How to Pay Off Debt Fast: 7 Tips

How to make money quickly what to pay off credit

Email If you have debt, you may feel a sense of desperation and a desire to eliminate it as soon as possible.

how to make money quickly what to pay off credit

Reducing your monthly expenses and developing an aggressive debt repayment plan is a great start. Depending on the severity of your situation, you may want to stop using credit cards during this time as well. To accelerate your debt repayment, consider snowflaking. Snowflaking is the process of using extra money gained here and there to pay down your debt above and beyond your planned monthly payment. Ideally, when snowflaking, you immediately apply any extra money to your debt as soon as you make it.

Thereby, you can lower your balances and interest you owe, which can decrease your debt exponentially, especially if you pay a high interest rate. There are a number of ways to create extra revenue that can be applied to paying off your debt. Use one or several of these techniques, and you may find yourself paying off your debt far sooner than expected. Get a Second Job One of the quickest ways to accelerate your debt repayment is to find a second job.

Debt Snowflaking – 25 Ways to Find Extra Money and Pay Down Debt

If you are not interested in getting another job, however, find out if you can work overtime. If not, consider the following: 1.

Somer G. Anderson is an Accounting and Finance Professor with a passion for increasing the financial literacy of American consumers. She has been working in the Accounting and Finance industries for over 20 years. Article Reviewed on June 27, Somer G. Anderson Updated July 15, Making a committed decision to get out of debt is tough.

Become a Virtual Assistant An increasing amount of businesses have an online presence, and they need employees to assist as they expand into this realm. Virtual assistants work from the comfort of home and perform a variety of tasks, from clerical to administrative duties, and are paid on an hourly basis or by the project. There are several ways to start in this field, but a common method is to go to a site like Elance or oDesk and bid on a job.

These types of sites usually offer low pay.

How to Pay Off Debt Fast: 7 Tips

However, if you do a good how to make money quickly what to pay off credit, you can use the few jobs you complete successfully there as a springboard to more lucrative virtual assistant work — similar to why many people volunteer their time and work for free.

Pay range for a virtual assistant varies for task completed and your level of experience. If you are looking for a flexible schedule and like to work from homethis may be an ideal job for you.

how to make money quickly what to pay off credit

Become a Referee As a referee, you will work primarily nights and weekends, which can be quite convenient. To get started, contact your local chapter of the association of the particular sport you would like to referee. Most associations require 15 to 40 hours of training, and you will need to take a test for certification at the end of the class.

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No prior experience is required. The best candidate for this job is someone who can handle criticism and make decisions quickly. Get a Holiday Job During the holiday season, many retailers are looking for extra help with shelf stocking, customer service, and cash register duties.

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If you work for two months or so, you will likely end up with a few extra hundred dollars to snowflake on your debt. Some also offer an employee discount on merchandise, which could help you buy your holiday gifts for less.

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If you own your own lawn mower and have the means to transport it, you may be able to charge more. If you enjoy working outdoors and seeing the immediate results of your work, this would make a good job for you.

how to make money quickly what to pay off credit

Become a Dog Walker If you have a flexible schedule and live in an urban area, you could make money as a dog walker. In addition to being comfortable around dogs, a good dog walker is punctual and willing to work in any weather.

10 Inventive Ways to Make Money to Pay Off Credit Card Debt

An extra perk is that you earn money while exercising. Sell Your Talent Have a unique skill? Another person sites for traders of binary options willing to pretend to be your girlfriend on social media sites to make your ex jealous. To make money on this site, all you need is creativity and a marketable talent. Babysit If you are good with children, consider becoming a babysitter. If you have a flexible schedule, you could get a regular gig driving kids to school in the morning or watching them in the afternoon before their parents return home from work.

To make yourself more marketable, you may want to take a certified CPR course. Good references are also important. Earn Money Unconventionally If you are willing to think beyond conventional money-making methods, you will find that there are plenty of alternative ways to earn extra cash.

There is actually a thriving market on eBay for human hair; many crafters use it for their dolls. Human hair is also needed for hair extensions and news strategy option. Uncommon natural colors, such as red and strawberry blonde, usually sell for a higher price.

Use Swagbucks If you use Swagbucks as your search engine online, you could easily earn to Swagbucks per month. Consider redeeming them.

Want to pay off your debt fast? Here are seven tips that can help: Figure out your budget Getting a handle on your income and expenses can you help you figure out if you have any extra money to pay down your debt. Paying more than the minimum each month can speed up your payoff timeline. Even a small one can prevent you from getting deeper into debt if an unexpected expense comes up.

For instance, I can take some of the rewards points I have accrued and apply them as cash onto my credit card balance. Check out some of the best cash back credit cards and the best travel rewards credit cards.

There are other money-saving benefits as well. For instance, a friend of mine has a steady gig at an oil change shop and gets all of her oil changes done for free as a mystery shopper.

how to make money quickly what to pay off credit

A good mystery free option is site to use is Jobslinger. Apply the money you save by getting the freebies from your mystery shopping and utilize these extra dollars to snowflake on your debt.

Sell Your Stuff Take a critical look at your house and surroundings to determine what you could part with to make extra money. Need help? Consider the following: Sell Items on Craigslist For larger more valuable items, consider selling on Craigslist.

how to make money quickly what to pay off credit

You may be pleasantly surprised by the amount you can earn. Who knew?