6 creative ways to pay off your debts

With the majority of the population living paycheck to paycheck striving to stay afloat let alone get ahead the concept of paying off your debt might sound impossible. Don’t lose heart, with a little creative finance, and self-discipline you can pay off your debt without living on noodles and soup.

Educate Your Self

The first step to paying off debt is to know exactly how much debt you have. This can be an overwhelming fact to face; however the sooner you face it and know exactly what you owe the sooner you can begin digging yourself out of your current hole. This doesn’t simply mean look at your balances, it also means looking at the interest rates and penalties that are attached to each line of credit. Before you can come up with a game plan you have to know all the details, loopholes, and clauses that affect your financial situation.

Online Gambling with A Bonus Code for Bet365

Getting out of debt doesn’t have to be all “penny pinching” and scrutinizing every transaction. You can have a little fun as well. For those who enjoy gambling from time to time, try online gambling with a Bonus Code for Bet365. This would allow you to earn some money without using your own money. Set aside small amounts each time you win, and then put the winnings into your interest earning saving account to put towards that next big expense. If you win big, use the winnings to pay off or pay down the credit account with the highest interest rate and balance.

Consolidate

Once you know the true amount that you owe you can now start to make a plan of action. This part of the process will be very empowering. Look at your interest rates on all credit cards or lines of credit as well as the roll-over rules to see which cards or lines of credit can be combined to lower monthly payments, interest being paid, and minimalize the number of creditors that you owe. Believe it or not, this process will also improve your credit. Now here comes the hard part for a lot of us; once you have consolidated your credit lines into the most beneficial method of repayment, cut those old zero balance cards up and throw them away. And last but definitely not least, make your payments on time, every time!

Refinance

Revolving credit such as credit cards, gas cards, and department store credit lines are only the tip of the debt repayment iceberg. Once you have these issues under control then you can look at refinancing outstanding balances on loans such as car loans, mortgages, recreational vehicle loans, etc. into lower interest accounts. The trick here is to be strong in only refinancing those actual payoff amounts and not taking out extra cash as many lenders will try and convince you to do. The idea is to lower interest rates, monthly payments, and the number of months left on the loan if possible. Use the money saved here to pay down balances instead of as free cash for more spending.

Use Refunds, and Money Back Bonuses to Pay off Balances

A lot of cards offer money back or point systems that allow you to use those funds towards paying down account balances. Take advantage of these offers; it’s like free cash towards paying off your debt. At the end of each month make your normal payment, and then apply any cash back balances towards the account line’s principle balance. This will help you get the debt paid off quicker. That doesn’t mean go on a spending spree to earn more points. What it does mean is use these cards similarly to a debit card, where you only spend what you can immediately pay off on these cards and then immediately pay off these charges. By doing this you are building better credit, earning points to pay down debt, and still living within your means.

The big trick to getting out of debt is to live within your means as best as possible, by being strict with the way you use your cards, money back bonuses, and saving what little you can for those unexpected emergencies in order not to accrue more debt.