If you’re in debt then this will be because you didn’t have the money you needed to pay for something. Whether this is a car, a house or anything else at some point you will have found yourself with insufficient funds to make a purchase or pay some bills. Now if nothing has changed since then, that would suggest that you still don’t have the funds available to pay off your debt and thus you are paying it back very gradually while it gets bigger and more expensive. Meanwhile you might find you struggle with these repayments too and that over time this gets worse.
In other words if you don’t change the balance so that you earn more than you owe then you will never be successful reducing debt, or at least it won’t be an easy task. Thus you need in these scenarios to find a way to earn more money thereby leaving the left over income for reducing debt.
Of course earning more money and reducing debt isn’t as easy as that – and most people would love a promotion right now but aren’t able to get one. So what can you do?
One answer is to start earning money on the side by doing some self employed work. This is something that anyone can do and that anyone can use for reducing debt.
One method of earning yourself is to try and earn money online. There are many simple ways to do this – by building a website for instance which will enable you to earn money through advertising and any one can place Google Ads on their web pages. There are plenty of facilities out there to help you get started and for almost zero set up cost you can start bringing in passive income to let you begin reducing debt. Likewise you can also sell writing online, pictures or your services as a web designer. Just visit a ‘webmaster forum’ and you should see where to advertise.
Of course you can also write for magazines and a range of other sources to earn money from writing and start reducing debt. Or if you have a practical skill then you can start moonlighting – offer to cut friend’s hair for money, give piano lessons, build fences, provide plumbing services do whatever you can and you’ll start earning freelance money on the side. If you want to grow this into your main business then you can do this too.
If you are creative and have an art or craft then this too can be used for reducing debt – selling jewellery or paintings on eBay, through an online shop, to friends and at craft fairs. It all adds up and essentially just means that you are getting proactive in reducing debt.