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Unique Ways to Pay off Loans

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by Julia Sakovich · 4 min read
Unique Ways to Pay off Loans
Photo: Unsplash

Many people think about taking loans but how to pay them off? In this article, you will find some interesting ways to do it.

If you are like everyone else on planet earth, you have an aversion to debt. Unfortunately, the average individual has some whether it is a car loan, mortgage, credit or other. Truth be told, not many people can afford to pay for a home, car or college with cash.

Undoubtedly, you have an interest in lowering your debt as much as possible. If you have recently given this some thought, you have likely come to the realization it’s a lot more difficult to eliminate debt than you would have imagined. Still, it’s something you may want to focus on to eliminate some of the stress in your life.

Of course, the only way to pay off debt is with cash. And in case you are not Bill Gates who has become the richest man in the world once again, what you need to do is get creative. If you can’t figure out a traditional way to raise extra cash, you might have to resort to out of the box methods. 

In an effort to help you figure out how to pay down your debt and free yourself from the financial chains that bind you, here are a few suggestions on how to raise the extra cash you need to succeed

Selling Plasma

How many opportunities are you going to get to help yourself while being of service to others? It doesn’t happen very often. If you would consider selling your blood/plasma, you would certainly achieve the aforementioned goal of helping yourself and others.

As a point of reference, most blood donation facilities will pay a certain amount for plasma-based on weight and other health factors. Depending on the facility you could donate multiple times a month and earn enough money to make a dent in lowering your debt. At the same time, your plasma might end up saving a life

Hold a Garage Sale

It might seem like a cliché thing to do, but people do still hold garage sales. Not only would you get an opportunity to raise some cash, but you might also get the opportunity to remove some clutter from your life. In lieu of garage sale, eBay might also be a viable alternative if you have some decent stuff to sell. 

If you are similar to other people, you have likely been accumulating things you no longer need or never really use. That’s particularly true of clothing. If you were to take an honest look in your drawers and closets, you might be amazed at how much you have that’s no longer relevant to your life. 

By the way, you could always ask family and friends to contribute to your cause of paying down debt. If they were to throw in some clothing and household goods, it might be enough to help move closer to your goal of having financial security.

Arts and Crafts

If you have any talent at all related to making things with your hands, there might well be something you could make that people would buy. The holidays would be a particularly good time to make a move in this direction. Of course, you’ll want to do some market research before you purchase materials only to find out that what you are making is not marketable.

Taking on a Second Job That’s Fun

If backed into a corner where you have to take on a second job to help pay down debt, you might be able to find a job that’s actually enjoyable. You could start by taking into account your hobbies and the things you like to do in your spare time. By doing this, you might be able to find some sort of job that will allow you to do one of those things and get paid for doing so.

As an example, let’s say you play a pretty good game of tennis. Is there any reason you couldn’t hang your racquet and give lessons to beginners?

Understand When a Loan is Really Needed

While taking on more debt while trying to resolve debt issues might not sound like a good idea, sometimes unexpected emergency situations arise that cannot be put off. Know your options when it comes to installment loans, personal loans, or even lending money from the family should you find yourself facing a short-term unexpected financial crisis, and need to get back on your feet. Keep your priority on paying off owed money quickly as possible, but understand in times of unexpected yet dire need there is help. 

There’s no need for you to let debt subtract from your quality of life. With a little creativity, you can always find ways to get a little extra cash to help out. Hopefully, the information listed above will inspire you to find the best solutions for you.

News, Personal Finance
Julia Sakovich
Editor-in-Chief Julia Sakovich

Having obtained a diploma in Intercultural Communication, Julia continued her studies taking a Master’s degree in Economics and Management. Becoming captured by innovative technologies, Julia turned passionate about exploring emerging techs believing in their ability to transform all spheres of our life.

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