How To Pay Off Debt With No Money

One of the greatest difficulties that many people face while trying to pay back debt is how to find money to pay off debt. In order to repay your credit card debt, you have to pay more than the minimum payment, yet this is often difficult to do when you're having trouble just making ends meet every month.

So where can you acquire money to apply to your credit card bills each month? Here are several tips:

Tax refund: Do you typically receive a big tax refund every year? If you do, then you can use part or all of your tax refund to pay down your debts. Furthermore, you might want to adjust your withholding so that a lesser amount of taxes are withheld from each check; it'll give you a smaller income tax refund, however you'll have more money to apply towards your debt payments each month. The last thing you want to do is give Uncle Sam free use of your money when you need money to pay off debt!

Savings: Nobody wants to spend their savings account to pay off credit card debt, however if you have credit cards that are costing you 20% and up in interest each month and your savings are only earning 4% (or less), it just makes sense to use part of your savings to help you get rid of that nasty credit card debt.

Bonuses, raises and overtime: Anytime you receive a raise, bonus or earn overtime, you should use at least part of that money to put towards your debt. Since this is "extra" money that you didn't have before, you shouldn't miss the money you put towards your credit card debt.

Sell items: Another option could be to sell items so that you can raise money. Have a yard sale or maybe sell items no longer used on eBay. Sell books that you no longer read on Amazon or Half.com. You may be shocked by how much some items will sell for on an online auction!

Reduce spending: Although listed last, this is probably the first strategy you should take to get extra funds to pay off debts. You should review your spending to determine if there are any areas that you could cut back on to generate additional money to be used towards your credit card debt. Some typical areas that can be cut back on, at least in the short term, to help pay off debt include food (both groceries and eating out), entertainment (health and fitness memberships, magazine subscriptions, cable TV, internet, trips to the book store) and personal care (haircuts, clothing, housekeeping, etc.).

These are just a few tips on how you can get money to pay off debt. There are many additional ways you can obtain money to use towards your debt if you are inspired to find them.

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