So how can you actually make paying off debt work? There’s more than a couple of ways, and you can probably find at least 100 books

for sale on the best secret out there (which means it’s not very secret anymore).

The first thing to remember about paying off debt is that you have to stick with the plan, whatever it is. Your biggest weakness is

yourself. If you can’t maintain the discipline to do without your buying impulses and rough it a bit, you will not get rid of your debt.

Today’s borrowers commiserate about how they can’t seem to get their heads above water with annual loan rates over 20% being

recalculated month after month.

Many try to ignore the problem temporarily but eventually the party runs out and the bills catch up. So

the best approach is really to follow the old saying of “grabbing the bull by the horns” and paying off

debt once and for all.

First, look for easy big hits. Do you get an annual tax refund? Don’t think of it as spending money.

Use the entire amount to eliminate your

debt. It’s a great opportunity usually in

one large lump sum of money which

only becomes available once a year.

Don’t waste the chance. Resist the

temptation to spend the money

elsewhere and get rid of some debt for

good.

Second, try relatives. Parents and

grandparents will probably wince at this

advice but the fact is they are

repeatedly a great source of quick

funds to get out of trouble. However,

you probably will only get to use their

good graces a few times before even

family write you off a leech. So again,

don’t waste the opportunity if it’s

offered; use their money wisely and

don’t borrow the same amount back

again.

Third, try to increase your income and direct the difference to debt payment. If you’re paying the

minimum because you have no extra money to do more, then sell extra stuff, take on extra jobs, or

pick up one-time projects for extra cash.

 

A variety of websites can help: for selling try Ebay or Craigslist. For trying to find additional work

again try Craigslist or E-lance.com and freelance.com. The more you make in addition to your regular

pay, the more debt you can pay down. Alternatively, try to negotiate a raise at work or get transferred

to a higher-paying job. Whatever you do, don’t create new liabilities against your new income. Use it

instead to pay off your existing debt for good.

Copyright 2009 PayingOffDebt.us

When is zero the best number?

When paying off your debt!