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How To Pay Off Debt With No Money
One of the biggest concerns that many people face when attempting to pay back consumer debt is where to find money to pay off debt. In order to pay off your credit balances, you have to pay more than the minimum payment, but this is difficult to do if you find yourself having problems just making ends meet each month.
So where can you find money to put towards your credit card bills every month? Allow me to share several ideas:
Income tax refund: Do you typically get a sizeable tax refund every year? If so, perhaps you can apply part or all of the tax refund to your debts. What's more, you might want to reduce your tax withholding so that less income taxes are withheld from each check; you'll get a smaller tax refund, however you will have more money to apply towards your credit card debt payments each month. The last thing you want to do is give The government free use of your money when you need money to pay off debt!
Tap into your savings: No one wants to cash out their savings to pay off credit card debt, however when you have credit cards that are costing you 15% and up in interest charges on a monthly basis and your savings are only earning 4% (or less), then it just makes sense to make use of some of your personal savings to help you wipe out that horrible credit card debt.
Bonuses, raises and overtime: Anytime you get a pay increase, bonus or earn overtime, you should use at least a portion of those earnings to put towards your credit card debt. Considering that this is "extra" money that you didn't have previously, you shouldn't miss the money that you put towards your credit card bills.
Borrow against your home equity: This is not an option for taking lightly. Sure, you'll probably be able to lower the interest you are paying on your debts significantly by getting a home equity loan, but remember that your home is at risk if you're unable to make your payment for any reason. Consider this method only if you are 110% positive that you can continue to make your payments, even during a job loss or other crisis.
Lower spending: Although listed last, this is really the first strategy you should take to find additional funds to repay debts. You ought to review your spending to see if there are any areas you could cut back on to generate additional cash to be paid towards your credit card debt. Some frequent expenses that can be cut back on, at least in the short term, to help pay off debt include food (both groceries and eating at restaurants), entertainment (gym memberships, newspaper subscriptions, cable TV, internet, trips to the book store) and personal care (haircuts, clothes, housekeeping services, etc.).
These are just a few ideas on how you can get money to pay off debt. There are hundreds of different ways you can obtain money to apply towards your credit card debt if you are motivated to discover them.
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