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Creative Ways to Get Out of Debt

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Debt is overwhelming. It is suffocating. It leaves you with anxiety and stress. While there are plenty of ways to get into debt, it feels like there aren’t many to get out of it. Debt requires you to think long-term. It asks you to think outside-the-box. It is better if you have calm and peace of mind. The stress and worry don’t help. When you are trying to get out from under your debts, below are some creative options to help you live a more lucrative and fulfilling life.

Downsize Your Lifestyle

First, you should think about whether you can downsize. Could you live somewhere cheaper? Do you need more than one car? Even if you are modest, there is probably some way that you can downsize or downgrade your lifestyle. Getting out of debt should be your main priority. The lifestyle change is temporary. When you are doing well again, it will improve. Try to keep this in mind. You should consider downsizing your lifestyle and using the extra money to pay off debts.

Sell Online

You don’t have to be a collector or an enthusiast in a specific area to sell online. Do you have some things you don’t need? Do some searching. You might have valuables that you never knew you had. Other things could be worth more money than you imagined. People from all walks of life end up finding a path to selling items online. It could be a necessary, fun, and lucrative way to get some extra money. You can pay off your debt and lower your stress with that money. You might create a steady side job and another income stream.

Cash In on Investments & Your Own Lending

Do you have investments in anything? Have you lent someone money recently? When faced with debt, now would be the time to cash in on those investments and ask for that money back. You might feel bad about asking your friend for the money back, but you need it. Explain that you’re in debt and would like the borrowed money back. If you have investments that have been paid for, sell them, and pay off that debt!

Consolidate the Debt

Debt consolidation should be used when you have too many debts to deal with. When you owe various lenders, it can be hard to know what you should pay back first. Each has its own interest rate, terms, and monthly payment. Every lender is different.

However, the irony is that if you work with a debt consolidation specialist like Western Shamrock, you can simplify your debt. These businesses pay off all your existing debts and put them into a single account with them. You will have clarity on your payments, how much you should pay, and when the money is made. It requires a large amount of debt to multiple creditors to be fruitful, but it can be a good option when you don’t know what else to do.

Borrow from Loved Ones to Pay Back Others

If no one owes you money and you just need to pay back a financial institution, the last resort for many people is to ask their loved ones. It’s a tough thing to ask, but if you have someone you think will give you the money, you should. Borrow it with the intention of giving it back, then give it back. You can keep it private and do the right thing. Most loved ones will want to do the logical thing to get you out of debt.

When you succumb to the pressures, stress, and anxiety of debt, you make the situation worse. It’s important to have a clear head. It’s vital to think creatively and find new solutions. There’s nothing wrong with doing what you need to get rid of debt. With quiet grace comes immense returns.

So, if you are trying to get out from underneath debt, start here. However, these aren’t the only solutions to owing people money. In fact, you could find a creative path that makes your life easier and lowers your debt.

Featured Photo by Mikhail Nilov: