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Creative Ways To Fight Debt: A Debtor’s Advice

Would you beg or borrow to fight debt? What do you do if you’re staring down the barrel of crippling debt? There’s always no shortage of suggestions to try. So which of these approaches would you try if you find yourself in a tight financial spot?

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Creative Ways To Fight Debt: Advice From A Debtor

Desperate times call for desperate measures sometimes. Despite our best attempts, everything has gone wrong for me financially. My computer and car needed emergency repairs and I did not qualify for heating assistance by mere dollars.

Instead of paying off debt, I found myself covering repair bills and paying an astronomical oil bill. With my debt load mounting, I wondered where I could find money to prevent a pending foreclosure and to pay down my loans. The story of thedigeratilife;

Option #1: Turn unwanted things into cash.

As a child, I remember my widowed neighbor who always had a few sharp words of wisdom. One day she told me, “Times get tough. Beg, borrow or steal but make it happen!” Today, I recalled her words as I tried to wrack my brain for ways to meet my expenses.

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While stealing is not an option for obvious reasons, many people supplement their income by “bin diving,” also known as “thrifting”. Whoever invented the saying “one man’s trash is another man’s treasure” sure got it right.

This may seem radical, but given how hard times are, more and more people are turning to this new way of life. A lot of folks look at this as some form of treasure hunting.

From creative recycling and trolling FreeCycle.com to using Craigslist and eBay, there are many different ways to discover valuable items that could be turned into cash.

Visiting garage sales and estate sales are a great source of cheaper items which you can use for your own needs or which you can work on as part of a “buy and sell” business. There are creative people who buy cheaper items which they embellish for the purpose of selling later on. You can certainly get items of value and turn them in.

Also have you heard of the sport called “lottery ticket fishing”? I’ve heard about people who dig out scratch-off lottery tickets which have been thrown in the trash. Resourceful ticket fishers might find discarded $1, $5 or $20 lottery tickets at local markets.

Tip: Here is how some people borrow, barter and buy used as part of their frugal lifestyle. These methods can be thought-provoking for some of you who are willing to take some creative approaches to frugality.
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Option #2: Be wary of how you borrow.

If you’re struggling financially, you are likely to have bad credit. Do you wonder what to do if you’re stuck with poor credit? Can you still borrow money with bad credit? Furthermore, do you wonder about borrowing money to help yourself get out of debt?

From my experience, borrowing with bad credit is mainly possible through steep loans such as payday loans, whose interest rates can be downright usurious. They’re only useful for true emergencies and if you can manage to pay them off right away.

If you already have debt though, then I wouldn’t advise touching payday loans with a ten foot pole. They’ll simply make your financial situation much worse. It’s important to note that the cheaper loans are available only to those with good to excellent credit — a great interest rate is your reward for maintaining a great credit history. So it’s pretty tough to get good deals with loans if you are already suffering from a pockmarked credit history.

Option #3: Use your skills to earn more.

Once again, I find that the best way to get out of debt is to earn more money and increase one’s incomeby making use of one’s skills, talents and smarts. Once my computer and car are repaired, I will be ready to get back to actual work. Thankfully, I did not have to take out a payday loan to cover these unanticipated expenses.

With hard work comes the reward of paid bills and financial security. I did it once before and I know I can do it again. Nothing replaces the pride of knowing you did it yourself.

Option #4: Start a Blog

Blogging is one of the best ways you can make money easily online.

Oyejobi Adeola is a blogger and an affiliate marketer. He is studying Mechanical Engineering as a profession but blogging became what he loved most in terms of sharing good posts like the one you just finished reading. He is focused on Personal finance tips, money saving tips, how to make extra money ideas, lifestyle, and more.

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