Sometimes it can seem impossible to get out from under excessive debt. The stress resulting from unpaid bills and collectors calling you at home can make it feel like there's no light at the end of the tunnel. Fortunately that is not the case and even when you have low income there are still many options to get out of debt. Below are some ideas which will hopefully help you eliminate your debt and the problems that come with regardless of your income.
We participate in a consumer driven economy which emphasizes purchasing products and services whether we need them or not. This has led to excessive consumption resulting in garages which no longer store cars and a booming personal storage industry. What this means is most of us have a lot of stuff we can get rid of. Go through every room in your house, including the garage and storage unit if you have one, and sell everything you don't need or isn't bolted down. Start posting larger items on Craigslist and have multiple garage sales to clear out excess inventory. Many families will often clear $1,000 or more selling stuff they no longer want or use.
If you don't have one already get a second job. This is the easiest way to pay down debt since a boost in income can be directly applied to credit card debt. If you currently have a single low income job then getting a second job can often make a huge difference when crawling out from under excessive debt. Once again, use the job section of Craigslist, check the local newspaper and consult with your state's Department of Labor when looking for employment. Hopefully this will only be needed on a temporary basis as the burnout from constantly working can be just as bad as the debt you are trying to eliminate. Keep in mind you are working towards an end goal and once you accomplish that goal you can quit the second job knowing you made a difference.
Selling your worldly possessions and working a second job will all be for nothing if you don't have a game plan. Everyone everywhere should be on a budget except for the ultra super rich. Most of us have money coming in and money going out and it is important to know how it is being spent. Analyze the factors which got you into debt to begin with and take steps to prevent it from happening again. A layoff or medical episode can't be prevented but can be mitigated with an emergency cash fund. All other debt is normally do to excess consumption and poor financial decision-making. Eliminate wasteful spending and stick to fixed amounts for utilities and other expenses and this is how you get out of debt with low income.
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