Most people don’t know how to get out of debt with no money, and it’s definitely something worth looking into.
Phoenix, AZ -- (SBWIRE) -- 07/18/2013 -- Most people don’t know how to get out of debt with no money, and it’s definitely something worth looking into. Credit-yogi.com is here to offer some pointers about this process, such as:
- Cut Back on Expenses
- Contact Creditors
- Hold a Garage Sale
- Other Ways to Earn Extra $$
The first step in how to get out of debt for free –“free” meaning without extra money – is to look at the way one’s income is spent and then find places where changes can be made so more is available for debt repayment. Here are some examples of things to cut back on: Going out to dinner or lunch; driving to a theater to catch a movie and purchase a ridiculously expensive bucket of popcorn; reducing the number of channels on one’s cable network; shorten the time of long-distance phone calls, etc. Just be careful with the money available so some of it can go to pay off debt.
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Contacting one’s creditors to request reductions in both interest rates and principals is a great response to how to get out of debt with almost no money. Most of the time, the companies to which one owes money are willing to work with a person so they actually get some of their money back and the consumer has a more affordable payment. Granted, creditors cannot be paid off with no money, but a smaller amount will do the job just fine.
Set Up a Neighborhood Garage Sale
This is the opposite of how to get out of debt for free because one is going to earn some money from the items he sells. That money will be applied to his debt. The point here is that he is not using the money for the electric bill, which he’d already budgeted for, to pay off other debt. He’s earning the cash by coordinating a community garage sale and selling his hand-made stained glass sun catchers.
More Methods to Earn Debt Repayment Cash
If one has no hand-crafted items to sell, there are others ways to get debt repayment money. This is another rather half-way solution to how to get out of debt with practically no money. Pick up a 2nd job, like writing from home. Borrow the money from one’s IRA at work. Ask mom or dad for a small loan. Just get the necessary funds to pay off one’s debt without breaking the bank.
Credit-yogi.com is a well-established no-cost website whose aim is to give rapid, correct responses to the fiscal questions of its consumers. For a complimentary preliminary conference, dial 866-964-9644, any time.