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The typical American household carries a six-figure balance, which might make eradicating your debt seem impossible.
But, there are a variety of easy ways to pay off your debt over time. If you want to get ahead of your financial future and don’t know where you start, check out these tips:
1. Look For Rebates, Refunds, and Rewards
Did you know that there are a ton of pay-back programs available for services you already do every day?
You can qualify for instant and mail-in rebates from wherever you:
- Go grocery shopping
- Get an oil change
- Buy clothes, beauty, and cleaning products
- Purchase utilities
- Lease or buy furniture
Sometimes you’re able to claim your funds immediately, but other brands might require you to complete a mail-in form.
Many retailers and stores also offer opt-in members programs, that typically include discounted prices or give you the ability to collect points.
You could be waiting a while to receive your rebate amount, but you could make a considerable dent in your balance by just researching your most-used products and services.
2. Rent Out Your Extra Space
Do you have a parking space, garage, or vacant lot that you wouldn’t mind giving up for some extra cash?
If you live in a highly desirable or densely populated area, you could make a considerable passive income by offering your unused space for rent.
Simply post an ad on any public product and service website, and set a price for a daily, weekly, monthly, or yearly contract.
You’ll start collecting a regular paycheck that you can automatically apply to your debt balance.
3. Get An Auto Title Loan
Do you own a vehicle that is in good condition? You might be able to obtain a loan with a better interest rate than what you’re already paying.
Auto title loans are based on the value of the borrower’s vehicle, as well as their income, credit, and employment status.
You could potentially borrow tens of thousands of dollars while still being able to drive your car everyday.
Even if you only need a small loan amount to pay off your credit card balance, this is a smart option if you’re able to obtain a lower interest rate from the new loan. To find out if this financing option is right for you, get an auto title loan quote.
4. Clean Out Your Cupboards
Unless you’re already a bare-bones minimalist, you likely have a few items that are collecting dust in your closet.
Spring cleaning is an excellent excuse to purge your property of anything that you don’t need – and can make a profit by selling.
Designer clothes, lightly used electronics, and antique furniture are all lucrative items that can fetch you a pretty penny in a short amount of time.
Online consignment websites and auction marketplaces are easy to use, and you can set up an account and start selling in just minutes. This gives you the convenience of receiving instant, secure payments and a forum to resolve questions and concerns in real time.
The next time you feel like holding on to something that you haven’t used in years, do a quick online search to find out its market value. Credit card debt is scary, but it doesn’t have to take over your life. Start small, and build a financial plan that you can stick to by incorporating these tactics into your budget.