Earn Extra Cash to Pay off Your Debt
Debt Help Getting Rid of Debt

Earn Extra Cash to Pay off Your Debt

Written by Miranda Marquit

Debt can be discouraging. It’s difficult to make headway when you find the interest on your debt reducing the effectiveness of each payment. One of the best ways to get over this problem is to earn money and apply that amount toward an extra principal payment. Reducing your principal will also reduce the amount of interest you pay. As you pay down your principal, interest portions of your payments will decrease, making each installment more effective.

Finding the money to pay off that debt might be easier than you think, though. “Getting out of debt doesn’t have to be that hard,” says Melody Juge, the founder and managing director of Life Income Management. “There are plenty of ways to make a little bit of extra money and go about paying it down.”

Clear Out the Clutter

One of the best ways to approach debt pay down is to sell items that you no longer need. Go through the basement and the attic, identifying potential items to sell. Not only is this a good way to earn extra cash, but it also helps you de-clutter your home. Many local towns offer free online Classified ads, and you can also post on Craig’s List or eBay. You might be surprised at how much stuff you can get rid of — and how fast the cash adds up — when you get started.

About the author

Miranda Marquit

Miranda is a freelance journalist specializing in topics related to personal finance, investing, entrepreneurship, and small business. Since receiving her M.A. in Journalism from Syracuse University, her work has appeared on a number of web sites including Wise Bread, U.S. News & World Report, Forbes, AllBusiness, and Huffington Post. She writes for the Equifax blog and the Quizzle blog, and has written extensively about credit, retirement, insurance, and taxes for a number of other corporate blogs and web sites. Follow Miranda on Twitter, @MMarquit, and check out her personal finance blog, Planting Money Seeds.

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