Home
  • plan
  • Invest
  • Property
  • enquire now
  • Learn
Home
DPN
  • plan
  • Invest
  • Property
  • enquire now
  • Learn

Strategy

4 unconventional ways to reduce your debts quicker

Paying off your debt may seem like a daunting challenge but there are things you can do to reduce your debt burden. To find out how to pay off debt quicker, here are four unconventional tips that you can apply.

TAGS

Strategy (150) / Beginner (575) / Intermediate (540) / Expert (564) / Tips (142) / Budgeting (52) / Family Budget (29) / Personal Budget (52) / Money Tips (126) / Personal Finance (87)

Reducing your debt burden is an important step towards having money that you can use to grow your wealth by investing in property or in other financial assets. However, paying off your debt can be a long-term process that may seem daunting. To help you become debt free sooner, you will be introduced to four unconventional ways to reduce your debt burden quicker in this article.

Reducing your debt burden is an important step towards having money that you can use to grow your wealth.

Paying off debt can take awhile, but these tips will help you reduce your burden quicker.

1. Sell everything you don't need

You probably have things lying around that you neither need nor use such as old clothes, electronics, and old household items. You can easily sell these items online on local Facebook groups or websites such as eBay or Gumtree. The total amount you will make from selling all your unneeded items should be enough to help you pay off a small chunk of your debt. 


RELATED LINKS

  • 2 proven debt reduction strategies: which is best for you?

2. Remove your biggest temptations

You may find that even though you have a strict budget, you are still spending more than you would like on things you could cut back on. If your guilty pleasure is getting take-out on the way home from work then take a different route home. If it's online shopping then delete the shopping apps on your phone and computer. Whatever your biggest temptation is, find ways to completely avoid it and put the money into repaying your debt instead.

Young people can succeed in property investment

Free - No Obligation

Contact us for a home loan health check

3. Try to negotiate your bills

You may not know this but you can actually negotiate your monthly bills. All you need to do is get in touch with the service provider. For instance, talk to your credit card company and negotiate on the interest rates that they are charging you. You can also negotiate your cable and internet charges, especially if you threaten to move to another provider. The worst they can do is say no and if they say yes, you have extra money to put towards paying off your debt.

4. Turn your passion into a side income

We all have hobbies and passions that we put time and energy into. If you are reasonably good at your hobby, you can easily turn it into a side income. Whether it is baking, web design or writing, you can start making money by offering your service around your neighbourhood or on online marketplaces. The money that you earn can help you to repay your debt faster.

 


Follow us on Twitter for more news, tips and inspiration.
Like us on Facebook and Google+ explore our Pinterest boards.

Like this article or found it helpful? Share it!

Newsletter

Receive our articles directly to your inbox

Next article

5 low-cost sporting activities you can do this weekend

Go to articles list

Programs

Work with us
Giving back
Become an affiliate
Refer a friend
Help desk
Property Management
Finance

Locations

Head office
Australia
Hong Kong
Singapore

Contacts

Toll free in Australia
P. 1300 723 318
Outside of Australia
P. +61 2 9525 2033

Social Media

Newsletter

Terms of use | Privacy policy | Guarantees

This information is provided by DPN Pty Ltd ABN: 94 630 700 186 Australian Credit Licence 514759. DPN Finance Pty Ltd is an authorised credit representative 504129 and related entity of DPN. Credit for Dream Big 100% Offset and Work Smart 100% Offset is provided by Adelaide Bank a division of Bendigo and Adelaide Bank Ltd, ABN 11 068 049 178 and Australian Credit Licence 237879. Casa Capace Operations Pty Ltd, NDIS provider number 4050038018 trading as Casa Capace.