It can be very easy to get into debt and very hard to get out of it. Over the years, some people have come up with some very unique ways of paying off what they owe, and here are a few tips for the ways they achieved it. Some of them might seem a bit extreme, but they have worked for some people, so why not for you?
Move Back With Parents
In the first year of marriage, one couple had run up loans and credit card to buy furniture and everything else they needed to move into their first apartment. Then the wife’s hours were reduced at work, and suddenly meeting all the payments became a problem.
They solved their situation by moving back to the husband’s parents for a period of just twelve months. They said it was important to put a time limit on it, and to help out with the household bills and chores. But with all their possessions stored in the parent’s garage, within that 12-month period, they were able to pay every cent they owned and find a new apartment of their own.
There are many similar stories of people cutting their overheads by moving in with relatives or friends for a while, and as long as some grounds rules are set, this is often a good way to get out of debt.
Change Credit cards
Credit cards are the most common debt that people incur and then cannot pay. This is one of the reasons that their interest rates are so high because the card providers have a high percentage of bad debts.
More than one person told how the looked at the interest-free periods and moved their debts to the cards that were offering them. These can range from 6 months to 21 months, but as one lady pointed out, having to change your card every few months is a small price to pay for getting out of debt.
You could make the task simpler by looking at Cardguru, where you can find much information about all the special deals that credit card companies are offering.
The most effective way to make this strategy work is to continue paying the amount you would have dome when interest was being charged. The balance will come down even quicker then, and you could be debt-free much sooner than you thought possible.
One couple said they stopped spending money on social activities such as eating out with friend or vacations. They also ignored birthdays, Christmas and any other special events, but in just 6 years cleared $280,00 of debt, which included their mortgage. Some people accused them of being anti-social, but after the 6 years they had become so content with their way of life that they have stuck to it. That has enabled them to save quite large amounts, which they now use to invest in real estate.
Some people will go to great lengths to ‘flip’ things to make some extra money. This could be something like the gentlemen who went to a market 7 days on the trot because they were selling chickens at half price. Each day he brought his daily limit and then sold them to friends and family. They were quite happy to buy them from him at a lower price than they would pay in the stores, and he made a profit on every sale.
An initiative such as this can mean making some serious bucks, and this can be used to pay off all your debts. Some people search for bargains on sites such as eBay and Alibaba and then sell them on to make some money. Others will scour markets and garage sales, as you never know what bargains you could pick up in these places. Hold your own garage sale and sell any old belongings you no longer need. Just make sure you’ve got strong outdoor garage lights so that your products are easy to see and look great. You can spruce them up a bit too with some upcycling. Don’t forget you can save money by visiting garage sales yourself when you need something new.
Living Like Students
Once a couple between them had $80,00 worth of student loan debt. When they both finished university and got well-paid jobs, they continued to live the lifestyle of college students. This meant that a large part of their salaries could be paid off the student loans, and it took them just under 3 years to be free of their debt.
How Could You Pay Off Your Debts?
You may be able to draw some inspiration from the ideas some of these people have had. They seemed to work for them, and now it is time for you to consider how you will pay off your debts. Will you move in with friends or relatives, spend hours moving credit cards around, or start buying and selling maybe. Whichever way you choose the sense of relief of being debt-free will make it well worth the effort.