How can I get a loan so I can climb out of debt?

Q: I have about $50,000 in credit card debt from having no income for two years. However, I was able to keep up all payments on time. I have a job paying $60,000 now and was told by my bank that I would be able to get a $50,000 second mortgage if I could produce two years of income, which I cannot. My credit score is about 667. What can I do to get a loan so I can start getting out of debt?

A: You don't need a loan to get out of credit card debt. Here's the "secret formula": If you will double the current minimum monthly payment, and keep paying that amount every month, and never charge another penny, you'll pay off ALL your debt in less than 3 years!

So, now that you have a job again, that should be your top priority!

Terry Savage is a registered investment advisor and the author of the newly published The Savage Number: How Much Money Do You Need To Retire? (256 pages, Wiley, $24.95).