Various Solutions for Eliminating Debt Without Bankruptcy

With today's troubled economy, eliminating debt is a real priority for many families. Many have lost their jobs and are uncertain when they will get another one to replace their old salary. When things get desperate, filing for bankruptcy seems like the only solution available however it should only be used as a last resort. There are other solutions for eliminating debt that you should try first. These other solutions are in some cases easier and much less expensive to implement and can enable real progress towards your goal of eliminating debt.

Start eliminating debt by getting an extra job : Alternatively, you can freelance or start your own sideline business. However don't start your business through risky investments that could leave you in worse debt than before. Only pursue bona fide money-making paths. One rule of thumb to always follow when you are doing extra work is to never pay for opportunities to get jobs.

Sell your house and car in spite of a bad economy : It might be everyone's dream to own a home but if you are in the midst of eliminating debt, you might be more successful if you sold it. You may be in a situation where your mortgage is valued more than your house but it still is better to rid yourself of this liability. Homes are very expensive in terms of not only the payments but also the maintenance and upkeep. The new car is nice but it depreciates so quickly that it is not worth it. Ridding yourself of car and house payments will give you a boost in disposable income that can be used towards eliminating debt.

Cut out the conveniences : When you are actively eliminating debt, every bit of your money counts-no matter how small the denomination. You should have been tracking your expenses prior to any plan of eliminating debt. A review of your expense tracking will probably reveal that many of your expenditures were for snacks at vending machines, eating at fast food restaurants, going to coffee shops, and stopping at the 24-hour convenience store to buy groceries. The quickest way to start saving money is to take your own lunch to work, cook more, and cut down on the snacks. Your waistline will benefit from it too.

Reduce your tax withholdings : For example, taxpayers in the United States typically do not check their withholdings on their bi-weekly paychecks and get more withheld than is really necessary. These same people like getting the big refund at the end of the year but they miss the point that another party was using their money interest-free for that period.

Sell your 401K : You might want to do this considering how poorly the stock market has done and how retirement plans have dwindled recently. There may be enough in it to be of real value towards eliminating debt. You also may have purchased some stock shares in the past that you could sell to get money to help in eliminating debt.

Get a loan on your whole life insurance policy if you have to : This only applies if you have had the policy for several years and it has cash value built up in it. The interest rate on a whole life insurance loan is usually very low and the amount you borrow can be used to pay down a high-interest credit card.

100 Dollar Payday Loan

I found myself daydreaming the other day. I was daydreaming about taking the vacation of my dreams. I had the information lying on my desk and shoveled through papers until I found it. I have been saving for soo long to go on my dream vacation. I noticed the deadline approaching and I was immediately disappointed because I knew I would not have enough money saved to book my trip. As I complained and brooded to my friend, he mentioned to me about a 100 dollar payday loan. He said a 100 dollar payday loan would be exactly what I needed to fulfill my dreams. He brought up the online screen and moments later I applied for my loan. Within about 90 seconds, I was approved and the funds were electronically transferred into my checking account within that hour! This 100 dollar payday loan is a loan where a financial lender gives me a cash advance against my next paycheck. They helped me with a short term loan in order for me to make my deadline to book my dream vacation! It was quick and easy and the money was received very quickly. There were no credit checks, no faxes, and no paperwork. It was confidential and secure. I am 100% satisfied with my 100 dollar payday loan and I will be tanning on the South Seas smiling and relaxing as I enjoy my dream vacation.