It’s not uncommon to end up with a substantial debt on your hands, however, when these sort of things happen, it is crucial that the problem is addressed adequately. The major problem with debt is that it can grow out of proportion if it is handled irresponsibly. Furthermore, people very often choose the seemingly easy way out. They turn to those quick cash money lenders, and once they settle your debt they never leave you off the hook.
So, probably the best advice for settling debit would be to do anything you need, but never turn to money lenders. If you need to find a way to settle your debt perhaps the following tips can help you out.
Earning extra cash
The most obvious solution is to earn some extra cash. This is not as hard as people imagine to be, but it will require you to work overtime. So, you can ask for a raise, but say that you’ll put in some extra hours at work. You can start to work as a freelancer in addition to your job. You can also offer tutoring classes if you are really good at something. Basically, you need to muster enough willpower to earn the money you owe and pay it back.
You can also sell the items on Ebay or Amazon, you can sell your hair, blood or sperm, if there is a clinic near you that buys off such merchandise, or you can work as a babysitter. The point is, earning extra money is always possible, it’s just bothersome and you don’t get enough time to relax, but the good news is that it doesn’t last forever, only until you pay off your debt.
Here’s the deal, if you follow the first piece of advice for earning extra money, you also have an opportunity to save more money, so it is a win-win situation. Considering that you’ll have to work more hours a day for a few months, there is no need to go through with all of the monthly subscriptions you usually pay. So, there is no need for cable TV or for your gym membership, if you don’t have time to do those things.
Another way to save money is to stop buying bottled water, you can use tap water, if you buy a cleaning filter for the tap. You should also use coupons and buy products that are on discounts and constantly make sure the appliances you are not using are off. If you can maintain this and earn some extra cash at the same time, you’ll pay off your debt in no time.
Peer to peer lending
If you are thinking about another bank loan, consider this option first. Much like crowd funding, peer to peer lending has become somewhat of a trend during past few years. Basically, you get much better conditions for borrowing money from peer-to-peer platform then from a bank. The deals are much more flexible, so it won’t be too hard on you budget when you are paying the money back.
It’s simple really; banks are, in a way, only a middleman when you think about, and they also operate on peer to peer lending principle, so if you switch from banks to peer to peer lending you simply cut out the middleman in the whole deal. All you need to do is browse online and find the most reliable peer to peer lending platforms, and you are good to go.
Ask for professional help
Finally, if you are having trouble settling your debt then you the best thing to do is to seek help from professionals. Sure you can find useful advice online, but every debt has its own story and every situation is more or less unique, so there are no tips that can be applied universally. Look up the best debt consolidation companies and find out what the best course of action is. They will create a custom program for debt relief, and help you get back on your feet. Much like with peer to peer lending platforms, you should check out reviews for debt relief companies to find the provider who can meet your demands.