How to get out of debt....HELP!

[Jeffawesome]

Okay so I recently broke up with my girlfriend whom I lived with. I have a decent amount of credit card debt ($10,000), so I decided to swallow my pride and move back in with my parents.

Okay so I'm 23 I work at a local casino part time. They started me out at four days then three days now were working two days. With four days I take home around $500, three days around $350 ish and two days obv less(havent had a paycheck with two days on it). My bills are my car payment (187) and my car insurance (295). My car insurance is so high because I have a newer car and 7 points. My question to you oh finance gurus is how do I get out of debt as quickly as possible. I'm not opposed to getting a second job and realize thats probably what im going to have to do. Any help would be greatly appreciated.

[Henry17]

So you are down to about $200-250/week at 2 days. You need a second job. Making $11k a year is not going to cut it.

[Ganjasaurus Rex]

You should try to restructure your debt with a lower interest rate. Is your credit ok? You can get a personal loan from the bank, pay off your CCs, and then pay the bank back at a much lower rate. Will your parents co-sign?

Other option is to sell your car and get an older cheaper one.

[Henry17]

I didn't get the impression he had much equity in the car. If he does then selling it is certainly the right move. I'd consider getting rid of it regardless simply because of the high insurance. It is more then 1/4 of his current income.

The CC debt is only $10k. He lives at home so if he got a decent job he could deal with it easily in under 8 months.

[mtgordon]

Sell your car and take the bus if possible to save on a car and to save on insurance. If not possible get a reliable junker (reliability is important so you can keep a job).

[petp_the_greek]

1.) get a second job
2.) find a CC that has a 1 year/0% interest rate on balance transfers. tranfer your balance to it and pay it off ASAP, put every single penny into it....paying just the minimum is a waste of time. (dont get a bank loan!). pay cash for anything u want from now until u pay everything off. after you pay it off, cancel the card with the 0% rate. you CANNOT miss any payments on the card, if u do, they jack up the rate.
3.) stop spending $$$ on frivoulous things...going out drinking, titty bars, expensive things....moms cooking sure does taste good....and its FREE
4.) the most important thing to learn....DONT USE CREDIT CARDS!!!!

its gonna be painful, but having no debt feels like a million bucks (trust me, i know)

[soko]

"find a CC that has a 1 year/0% interest rate on balance transfers."

10K in debt and 23 years old working part time. Show me a bank that will give him a 10K line of credit with a 0% introductory rate.

[petp_the_greek]

if he has 10k in debt, im sure his mailbox is flooded with those offers.

[Henry17]

The insurance is insane. $3540/year? I drive a Porsche and have a [censored] load of traffic violations and I'm only paying $5200. You can't make $11k a year and then pay $3540 a year in insurance.

Is there anyway you can put the car in a family member's name and get lower insurance by just being an occasional driver?

[Jeffawesome]

First off, I have half of it on a 0% credit card. I'm going to look into my insurance situation. The big thing for me is to stop spending money on stupid crap. Thanks guys.