6 Simple and Creative Ways to Pay Off Debt

Published by Captain Cash | Debt | No Comments

Even with the hustle and bustle of everyday life, there are always things that nag at you in the back of your mind. Those debts that you keep accruing are constantly reminding you of previous purchases and setting you back.

Not any more! It’s time to take back control of your financial situation and put aside all selfish desires to pay off that debt.

Fortunately, there are several tips and tricks that you can use in order to pay it off quicker.

Here are several tips and creative ways to pay off debt. Keep reading and you’ll be able to start changing your life today! 

1. Start a Budget (and Stick to It)

Maybe the desire for you to become debt-free has always secretly been there, but you never knew how to get to that point.

Perhaps you’re the biggest struggle isn’t the amount of money that you get paid, it’s the way you spend that money that needs to change.

In order to still live your life and pay off debt simultaneously, you’ll need to create a budget that prioritizes doing so.

Start off with the essentials that you’ll need to pay each month such as rent, energy, phone, etc. Then set specific amounts for the things you need, but should limit to a certain weekly amount such as groceries, gas, entertainment, etc.

From there, take whatever you have left and prioritize it towards the debts you’re trying to pay off.

2. Get Quick Cash

The biggest thing about the debt that you’re piling up is making sure you can pay back the company you’re in debt to as quickly as possible.

Because of that, it might be advantageous to look at ways you can take the debt out of the hands of companies that are going to try and take your assets from you as collateral.

Receiving a quick cash offer can be a tremendous way to take back control of the debt you’ve piled up. 

Maybe you’re not in a place where you can pay off the debt yet, but you will be soon. If so, then the quick cash can help you make the debtors happy until you get the finances to pay back your quick cash provider.

3. Use the Snowball Method

The snowball method is a debt payment method that many people have found success with over the years. 

It refers to the process of paying the minimum amounts to all of your debts but paying additional money to the debt with the lowest amount left to be paid off.

That way, you’ll be knocking off debts and loans off your list quicker without neglecting any of the debts to do so.

In time, you’ll notice that the debt accounts are disappearing right in front of your very eyes. It will get you more and more encouraged to continue to pay off your loans until there isn’t any more left to pay.

While you may gain some interest in some of the larger debts on your list, it will be well worth it to have fewer payments to make each month after a while.

4. Toss the Credit Card

Granted, this should be prefaced by saying that credit cards aren’t the root of the problem for all situations.

Some of you might be very smart with your credit cards but just have had a rough go of it lately with other debts accruing for other reasons.

However, generally speaking, credit cards won’t help you with trying to pay off debt. It can compromise you spending more money than what you had budgeted for on something like entertainment or travel.

For that reason, it’s better to put a pause on your credit card, no matter how many reward points they offer you. Once your debt is gone, you can bring the credit cards back, if you so choose.

5. Use Coupons, Pay Debts

For those of you that don’t have enough extra income to use the previously mentioned snowball method, this method might be more advantageous!

Everyone knows that becoming a bit more frugal about using coupons can help you save substantial amounts on things like groceries, gas, and entertainment.

You should capitalize on that and pay more off your debts in the process. Use the money you saved on the coupon to pay off a loan.

For example, say you find four $5 off coupons for your local grocery store. You’re only allowed to use one per week, so you use one for each of the next four weeks. Each week, you take the $5 you saved and place it towards one of your debts.

At the end of those four weeks, you’ve placed $20 towards your debt based using the money you saved at the grocery store alone!

6. Incentivize Yourself with a Reward

Remember those old cartoons that would place a carrot on a string in front of the bunny on the treadmill? Maybe they were on to something…

You should reward yourself for putting time and effort into paying off your debts. Every time you pay off one debt, you should reward yourself.

Maybe you can check out a ballgame, see a movie, go get dinner at your favorite restaurant. Something significant, yet not sizeable enough to set you back.

Integrate These Creative Ways to Pay Off Debt Today!

It’s time to stop making excuses. Stop delaying the inevitable. Use these creative ways to pay off debt to your advantage.

Be sure to read this article for information on whether it’s smarter to invest or pay off debt.

For more inquiries, feel free to start by claiming your cash and we’ll be happy to assist you further!

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