How To Get Money To Help You Pay Down Consumer Debt

By Krissi Ann

One of the primary problems that a lot of people encounter when attempting to pay down personal debt is finding money to pay off debt. In order to repay your debt, you have to pay more than the minimum payment amount, yet this can be hard to do if you find yourself having problems just making ends meet month after month.

How on earth do you find money to put towards your credit card debts every month? Here are some suggestions:

Tax refund: Do you usually receive a substantial tax refund every year? If so, perhaps you can apply part of the income tax refund towards your debts. In addition, you should adjust your withholding so less income taxes are being taken from each check; you'll receive a smaller income tax refund, but you'll have more money to pay towards your debt payments each month. The last thing you want to do is give The IRS free money when you need money to pay off debt!

Borrow from family: Most people hate to ask family or friends to borrow money, but when you're in too deep and you have loved ones with the ability to provide help, this really is an option you mustn't ignore. If it helps assure your family that the debt will be paid back, it is easy to draw up a written contract to make sure that each person is aware of what to expect, and to ensure that there is no possibility for arguments or hard feelings later on.

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

Sell things: One other solution would be to sell things so that you can raise cash. Have a yard sale or sell items you no longer use on Craigslist or eBay. Sell books that you no longer read on Amazon or Half.com. You may be surprised at how much some objects can go for on an online auction!

Reduce spending: Though listed last, this is really the first strategy you should really take to uncover additional cash to pay off debts. Make sure you review your expenses to see if there are any areas that you can reduce to come up with additional money to be applied towards your debt. Some frequent areas that can be reduced, at least in the short term, to help pay back debt include food (both groceries and dining out), entertainment (gym memberships, magazine subscriptions, cable tv, internet, trips to the book store) and personal care (haircuts, clothing, house cleaning, etc.).

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About The Author
These are just a couple of ideas on how you can get money to pay off debt. There are many of other ways you can find money to apply towards your debt if you are motivated to find them.