People have been asking about taking out 401K loans to pay off their credit card debt and how to find extra money to pay off their debt. Suggestions keep coming in and we are sharing another group of tips on how to save money and put the extra found dough towards your debt.
- Have a garage sale.
- Sell items to pawn shops. Remember you may receive less than fifty percent of the item you are pawning.
- Sell items using a consignment shop.
- Turn your hobby into a money making business. Website design, cleaning, landscaping, cooking and baking, making birdhouses, whatever floats your boat. Do what you like to do and make money doing it.
- If you have children who work get them to contribute to the household.
- Place an add in free classifieds in local community newspapers to sell things.
- Sell items on eBay or Craigslist.
- Get a second job. Even small jobs can help you raise the money you need.
- Ask for a raise or more hours at work.
- Return things you bought and don't need. Get the cash back if you still have the receipt. If you don't have the receipt get store credit to but things you do need.
With the economy in it's current state you may not want to take out a 401K loan right now. If you get laid off you will have to pay taxes on the entire amount you withdrew. Instead find ways to cut back and pay off the debt slowly, but surely. It will pay off (no pun intended) in the long run.
Have you paid off credit card debt by cutting back? Let us hear from you.
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