If you have a lot of debt, chances are you have a tight budget. It is not easy to live on less money than you need, and pay off your debt. With determination and perseverance, you can pay back debt on any income. You’re trying to be creative and find unusual ways to pay back debt. Let me do the work for you! Here are 7 unconventional ways to pay down debt on a tight budget.
1. Donate Plasma
If you can’t spare any money and are in a tight spot, consider donating a few extra hours per week to help save lives. You can earn $50 per week extra. donating plasma At your local plasma bank. Keep the money you get on the card and save it until you can pay one debt.
2. Stop paying with credit cards
This may sound strange, but can work to your advantage. Companies start to panic when you stop paying for your credit cards. They don’t risk you going bankrupt and will offer options like cancelling your credit card and removing the interest. This allows you to make payments that are interest-free. You can also call to negotiate the payoff amount at this point.
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3. Ask for Forbearance
Call and ask for an extension if you are paying high interest on your loans. You may be able to get a loan forbearance depending on your income, or if you are experiencing a financial hardship. Use the time to save what you would pay on your loan in order to pay off a small debt.
4. Pay off small debts First
It may not be the most unusual way to pay off your debt, but it is important to focus on the smaller ones first. You will feel motivated and a sense accomplishment when you pay off the debt. You can pay off a small debt much faster if you put $5 extra a week toward it. Once the debt is paid, you can use that extra money to pay off the next one.
5. Call Your Debt Collection Agents
Call the number now. Did you realize you can ask to lower your interest rate, for forgiveness programs, and ways to make payments less? The worst they can say to you is no. Ask for help and explain your situation. If you have trouble getting through to the person with whom you are speaking, you should speak to a supervisor. Then, you should talk to their supervisor. Once you are at the top of your totem pole, it is possible to accomplish anything.
6. Take on high-interest debt with collateral loans
If you pay so much in interest every month, it may not be possible to pay all your debts. Why not make extra money by taking out collateral loans instead of paying only the minimum balance? Chapes JPL is Atlanta’s premier jewelry lender.
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7. Hide money in random locations
If you can’t seem to save any money, withdraw cash from your bank. Hide cash in random locations, such as a sock drawer or shoe, and your child’s wardrobe. Hide cash all over your house so that you won’t remember where it is. Once you have found it all, there will be enough money to pay off your debt.
What are you still waiting for? Be different, be unique, and pay off your debt. You will benefit in the long-term.