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Quick Ways to Pay Off Short Term Debt

pay off debt fastWe’ve all been in situations when an unexpected expense takes us by surprise. Whether it’s a trip to the emergency room, a car repair, or a leaky roof, some emergencies have to be dealt with immediately. Having an adequate emergency fund is always the best way to handle life’s unplanned events, but it isn’t always possible to cover every situation, especially if they all seem to hit at the same time. If you’ve had to take on debt, either with credit cards or through short term loans like from car title loans Ohio, here are some quick ways to pay off short term debt.

Sell Things From Around the House

Odds are, there is something around the house that can be sold to help pay off debt. If it’s been awhile since you’ve done a thorough de-cluttering, now is the time. Things of value include gold jewelry, kid’s clothing that is in good shape, anything that is a designer brand, electronics, video games, cameras, sporting equipment, and furniture. Having a weekend yard sale could bring in a few hundred dollars while selling your Grandma’s old antique kitchen table on Craig’s List might score big bucks.

Don’t let sentimental value get in the way. You might want to hold onto all your kids’ baby clothes, but you don’t need old clothes to remember those years. Keep one or two items and let the rest go. Your kids will thank you some day after you’ve helped them with college or buying a house because you have no debt.

Take a Temporary Job

When in need of quick cash, there probably isn’t time to be trained or take classes to improve salary potential, but there is no reason why you can’t capitalize on skills you already possess. If you can write, there are tons of content companies that will pay you to produce articles or blog posts. Stay at home parents can babysit or pet sit. Just about anyone can clean houses, mow yards, or deliver pizzas. Websites like TaskRabbit and Fiverr offer all sorts of short term opportunities to make money almost immediately.

Short term jobs may not pay that well or offer much advancement potential, but there are thousands of ways to make a few hundred dollars per month if you are willing to give up some free time.

Selling Plasma, Hair, and More

If you are someone who doesn’t mind needles or scissors, there are some controversial ways to earn money. Anyone who is in good health and hasn’t had recent tattoos can donate plasma several times per month. People with long hair that hasn’t been chemically treated can actually sell it online. Young ladies can also make quite a bit of money from selling their eggs, and men can donate sperm. Obviously ethical dilemmas or health problems could arise from selling parts of your body, but it’s a legal, viable way to make quick money.

Extra Income is the Key to Surviving Emergencies

No one likes to be in the position of needing emergency cash, but sometimes taking out loans or using credit is the only option. Putting forth extra effort to pay off short term debt is almost always worth the sacrifice.You might be surprised to find that making extra income provides the motivation to stock your savings account so that you’ll be more than ready for the next emergency.

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About Kim Parr

Kim Parr is a private practice optometrist, freelance writer, and personal financial blogger. You can follow her journey to 20/20 financial vision at Eyes on the Dollar.

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