A wise person once said, “the best investment you can ever make is becoming debt free,” and they were right. We don’t remember who they were, but they were right. Debt is just the worst and that’s without factoring in that nasty compound addition thing, which is great when it is applied to your savings but the devil when it works against you.
But the real problem with debt is trying to get out of it.
When debt piles up, it can be hard to know where to start and, even if you do figure this part out, the more conventional routes can sometimes struggle to make any kind of dent in your debt. That’s when getting creative can be your only savior.
So, without further ado, here are some alternative ways of clearing your debts and getting out of the red for once and for all.
1. Go On A Spending Fast
If you only have a few thousand dollars worth of debt, your fast may only be a few months, but if you have twenty-plus grand of debt then you may need to go on a year-long fast – either way, a great way to clear your debt is to only spend money on the things you absolutely need. Rent, utilities, cell phone (not a smartphone), groceries, medical costs, car payments, gas and that’s it. Everything else needs to be avoided. Trust us, you’ll have become debt free sooner than you thought possible.
2. Embrace The Van Life
The van life movement has become one of the biggest trends out there, and it could be the secret to a debt-life existence. The reason is simple: housing costs are stupidly high while living in a van is beautifully inexpensive. So not only do you get to live out a great adventure, you get to put your saved cash into your debt fund.
3. The Super Side Hustle
Yup, the side hustle has become one of life’s most beautiful innovations and something debt-riddled people the world over are using to pay off their debts while simultaneously maintaining their lifestyles. What side hustle you pick depends on what sort of thing you have a passion for, what fits in with your current schedule, where you live and all sorts of things. But the important takeaway is: there is always a way to make a bit on the side.
4. Make It More Manageable
We mentioned at the beginning how staring at a big pile of debt is so daunting it can be hard knowing where to start. Well, how about speaking to those at debtconsolidation.loans about consolidating your debts. Sure, it won’t minimize your debts, but it will take your student loan, credit card debts, payday loans, and personal loans and roll them up into one manageable debt. More often than not, that’s half the battle.
5. The Credit Card Trick
The way this works is so simple. After paying off half your debt, make a 0% balance transfer, which will allow you to pay the remaining amount without incurring any interest. Genius.