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Discussion Starter · #1 ·
Ok so I'm still o my quest to be debt free and start saving..

Here is my current debts (All of them) as of today.

Current DebtAmount
RBC Credit Line
$4,435.00​
RBC Credit Card
$0.00​
American Express CC
$626.53​
Tangerine CC
$0.00​
Canadian Tire MC
$0.00​
President Choice MC
$0.00​
Amazon Credit Card
$0.00​
Best Buy Store Credit
$0.00​
RBC RDSP Loan
$0.00​
Student Loan$2,977.99
Total
$8,039.52​

my rbc credit line rate is 9.1%
my american express rate is the usual 21% or so typiccal rates
the student loan is 0% for the next 12 months

Whats the best way to clear all this to 0$ as soon as possible? I dont easrn much (~36k gross a year) and live alone in an apartment.

Any advice is appreciated today or tomorrow please before i talk to my bank
 

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I’ve been a fan of the Dave Ramsey approach to this situation. You can look him up and read his stuff but basically it’s: this is not a debt math problem, it’s a psychology and income problem. don’t worry about the interest rates (the interest accrued is minimally different), payoff the smallest to largest balances so you get a feeling of accomplishment, pay Amex first, then student loan then tackle LOC, pay minimum on all but the Amex (the math will say pay the high interest off first, but the psychologist might say that might not be the fastest path in the real world)
make a monthly budget and clamp it as tight as you can (this is all temporary measures) $5-10/day on food, no going out, etc. etc. Any money left at the end of the month (say you have $400- pay the Amex off in 1.5 months) then he’d say cut up the Amex (though I suspect few do), then take the $400 a month and pile it into the student loan until it’s gone, taking any extra scrap of cash you can get your hands on and throw it at the debt. Sell stuff if need be.
The bigger piece though is get some extra income, whatever you can do. Deliver pizza, work anything available, become a debt paying animal (this is all a temporary state of affairs to get out of debt ASAP so you can start to grow wealth ASAP)
<1 year would be my guess, maybe 6-8 months?
There are lots of lovers and haters for Ramsey and his approach/personality, but the advice is solid in my opinion if you ignore the noise (don’t get sucked into the noise!) You could do a lot worse than reading his book the total money makeover.
 

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I’ve been a fan of the Dave Ramsey approach to this situation. You can look him up and read his stuff but basically it’s: this is not a debt math problem, it’s a psychology and income problem. don’t worry about the interest rates (the interest accrued is minimally different), payoff the smallest to largest balances so you get a feeling of accomplishment, pay Amex first, then student loan then tackle LOC, pay minimum on all but the Amex (the math will say pay the high interest off first, but the psychologist might say that might not be the fastest path in the real world)
make a monthly budget and clamp it as tight as you can (this is all temporary measures) $5-10/day on food, no going out, etc. etc. Any money left at the end of the month (say you have $400- pay the Amex off in 1.5 months) then he’d say cut up the Amex (though I suspect few do), then take the $400 a month and pile it into the student loan until it’s gone, taking any extra scrap of cash you can get your hands on and throw it at the debt. Sell stuff if need be.
The bigger piece though is get some extra income, whatever you can do. Deliver pizza, work anything available, become a debt paying animal (this is all a temporary state of affairs to get out of debt ASAP so you can start to grow wealth ASAP)
<1 year would be my guess, maybe 6-8 months?
There are lots of lovers and haters for Ramsey and his approach/personality, but the advice is solid in my opinion if you ignore the noise (don’t get sucked into the noise!) You could do a lot worse than reading his book the total money makeover.
I’ve been a fan of the Dave Ramsey approach to this situation. You can look him up and read his stuff but basically it’s: this is not a debt math problem, it’s a psychology and income problem. don’t worry about the interest rates (the interest accrued is minimally different), payoff the smallest to largest balances so you get a feeling of accomplishment, pay Amex first, then student loan then tackle LOC, pay minimum on all but the Amex (the math will say pay the high interest off first, but the psychologist might say that might not be the fastest path in the real world)
make a monthly budget and clamp it as tight as you can (this is all temporary measures) $5-10/day on food, no going out, etc. etc. Any money left at the end of the month (say you have $400- pay the Amex off in 1.5 months) then he’d say cut up the Amex (though I suspect few do), then take the $400 a month and pile it into the student loan until it’s gone, taking any extra scrap of cash you can get your hands on and throw it at the debt. Sell stuff if need be.
The bigger piece though is get some extra income, whatever you can do. Deliver pizza, work anything available, become a debt paying animal (this is all a temporary state of affairs to get out of debt ASAP so you can start to grow wealth ASAP)
<1 year would be my guess, maybe 6-8 months?
There are lots of lovers and haters for Ramsey and his approach/personality, but the advice is solid in my opinion if you ignore the noise (don’t get sucked into the noise!) You could do a lot worse than reading his book the total money makeover.
What Cainvest says makes perfect sense,pay off highest rate 1st,cut spending to absolute minimum.
 

