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No More Debt: Radical Debt Reduction Strategies You Can Do Today

Debt can add up quickly, and has staggering effects on our lives. Rather than allowing debt to cripple and control you, make it your mission to have no more debt. Although it may seem impossible if you are buried deep within the debt, there is always a way to get out. Start with baby steps, and chisel away the debt one small piece at a time. If your long-term goal is to rid your life of debt, you will slowly begin to see change in your life. However, this mission will take hard work, dedication, and lifestyle changes. Here are five great starting points for ridding your life completely of debt.

Sell your car.

Although this may sound extreme, it could be necessary. So many people struggle with car payments. Buying new or expensive cars is the cause of many people’s astonishing debt. If you live in a city where you can take trains, subways or walk to work, consider selling your car. If your household owns more than one car, consider cutting down to one. Find ways to carpool. By selling your car, you can knock off a large chunk of your debt at once.

Have a yard sale.

Your house is probably full of items that you do not use or need. Sell your PlayStation 3 to bring in some cash, and make another couple hundred dollars off of the couch you are storing in your garage. Even the dress or slacks in your closet that you have not worn once this year can bring in a dollar or two per pair. The money will begin to add up, even if the items have small price tags.

Sell your plasma, sperm, or eggs.

Although it can seem a bit intense, extreme debt can call for extreme circumstances and actions. If you are being suffocated in debt, you may need to raise large sums of money very quickly. By selling your plasma, sperm or eggs, you are able to gather thousands of dollars instantly. Take a moment to weigh the benefits and consider your specific debt situation. You may need to consult with your family or religious leaders if you have ethical concerns.

Pick up an extra job.

If you are working one 9-5 job each week, consider adding a second job to your normal schedule. Find something that you can do on the weekends or a few nights out of the week. Whatever extra cash you bring in should go immediately to paying off debt. Do not see the additional income as spending money. Use it only for paying off your outstanding debts.

Cut expenses to the bare minimum.

Lifestyle changes are the only way to rid your life of debt and prevent yourself from creating more. Stop eating out multiple times a week, delete the amazon app off of your phone, and get rid of your cable subscription. All of the extra and unnecessary things in your life are privileges, and should be taken away until you pay off your debt. When you have a better control on your financial situation, then you can consider adding cable back or going out to eat on Fridays.

 

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About the author

Emilie Burke

Emilie is a politics-major turned data engineer. She graduated from Princeton University in 2015 and from Smartly with her MBA in 2016. She lives in North Carolina with her college sweetheart Casey who is currently stationed at Fort Bragg. She enjoys eating food, cuddling with her dog, and binge watching HGTV. She blogs at Burke Does. You can find her around the web at @emilielimaburke.

1 Comment

  • I read your first strategy and was shocked! It really is extreme, I don’t think we could live without our car, it’s like a member of our family 😀 However, I did hear of many people having to sell their vehicles to pay off debt. One of our closest friends had to sell his motorcycle just last year. It was necessary, but heartbreaking.

    We actually bought our first car right after we paid our ‘main’ debts, we couldn’t afford to buy one before. But since then we were able to stay debt free! Good thing debt scared us into our senses.

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