3 Quick Ways to Pay Down Debt

debt

Debt | iStock.com

Have you dug yourself into a huge debt hole? Don’t despair. There are ways for you to begin paying off your debt quickly. You don’t have to stay in your situation. “One of the things I know from my own experience is that when you’re in credit card debt, you feel awful. You feel alone and like you’re the only one who has made such terrible money mistakes. I want people to know that this can happen to anyone. And I want them to also know that they can get through this and pay off their debt,” Beverly Harzog, credit expert and author of the book The Debt Escape Plan: How to Free Yourself from Credit Card Balances, Boost Your Credit Score, and Live Debt-Freetold The Cheat Sheet.

You can slay your debt demons for good. All it takes is a bit of creativity. Here are three quick ways to pay down stubborn debt.

1. Redeem coins

Do you have jars of coins in your home? Gather your stash and redeem forgotten change at your local bank. You’d be amazed to see how much change begins to accumulate over the years. You could end up with a few hundred dollars to apply toward a debt. So get out those coin wrappers and get to wrapping! Some banks and supermarkets also have coin redemption machines. These machines won’t require you to spend hours wrapping coins. However, most of the time you’ll be charged a fee for this service. The service fees could eat into the amount you get back, so it may be a better idea to go the traditional route and spend time wrapping your change.

2. Take on a side gig

Mother with child in front of computer

Smiling mother works at home with her daughter | iStock.com

Making money doesn’t necessarily mean you’ll have to go out and get a traditional part-time job. There are tons of non-traditional ways to supplement your income. Look for creative ways to make extra cash on the side by turning to the Web. There are many ways to use your computer to your advantage when it comes to making money. One idea is to set up an Amazon store. Amazon offers shoppers an opportunity to also become merchants through its Amazon Seller Central program.

If you’re not sure what to sell, just look around your home for ideas. Are there items you’ve been meaning to use but you just never got around to it, or you don’t need them anymore? Do you have Christmas gifts that you don’t like, but you can’t bring yourself to throw them away? Start there. Rather than living with a closet full of old gifts and unwanted items, make money from them. Why not profit from your family’s poor gift choices? And if you have old books piled up on your desk or collecting dust in a bookcase, you can pack them up and re-sell them. Textbooks are a big seller during the back-to-school season.

3. Hold a yard sale

Couple unpacking

Couple unpacking | iStock.com

Don’t forget an old money-making staple: the yard sale. Some people make a hobby out of going to different yard sales, so you’ll be making these yard sale enthusiasts very happy. The great thing is that you don’t even have to hold a yard sale in your yard. With the magic of technology, you can have an online sale from the comfort of your home.

There’s no need to set up tables full of household items outside your home. One way you can hold a virtual garage sale is through the use of apps such as VarageSale. This app allows you to advertise your items to customers in your neighborhood. Sellers don’t have to worry about moving inventory, as the average VarageSale member purchases roughly 10 items per month. You also don’t have to worry that your item is too large or small. VarageSale customers can purchase anything from nail polish to a house on the site.

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