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How to Pay off Debt Fast with No Money

Published at October 4, 2016 by Ana-Maria Sanders

We offer up some helpful tips on how to get out of debt when you don’t have the cash to pay off your bills.

Well, it’s enough to make you sick; when you don’t have the money you need to pay what you owe fast enough to avoid late fees, it can lead to ulcers. One way out is a personal loan, but even with the innovative risk assessment models used by today’s online lenders, many still find themselves unable to get funding. If you find yourself in this type of situation, read on for tips on how to pay off debts fast even when you don’t have money.

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Start with Your Budget

If you want to make any headway against your mounting debt, then you’ll need to rearrange your budget. Start by prioritizing where your earnings go. You need to address the debt that’s due first, and hit the other stuff later on, as you have funding for it.

Even if your transition to a better budget is rocky at first, it still might be worth it if you’re able to start paying off your bills.

Consider the “Snowball Method”

The “debt snowball method” is a clever debt repayment process that can help you get rid of some of the interest you’re paying each month. How it works is you focus on your smaller debts first by paying them off as soon as you can (by throwing a high proportion of your earnings at them), while only paying the bare minimum back on your bigger loans. When you pay your smaller loans off, you won’t have to pay interest on them anymore, giving you more money to spend on the larger loans. It’s a smart approach.

Live an Affordable Life

It’s strange how people calibrate their spending habits. For whatever reason, most of us live just beyond our means. If you want financial independence, then you’ll need to figure out what kind of life you can afford. It may not be what you hoped it’d be, but if you can adjust and get out of debt, then in the future you might be able to afford a better life.

Ask Your Debtors if They’ll Lower Your Bills

This probably won’t work, but there’s a small chance that if you get your debtor on the phone, they’ll lower your monthly bill. All you have to do is ask.

Ways to Generate Cash Now

Quick money can be a lifesaver if you know where to get it. Here are some ideas ways to do it:

  • Sell whatever you don’t absolutely need, then don’t buy it again anytime soon. Selling your possessions is a way to generate money, but it doesn’t make sense if you’re just going to purchase the item again shortly.
  • Beat your addictions. There are a lot of substances out there that cost a lot and are hard to quit. It’s a terrible combination. If you smoke, buy a cup of coffee every morning, drink a lot of alcohol, or spend your money on other expensive, addictive substances, then you could potentially save a lot of money by quitting them.
  • Ask for a raise. When was your last pay increase? Many employers expect to give you a small raise every year, but most won’t unless you ask for it. When you do ask, you may need to negotiate to the get the raise you deserve. Before you ask for more money, though, make sure you know how much you’re worth. Some sites will give you an idea of what people with your similar job title and experience are earning. When negotiating with your boss, it might be smart to point out any new responsibilities you have taken on since you received your last raise. You should say, “Here are the reasons why I deserve a raise;” not: “I need more money so I can get out of debt.”
  • Get a job that pays more. Maybe a raise isn’t in the cards. Some employers won’t increase your salary no matter how often you ask. If that’s the case, then it might be time to seek employment elsewhere. You should always be working somewhere that encourages you to grow. If your current employer doesn't even give you a moderate pay increase, then they might not be the right fit.
  • Get a second job. This is not the ideal solution. You’d be much better off in the long run if you found one job that paid you a high enough salary. That way you could focus on that job and grow in your career. But if that’s not possible, then you might need to get a side job to generate a little extra cash.
  • Apply for a government grant. You might be able to qualify for free money from the government. There are self-help resources out there that can help you navigate all the grants and locally sponsored programs in your area. Many of these are free and available online.

These are just some of the ways you can generate extra cash. Try to look for others that might be unique to your situation.

Consider Credit Counseling

Speaking with a financial expert is a great first step toward a better financial future, but it isn’t always the fastest way to get you the money you need right now. Still, even if you’re in an emergency situation, it’ll help your finances from here on out if you’re able to learn how to stay out of debt. That’s why you should schedule some time to sit down with a credit counselor. They might be able to think of some options unique to your situation. They might be able to help you avoid an even worse debt situation in the future.

Needing to pay off debt fast when you have no money is a hard position to be in. Maybe some of these tips can help you find some more secure financial footing. At the very least we hope we’ve reduced some of the stress in your life. We wish you a lot of luck as you try to pay off your bills.

Ana-Maria Sanders   LoanStart Marketing Manager
Personal Finance
Ana-Maria Sanders has always enjoyed helping people manage their finances. She has fond memories of helping her grandma cut offers out of the newspaper. As the main content writer and marketing manager for LoanStart, Sanders continues to help guide people through the complicated world of personal finances. She especially likes teaching people how to borrow and pay back loans.

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