If you started taking a look at all the bills and statements that have come in your mail and realized you’re going into debt, but it’s the next move you may be most worried about. You should consider your options carefully because many people when they fall into debt usually end up making the wrong move by replacing debt with more debt. The problem exacerbates even worse if you use a high interest APR predatory loan like some unsecured loans or a vehicle title loan because now you’re going to turn the $200 you owed into $800 or $1,000 and go two steps back for the step you took forward. Instead, when you get into debt consider taking some creative steps to get out of it.
Find Luxuries You Can Do Without And Scrap Them
This can seem like a very painful thing to do, and perhaps you don’t even believe you have any luxuries. But then ask yourself, “are all those cable TV channels I subscribe to helping my financial situation?” “Should I have a gym membership at that expensive fitness club?” “Do I really need to be buying new cell phones with expensive contracts or making payments on that newer car?” The answer to all of those is probably “no,” and you may find other very trivial services you subscribe to if you look around. Beyond that, there’s often so many more ways to consume entertainment and have personal or family fun without paying a premium.
Rent Out Or Sublease An Area Of Your Home Or Apartment
People are always looking for housing either temporarily or on a more long-term basis, and if you have any extra space in your home or apartment that you could sublet then this might be a great way to bring in extra cash to pay down debt. There are services such as Craigslist and Airbnb that can allow you to do this while dictating the terms to your guest. But be careful if you do this that you carefully vet your candidate and hide any valuables that could be potentially stolen. Also, if you’re renting an apartment make sure that subleasing it doesn’t violate your lease or cause tension with your landlord. You may even want to check local and state renter’s laws before you do this.
Find Some Creative Gigs
Any way you can increase your income and have more on hand to pay off debt is a plus. If you know certain arts or crafts, can drive for Uber, can do housecleaning or landscaping, or even opening a daycare home you might be able to get some extra income. There’s many other online freelance jobs you could do during off hours from your regular job, or you could even make some extra cash by taking online surveys. Have any old items or things you don’t use much? Sell them in a yard or garage sale and use the proceeds to pay down your debt.