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Likewise to post #2, although I would concede to getting rid of Amex first regardless as a reward to get rid of one balance. Then to work down the RBC Credit line.

Rule of thumb I would try to work too.... 10% of your monthly gross income to debt repayment. Rigorously work through your monthly spend to see if you can find $300/month for debt repayment. It will look at a lot easier to accomplish once you have focused on re-paying $3500 in the next 12 months.

Alternatively, or in addition, consider some extra freelance work to bring in that $300/month to make that kind of debt repayment. That is 20 hours @ $15/hr.
 

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I would use your cc to pay for a class 1 drivers license...8 weeks...the better driving schools will guarantee a job upon completion...go out & start earning 65k/year...drivers are in demand. Foreign workers are being hired to fill the demand.
If you're female even more demand.
 

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By the way, what happened since this post 3 months ago? Paying off debt

Why are you further in debt since that post? Indeed, a review of a number of your prior posts show much inconsistency... stock trading, potential house purchase,
 

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Discussion Starter · #8 ·
Thanks for all replies so far, yeah I messed up and made a few purchases I didnt need.. anyways this is my latest debt left after working on it this weekend:

Current DebtAmount
RBC Credit Line
$4,561.53​
RBC Credit Card
$0.00​
American Express CC
$0.00​
Tangerine CC
$0.00​
Canadian Tire MC
$0.00​
President Choice MC
$0.00​
Amazon Credit Card
$0.00​
Best Buy Store Credit
$0.00​
RBC RDSP Loan
$0.00​
Student Loan$3,779.39
Total
$8,340.92​

RBC LOC 9.1% APR
Student Loan 0% APR for 12 months

Im supposed to talk to my by this week how I can get all this to zero, someone told me not to worry about the student loan for now and even ask them to decreae my 125$ monthly payment to as little as possibe so i can focus on the line of credit. Any thoughts?
 

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cnnx... how is it that your student loan balance increased if you are in repayment and there is no interest for 12 months?

Your other debt actually decreased so that is good. To avoid using them you should keep one credit card for emergencies and cancel the remaining ones. Start using your debit card to make purchases and try paying a set amount each month on the RBC LOC.. It should be something you can manage, perhaps $150. Create the habit and then evaluate if you can pay more in 6 months. If you can lower your student loan payments then do that and pay the savings on the LOC, until it is paid off.
 

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Thanks for all replies so far, yeah I messed up and made a few purchases I didnt need.. anyways this is my latest debt left after working on it this weekend:

Current DebtAmount
RBC Credit Line
$4,561.53​
RBC Credit Card
$0.00​
American Express CC
$0.00​
Tangerine CC
$0.00​
Canadian Tire MC
$0.00​
President Choice MC
$0.00​
Amazon Credit Card
$0.00​
Best Buy Store Credit
$0.00​
RBC RDSP Loan
$0.00​
Student Loan$3,779.39
Total
$8,340.92​

RBC LOC 9.1% APR
Student Loan 0% APR for 12 months

Im supposed to talk to my by this week how I can get all this to zero, someone told me not to worry about the student loan for now and even ask them to decreae my 125$ monthly payment to as little as possibe so i can focus on the line of credit. Any thoughts?
I just read through your thread history. I didn't realize you had another thread that you had eliminated your debt to zero other than student loan. You also have had consumer proposal, and self control issues in the past.

My bigger question is what are you going to do to control your spending and impulse? You know that you didn't need the purchases yet you went into debt for it after being in debt previously. This seems like the larger challenge.

People can give you the best finance advice here, which is pretty much the same, spend less than you make, don't go into debt, if you do, pay off the debt quickly by getting another job, stop buying crap, and paying off high interest first. It's pretty standard with some tweaks to your individual scenario.

In your case, you have a larger impulse challenge. Have you gotten support or counselling to help with this? This may help you with the tools in trying to curb your impulses and work through the thoughts and desires of impulse buying. It often ties in other areas of life, so may be more valuable than an financial advisor.
 

