Drastic Debt Measures - By: Molly Wider

You probably know all about the different ways to reduce debt, but what if these ways are not enough? If you feel like you're swimming against the tide, even though you are paying your debts off as much as you can each month, it might be time to take some drastic debt measures.

Measure Number I: Cut your household expenses. You don't really need to have the biggest and best cable package, do you? You'd be surprised at how much money you can save just by cutting your utilities a bit.

Measure Number II: Consider a part time job. Even if you only make an extra $400 per month, this small amount will mean a great deal when it comes to paying your debts off.

Measure Number III: Stop smoking, buying coffee, and eating out. If you watch your lifestyle habits (just for a little while), you can begin to put saved money towards debt.

Measure Number IV: Think about moving. This is a drastic measure, but if you're paying $900 per month for your apartment, just think about how much money you could save if you downgraded to a $500 per month place. Measure Number V: Sell, sell, and sell. Do you have any items that might be worth some money? What about stock options that you can sell? Any extra cash that you can put towards debt will be well worth it. If you can sell anything, go ahead and make the move - you'll be glad that you did!

Measure Number VI: apply for a debt consolidation loan. If you've tapped out all the other resources mentioned in this article, then maybe it's time to consolidate your debt. Even those with poor credit can obtain a secured consolidation loan such as a car title loan. A loan will help you to pay off multiple creditors and allow you to make one payment per month to one creditor instead of multiple payments to multiple creditors making debt repayment much more manageable.

Money can be found in the unlikeliest of places. Take a look around you - have you used all of your available resources? Think about the recommendations listed above - have you tried any of them? If not, what are you waiting for?

You won't get out of debt by paying the minimum monthly amount. Instead, you will have to live frugally for a little while in order to pay back some of the money that you owe. While these sacrifices may seem drastic right now, when you are debt-free you'll look back and think: "I'm glad that I took drastic debt measures!"

About the Author

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