Having debt is never fun, and if you are looking to become debt free fast, there may well be ways and means to do it that you never thought of and this article looks at just some creative possibilities.
Having a debt is no fun at all, and nobody chooses to have that kind of financial burden. But sometimes, life places us in debt often because of an emergency situation where we have to rack up our credit card or take out a personal loan.
Here are several ways you may be able to make yourself debt free:
Ditch The High Interest Debt
Getting out of debt is even harder if you have high interest debt. If you can, pay off any high interest debt like loans for bad credit situations first so that in the long run you are paying less interest. Paying off the high interest loan will make it easier for you to then start paying off other debts because it frees up the high interest you are paying on the initial debt.
Check You Don't Already Have ‘Free Money’ To Use
It may be that you already have more money available to use to pay off debt than you realise. Perhaps you are in the habit of paying £50 a month for getting your hair done, and say £5 a day on coffee. If you perhaps switched to a lower maintenance hairstyle and make coffee at work, you immediately have around £100 pounds to play with, which could be really useful with paying off what you have borrowed.
Get Stuck In To Paying Debt Off
Take an afternoon to look at all your debts, so you can make a payback strategy and start making ground with paying your debts off. This will include consolidating loans, making cut backs and sticking with a payment plan, but if it means you have a date where your debts are paid off, then you will be more likely to work hard to get there, even if it does mean making sacrifices.
Are You Worth More Money?
You might be able to get more money coming in by either asking for a raise, getting a new job or perhaps doing some side jobs that pay well. For example: it may be that you could do the same job you are doing now, for more money in a competing company. Or perhaps you work as a French teacher and you could teach French privately online or in person. Your income might well be ripe for growth, and so provide extra money to pay off debt.
Is Your Home Enticing For Travellers?
If you live in a city or a tourist area, it may be that you have a house perfect for AirBnB or for room rental. Just by going and staying with family, or even in a cheap hotel for a week you could make hundreds of pounds on your property. The more desirable your location, the more you will make renting your property out.
Remember, there may well be more possibilities than you ever thought to pay off your debt, you just need to take a fresh look at your circumstances. It would be good to borrow at the lowest interest rate but that isn't always possible due to previous credit history and we might need bad credit loans to tide us over. The important thing to remember, according to broker Solution Loans , is that we have to manage that debt, or even better, pay it off as quickly as possible. You might feel that you have a debt that cannot be paid off, and that may well be the case. However, it could be that you are able to pay off your debt, you just don't yet realise how.