How do I pay off debt with no money? This is a question we get asked all the time.
I bet your first thought was, “you can’t” and you would be kind of right however I have a few ideas on how this can be done and no it’s not rob a bank!
Here are four ideas that you can use to help you get out of debt.
How to Pay off Debt with no Money
Do you have a job with a regular pay? If you do one option maybe to apply for a consolidation loan. Using a consolidation loan to pay off debt if a reasonable and convenient method it would mean you would only have one repayment to worry about, but it will require you to check your eligibility with a suitable financial institute.
Every institute has different criteria so if you do not meet the criteria at one try your luck at another one, don’t give up. We would always advise getting some financial advice to see if this is right for you.
Sell your Junk
Stuff, do you have stuff, sellable stuff? Take a look around the house if it is in a good working condition sell it.
TIP do not sell anything that is not yours that’s illegal and so not cool!
Now I understand how important having 2 Xboxes, the 6 designer hand bags, 19 pairs of Jimmy Choo shoes (18 pairs never worn) but it’s cash, cash that can used to pay down debt.
Jump online try eBay or Facebook Marketplace get that stuff sold, it’s a great way to declutter as well.
Have a Side Hustle
Every day I’m hustling…. side hustling that is!
Do you have skills or a hobby you can monetise maybe you have a high-quality camera you could use to photos with for weddings or kids birthdays, perhaps you make chilli sauces that you could sell at your local markets what ever it might be just think how you can turn it into cash.
Shiny new car (or not so new but still shiny) sitting in the driveway? Put it to good use, for little extra cash you could consider getting a part time job a couple of nights a week doing Uber, Uber eats or pizza delivery. Make sure you consider costs of fuel and maintenance when considering this option….who knows you might even get a free dinner out of it 😉
Turning a passion into a side hustle is an amazing way to make more money to pay off debts … and it’s fun!
Spending money we don’t have, on things we don’t need, to impress people we don’t like equals debt.
While these ideas are a good start (if I do say so myself) it has to be said the best way to get out of debt is to stop spending, just stop, cut up the credit cards, don’t go to the shops unnecessary, and unsubscribe from adverting emails from retails stores.
Changing your money habits today will help you ditch your debt.