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I have around $14,000 dollars in debt and $5,000 of that is a non-credit lawsuit settlement. Can I include the $5000 in the consolidation?Posted by: Nicholas of Tennessee
Hi Nicholas, It will depend on what the lawsuit settlement is for and whether payment amounts/timing is included in the settlement. It is best to ask your Debt Consolidation Counselor directly what you can and cannot include in your consolidation.
Posted by: DebtSteps.com
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If there is a judgment against you and they are garnishing wages, can bankruptcy get rid of it?
I have been paying on a credit card forever, years, and it seems to never go down. Is there a limit as to how long you pay on a debt to a credit card …
How do I get out of debt?
Posted by: Kyla (Houston, TX)
You need to follow the proper steps to get out of debt. I suggest you start with our Budgeting/Money Management tutorials.
Track your spending
Write up a budget - include what you can afford for debt payoff. Here is a great online budget calculator (and it lets you print it out) to try here
Try to follow the budget, but adjust when needed.
Posted by: DebtSteps Admin
P.S. This answer also applies to a question asked by an anonymous visitor:
I need to reduce my debt. I am drowning in credit, school, and car loans. I owe $50,000. Please help as I may be losing my job.
And also one asked by Piet P. of Ohio:
What must I do to be debt free?
Hi, my boyfriend recently took out a substantial loan in order to buy his parents car off for them.
It's the only thing the loan was for, no house or anything too serious. However, he had to quit his job unexpectedly in order to go to school, and so we are wondering what are the options available for dealing with this type of situation?
Can we sell the car and put the money towards the loan? Is that how it works?
Posted by: by Karlyn Morris (Calgary, AB Canada)
Yes, you can sell the car to help payoff or pay down the loan balance.
Posted by: Debtsteps Admin
Posted by: Mercy (Lagos)
How can I control impulsive spending?
You need to work on the envelope system of budgeting. Once you set envelopes for your monthly expenses, you can set one envelope to be for your impulsive spending.
Set your mind to NOT spend impulsively from other envelopes and to NOT use credit cards (leave those at home!). With family/friends providing emotional support, you can do it!
Posted by: DebtSteps.com