Debt doesn’t have to be a heavy weight you carry always.
Personal debt is the painful outcome of spending money you don’t have, losing a job, or not keeping a budget you can manage. Whether the debt is from mounting credit card charges, student loans, or not paying bills on time, it attaches itself to you like a leech and won’t go away until you do something about it. When you come to the realization that you need to tackle your debt and pay it off, take a breath and believe there are several creative ways to achieve a debt-free future.
Sell your plan
Call debt collectors and let them know you are willing to pay off your debt if they agree to a lesser paid-in-full amount. Often you can save hundreds of dollars and lose the debt at once. However, be sure you have their agreement in writing and that they will remove the negative information from your credit report before you send a check.
If you have a bill you simply can’t afford to pay all at once, chip away at the debt until it is paid in full. This method works especially with fixed bills you can pay online. Commit to a certain amount of money toward the bill each week and gradually bring the balance down. This method brings an incredible sense of accomplishment once the bill is paid.
Buy a piggy bank
You may have first learned to save money as a kid with a beloved piggy bank, and this seemingly archaic money-saving device can help you get out of debt in no time. When you shop, pay cash, and throw all your change and dollar bills in the piggy bank. You’ll be amazed how quickly this amount will grow to let you pay off a bill or two.
Selling stuff and freelance work
You do not necessarily need to go out and get a second job to unburden yourself from debt. Add up the amount of money you need to pay off your bills and find other ways to get the money you need. Dig through your closets and sell unwanted items online or through consignment shops. Do work online to earn money. Sign up for some market research surveys and watch as the dollars begin to roll in. This money can be held in a PayPal account and be used to wipe your debt slate clean.
Finding coupons is a great way to save money on things you purchase, but once you get through the checkout line, what do you do with the money you saved? Instead of spending your coupon savings on other purchases, designate the money to pay off debt. You can either go online and make a small payment toward bills or collect enough money in an envelope to make that final payment.
Pulling yourself out of the debt trap doesn’t happen overnight, but can be achieved rapidly when you put your mind to it. Use these creative methods to collect the money you need and be on the road to better financial well-being.