporarily to 2% while getting out of the car debt.
(Only temporarily for 6 months)
6) Sold a few things.
From: “leonard.wilson2008” <firstname.lastname@example.org>
Sent: Sunday, April 06, 2008 12:21 PM
Subject: Budget101.com : reducing debt.
> Besides saving a fixed amount on a daily & consistent basis, what is a
> method of bringing down debt?
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