Loanio

Earn some extra money - hold a yard sale.

For thousands of people, the specter of debt is an all too real problem that affects not only their financial life, but the rest of their lives as well. However, there are steps that can be taken to get yourself out of debt, reasonably quickly, despite how much you owe. While the length of time needed to pay off those debts may vary, taking action as quickly as possible can help prevent debt from mounting up further. Let’s take a look at four easy ways that you can get out of debt, starting today.

1. Negotiate with Creditors and Consolidate.

Many creditors are willing to negotiate with you, especially if you have had a good payment history with them. The worst thing they can tell you is no, so it definitely pays to take the time to see if you can’t work out a better arrangement. Credit card companies, for example, will often reduce the interest, or they may be willing to take a partial lump sum on the balance.

If you are unsuccessful in negotiating your debts down yourself, you may want to consider consolidation by working with a reputable debt consolidation or debt relief organization. There are some questionable ones out there, so do your homework and be careful.

Finally, and arguably the best approach, is to get a lower interest rate loan (see #4) that will allow you to zero out your other debt and leave you with one simple monthly payment.

Consolidating your monthly payments and lowering the overall amount of interest you owe can have a dramatic effect on your finances.

2. Get a second job.

If you truly want to get out of debt quickly, one of the best ways is simply to get a second job until the debt has been paid off. You can funnel everything you make from your second job into paying off your debts and get them taken care of in short order. A second job doesn’t have to mean slaving away at McDonalds however.

You may be able to find ways of earning extra income from other avenues, such as leveraging your abilities to find work in your community, or by starting your own business to help you make enough money to pay off your debts in less time.

3. Reduce your junk.

Holding a yard sale may be a slower way of paying down your debt, but there are many ways that you can turn your household items into cash that can in turn be used to pay off your debts. You can sell items on Ebay, put ads in the paper and find people that are interested in buying your possessions. Depending on what you own, you may be able to quickly sell off everything to take care of your debts.

You may also want to consider cutting back on extraneous expenses, getting a cheaper car, and finding other ways to save money. With what you have left over, you can start using it to pay off your debts until you are completely caught up. Don’t let your debt control your life. You can find ways to get it paid off – and quickly.

4. Debt Consolidation via Loanio

Loanio is now open for for business! You could post a loan request there asking for a lower rate and then pay off your higher interest debts.

Loanio is an auction based, peer lending platform where individuals can borrow or lend money to each other. By cutting out “traditional lenders,” and adding an auction based element, borrowers can get lower rates and lenders can get higher returns than other banking options. Give it a try!Borrow money with Loanio.

Photo Credits: 1

Originally posted 2008-10-03 16:40:17. Republished by Blog Post Promoter

• 7 Budgeting Examples /caption] When it comes to budgeting examples, one of the best things that you can do is to look at a successful budget and draw from it to establish your own. Everyone has a different idea of what makes a good working budget, and your budgeting examples need to be......
• Managing Money Wisely [/caption] One of the hardest things for many people to accomplish is managing money wisely. We may all know the basics, and understand that spending too much is a good way to get on the road to financial ruin. However, when push comes to shove, we end up making mistakes......
• 5 Tips for College Students on Budgets When you are in college, it can become easy to get caught up in your busy, stressful lifestyle. With all of the studying and working that you have to do, coupled with hanging out with your friends, working part time jobs and participating in extra activities, it can actually become......
• To Borrow or Not to Borrow against a 401K Question - Because of the credit crunch, is this a good time to consider borrowing against a 401(k) savings as a means of paying off other loans? My current 401(k) planning investment return is 5 percent, and the interest I will be paying on it is 9 percent. [/caption] Answer......
• How to Fix a Mistake On Your Credit Report /caption] We all make mistakes, but when it comes to your credit report, a simple or small error can have a big impact. In fact, one small error is more than enough to drag down your FICO score and could even prevent you from getting a loan in the future.......

• Pay off your car loan before other debts? If you have several debts that need paying off, there are a number of basic strategies to accomplishing this.  Each one has its own pros and cons.  I'll talk about three that have made the rounds, and introduce a fourth that is a bit different. Make extra payments on the......
• easy ways to make money - The Info One Must Know About If you have the right approach and knowledge it is quite simple to make money online. It is not that difficult and even fun if you understand the basics, have the necessary knowledge and time. New ideas and ways of making money online appear all the time due to high......
• wealthstreaming, or snowflaking for income When my post on wealth ideas lost to I've Paid For This Twice Already in FMF's March Madness Tournament, I started thinking about snowflaking. Snowflaking is a spinoff of the "snowball" debt elimination concept invented by Dave Ramsey but the snowflaking version of this concept has really been popularized......
• Quick Easy Ways To Make Money -Learn Quick And Easy Ways To Make Money Generating large volume of traffic for your website is one of the quickest and easiest ways to make money on the internet.The most important step in affiliate marketing is the selection of products; for this matter, you must always carryout a detailed research on different products, and select the best......
• The Master List - 66 Ways to Save Money So, you think you know the best ways to save money? Do ya? Well, the government thinks that they know some of the best ways to save money too...which is kind of funny because they like wasting so much of it. But putting that aside, they have assembled a master......