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How To Pay Off Debt With No Money
One of the primary challenges that many people experience while trying to pay off consumer debt is where to find money to pay off debt. In order to pay down your debt, you have to pay more than the minimum payment amount, however this can be hard to do if you find yourself having difficulty just making ends meet month after month.
So where do you get money to apply to your credit card debts every month? Here's several recommendations:
Tax refund: Do you normally have a big tax refund each year? If so, then you should use part or all of your tax refund to pay down your debts. Additionally, you should reduce your income tax withholding so that a smaller amount of taxes are withheld from each paycheck; you'll receive a smaller income tax refund, but you will have more money to pay towards your debt payments each month. The thing you don't want to do is give Uncle Sam an interest free loan when you need money to pay off debt!
Tap into your savings: No one wants to get into their savings account to pay off debt, however any time you have credit cards that are costing you 18% or more in interest charges on a monthly basis and your savings account is only earning 4% (or less), it just makes sense to tap into part of your savings to wipe out that terrible credit card debt.
Part time and / or temporary employment: If you're seriously in a debt bind, consider applying for a part-time, seasonal or temporary job. It doesn't have to be forever, just long enough to repay or at least make a difference in your debt.
Borrow against your home equity: It's not a choice to take lightly. Yes, you'll probably be able to cut down the interest you are paying on your debts substantially by taking out a home equity loan, but remember that your house is in jeopardy if you are unable to make the payments for any reason. Consider this method only if you are 100% sure that you can keep up with the payments, even in the event of a job loss or other emergency.
Cut down spending: Although mentioned last, this is probably the first strategy you should really take to uncover extra money to repay debts. Make sure you review your spending to discover if there are any areas that you can cut back on to come up with additional money to be applied towards your debt. Some frequent bills that can be reduced, at least temporarily, to help pay off debt include food (both groceries and eating dinner out), entertainment (health club memberships, magazine subscriptions, cable, internet, trips to the book store) and personal care (haircuts, clothes, house cleaning services, etc.).
These are just a couple of suggestions on how you can get money to pay off debt. There are actually numerous other ways you can find money to apply towards your credit card debt if you are determined to look for them.
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