7. Get a Second Job and Pay Down Your Debt Aggressively
Getting a second job, or consistently picking up an extra shift or two, is a common way for many people to pay down their debt. This strategy for becoming debt free doesn’t work for everyone, but if you can make it work, you could be debt free within a short number of years. For this to work, you must apply all of your extra income to debt repayment. Working the extra shifts or hours also doesn’t need to be permanent. Once your debts are paid off, you can look at scaling back again.
You could also consider generating some extra income to pay down your debt by capitalizing on a hobby you enjoy, or a skill set you might have. For example, if you happen to be a good writer, consider freelancing articles for blogs, newspapers, media outlets, or on a freelance website. If you’re crafty, consider selling your creations on Etsy. If you’re a handyman, see if you can pick up some extra jobs (you may even be able to find websites that can help connect you with people who need your skills).
Some people also use their home to generate some extra cash. Is it possible for you to rent out your basement, rent out the storage space in your garage, rent a room in your house (you could maybe do this on Airbnb), or can you take in a student for some extra income?