Comments on: Help a Reader

By: textbook rentals

textbook rentals — Wed, 22 Dec 2010 19:19:00 +0000

So how did everything turn out?

By: meeting rooms

meeting rooms — Sun, 23 Nov 2008 19:03:24 +0000

@ Shawn, I ‘ve already got a second job with atleast an additional $200 a month. Thanks for all the advice guys.

By: Shawn Knight

Shawn Knight — Sun, 23 Nov 2008 04:57:32 +0000

Get a second job, take on extra hours at your current job... anything to increase your income. $1500 per month income is not much money at all and a single person would be pressed to even survive on that little amount. Shawn Knight’s last blog post..Ole Miss Wins 31 - 13

By: meeting rooms

meeting rooms — Sat, 15 Nov 2008 13:31:29 +0000

Thanks guys. I really appreciate all the advice.

By: current accounts

current accounts — Thu, 13 Nov 2008 11:36:46 +0000

If you really have a choice, I will ask you to try and extend the re-payment period to about 8 months, which I can send you a plan on how to pay it off,with your current annual earnings. I have had worse debts to pay-off with less than 7 months and I did it.

By: Debt Reduction Formula

Debt Reduction Formula — Sat, 08 Nov 2008 17:11:04 +0000

I guess we should probably ask the question: Why does all the debt have to be paid off in 6 months? Why not a year or two years? That might be a more realistic time frame.

By: Link Round-Up: November 8, 2008 | Debt Reduction Formula

Link Round-Up: November 8, 2008 | Debt Reduction Formula — Sat, 08 Nov 2008 17:02:32 +0000

[...] Help a Reader Pay Off Debt – LuluGal offers a real-life scenario in which a reader asks how it’s possible for him to pay off £11,000 of debt in 6 months on an income of £18,000. There are some creative ideas in the Comments section. Perhaps you’ll want to leave a suggestion of your own. [...]

By: Craig

Craig — Tue, 04 Nov 2008 20:10:19 +0000

I agree Lulu, I don’t think it’s possible with any smart realistic financial decisions. The person could of course go to Vegas and put a chunk of money on black and hope for the jackpot. But we all know gambling wouldn’t be the logical decision. Cutting down on expenses can help save money, but not to the degree to pay off that debt. They would need to have a second income by selling things, take a second job, etc.

Craig

By: meeting rooms

meeting rooms — Tue, 04 Nov 2008 16:54:40 +0000

Thanks LuLuGal, thanks Guys.

By: meeting rooms

meeting rooms — Tue, 04 Nov 2008 16:53:57 +0000

@ dedicated – I can’t move back with mom and dad, that will cost me more heartache.Selling everything will pay it off but after that?
It’s impossible to stay without buying anything for 6 months.

@debt reduction
I’ve just moved in a house share at least saving £100 a month now.

So far I’ve thought about working round the clock, otherwise, I’ll end up thinking about horrible things or ways to end it.

By: LuLuGal

LuLuGal — Tue, 04 Nov 2008 16:23:58 +0000

Thanks for responding to the reader guys but I found some holes in your theory.

1. What if the reader cannot move back in with mom and dad because they are dead or because they do not live in the same country?

2. What if the reader is not a citizen of the country he works in. If he is on a work visa then it would be a violation of his stay to work ‘on the side’ and he could be arrested, deported etc.

3. What if the reader is a female in a one bedroom place? Then the room mate scenario would not be realistic.

Thanks for the comments.

By: Debt Reduction Formula

Debt Reduction Formula — Tue, 04 Nov 2008 15:57:53 +0000

Double your income without increasing lifestyle whatsoever. It is actually quite easy to develop a skill and make an extra $1,500 a month on the side.

I also like Dedicated’s suggestion to move back in with mom and dad. Or, less extreme, get an extra room mate to help pay rent/mortgage.

By: Dedicated

Dedicated — Tue, 04 Nov 2008 15:11:19 +0000

6 months:

1. Move back in with mom and dad.
2. sell everything
3. buy nothing for 6 months.

After 6 months make wiser choices.