How To Find Money To Pay Down Debt
Paying down debt is not easy. To truly reduce your debt you need to find a way to reduce it without borrowing. And this includes not borrowing an interest free loan from a relative. You can do that, but technically you are still in debt.
Here are some ways to find money to pay down your debt
Eat the groceries in your cupboard before you go shopping. Most people shop mindlessly for groceries once a week rather than eating up what is in their cupboards in the first place.
Cut down on eating take-out food and eating in restaurants. Eating at home and bagging your lunch can save thousands of dollars, and sometimes even tens of thousands of dollars per year.
Give up a luxury such as cable television or a gym membership. These little things often add up to over $2000 a year that could be put to minimizing your debt.
Sell things you dont need anymore You can hold a yard sale, take clothes to sell at second hand consignment shops and auction off items on eBay.
You can start a small business or get a second job Sometimes the surest way to make some cash is to get a second job. This might be painful but it might be a quicker way to stop that compound interest from multiplying your debts.