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.
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.
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.
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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.