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The OP's posts have been all over the map...if one does a search/review of 50+ posts. The individual is supposedly about 45 years old but has had no consistent plan that the OP has been disciplined enough to stick with. That is the fundamental issue - an inability to develop a longer term plan, e.g. 10 years plus, and then sticking with.

The OP needs to do a 'reset', maybe with the help of a 'Money Coach' who will be available to whack the individual with a ruler when s/he wanders too far from the centerline.
 

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The OP's posts have been all over the map...if one does a search/review of 50+ posts. The individual is supposedly about 45 years old but has had no consistent plan that the OP has been disciplined enough to stick with. That is the fundamental issue - an inability to develop a longer term plan, e.g. 10 years plus, and then sticking with.

The OP needs to do a 'reset', maybe with the help of a 'Money Coach' who will be available to whack the individual with a ruler when s/he wanders too far from the centerline.
If that's the case.
1. Get rid of all but 1 or two low limit credit cards (I'd say 1 Visa, 1 MC/Amex)
Pay them off, in full every paycheck, as in call the company, get the balance and pay it off.
If you can't pay it off in full, that is your warning sign that you're going out of control
Don't use your credit, and don't take on any new debt.

If you have a self control, the Dave Ramsey approach is a good idea. Myself I hate debit cards, but otherwise he's pretty much right.
 

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The OP's posts have been all over the map...if one does a search/review of 50+ posts. The individual is supposedly about 45 years old but has had no consistent plan that the OP has been disciplined enough to stick with. That is the fundamental issue - an inability to develop a longer term plan, e.g. 10 years plus, and then sticking with.

The OP needs to do a 'reset', maybe with the help of a 'Money Coach' who will be available to whack the individual with a ruler when s/he wanders too far from the centerline.
Yes, it's wasn't until you found there last thread that I checked. OP also says that they have a medical condition (bi polar) . That could make it difficult for self control and long term planning with out addressing some skills there. The OP wants to buy a house (which is he should NOT) until he figures out some strategies to save longer term.

A money coach may help, but there are bigger forces here the OP needs to deal with. I have someone very close to me that struggles with similar challenges. I am their person to help guide them in place. What I have been learning is some people especially when there are mental health issues at play make poor decisions because they haven't learned the tools to help them make better ones. They know all the 'information and facts' but yet have difficulty applying them. They need some very specific steps to help them for example get out of debt. However, one they are close, with will fall back into debt because the underlying thinking has not been addressed. This really needs to be addressed in multiple ways, not just the finances.

OP has been all over the place, a coach or planner could help them come up with goals and a plan, However, as you said, they need someone on going to help them keep in check. My person regular schedules a check in at least twice month. Once to go over the day to day things, and once to go over the larger plan. They only do this after many years of poor choices, where I finally had to give them a huge bail out and made it a condition of the bail out. Maybe if OP has some one in his life that can hold him accountable AND has the financial knowledge to help. Maybe it's two people.
 

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Good post. I had failed to pick up the bi-polar point. I have a relative with that affliction and it is indeed a challenge.

Getting rid of most/all of the credit cards and LOC would be a start (along with the guidance of a sympathetic friend/money coach, etc).. Maybe keep one CC with a $1000 credit limit for emergencies and get the LOC cap reduced to current outstanding balance. The OP needs to limit him/herself to debit cards to not live beyond their means and maybe set up a payment plan to have the LOC debt automatically debited each month until paid off.
 

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I would put all of the funds received towards my credit line debt.
That's good but what are you going to do about "yeah I messed up and made a few purchases I didnt need" ?

I gather that "buying things you didn't need" has been an ongoing problem?
 

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I own these somewhat premium domains, anyway I get ger revenues from them without investing any money? I would put all of the funds received towards my credit line debt.

Stuffedbear.com

Datingbbw.com

Tugcoin.com

Cryptocoindev.com
You can sell them. Sedo.com is the site I'm aware of where you can just place them up for sale. I think they determine the price. I had a few domains in the past and listed them there but never got any bites, so I don't know if it'll actually work.

If you don't want to sell them you can just put up a parking page that says like "This domain is for sale, contact XXX", and then sign up for Google Adsense and put some ads on the page as well. If anyone shows up to the page you'll get a little money from the ads. It won't be lucrative, though.
 

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Your problem is not paying off debt - your problem is spending. Not sure why you need to speak with your bank.....they wont give you money - just more debt.

Establish a proper budget and cut expenses. Stop your compulsive purchases and focus on your career to increase your income. And close all your credit cards - why do you have the need to hold so many credit cards? There's no prize for holding so many.
 
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