So where do you get money to put towards your credit card debts each month? Listed below are several strategies:
Tax refund: Do you normally have a sizeable tax refund each year? If you do, perhaps you can use part or all of your tax refund to pay down your debts. On top of that, you should adjust your tax withholding so that a smaller amount of taxes are withheld from each paycheck; you'll receive a smaller tax refund, but you'll have more money to pay towards your debt payments each month. The thing you don't want to do is give The IRS an interest free loan when you need money to pay off debt!
Savings: No one wants to get into their savings account to pay off debt, however any time you have credit cards that are costing you 15% or more in interest on a monthly basis and your savings account is only earning 4% (or less), it just makes sense to tap into part of your personal savings to eliminate that awful credit card debt.
Part time or temporary jobs: If you are seriously in a debt hole, consider applying for a part-time, contractual or temporary job. It doesn't have to be forever, just long enough to pay off or at least make a difference in your debt.
Sell things: Another solution would be to sell stuff to raise money. Hold a yard sale or possibly sell items no longer used on Craigslist or eBay. Sell books that you no longer read on Amazon or Half.com. You will be pleasantly surprised at how much certain items can sell for on an online auction!
Lower spending: Although mentioned last, this is probably the first strategy you should really take to uncover additional money to pay off debts. You ought to review your spending to discover if there are any areas that you could cut back on to come up with additional money to be paid towards your debt. Some typical expenses that can be reduced, at least temporarily, to help pay off debt include food (both groceries and eating dinner out), entertainment (health club memberships, newspaper subscriptions, cable, internet, trips to the book store) and personal care (haircuts, clothing, housekeeping services, etc.).
These are just a couple of recommendations on how you can get money to pay off debt. There are actually numerous different ways you can find money to use towards your credit card debt if you're determined to find them.
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