How To Get Out Of Debt When You Are Broke: It Can Be Done!

People who are in debt think it is a joke when they see signs and tutorials for getting out of debt. However, you got yourself into debt, and you were not in debt before you got into debt. Ergo, it is entirely possible to get yourself out of debt as well. When you are broke, you can still get yourself out of debt, and that is no joke. If you are wondering how to get out of debt when you are broke following are some common and uncommon ways of getting out of debt. 

Common Ways

Work Extra

If you are employed and constantly broke, that is a major problem. You will need to look at your bills every month and at your spending habits. If your spending is seriously out of control, it is time to reign it in for a few months. Because you are employed, you can work extra hours, take on odd jobs, put in for overtime, etc.. Do what needs to be done to bring the debt down into a more manageable sum every month. 

Ask Your Debtors to Move the Due Dates

If you have more than one credit card, you are bogged down in the debt these cards carry. You may also incur a ton of late fees, annual fees, interest on top of interest, and over-the-limit fees as a result of the other fees piling up. Sometimes something as simple as asking your credit card companies to change the due dates for your card payments can make all the difference in the world. Most credit card companies have this option right on their websites when you log in to check your accounts. Move the due dates around so that you can more readily make timely payments, and incur less debt as the result. 

Uncommon Ways

Sell or Pawn Everything You Do Not Need

If you have stuff that has some value (e.g., jewelry, musical instruments, laptops, newer desktops, flat screen TVs, motorcycles, boats, ATVs/UTVs, etc., etc.), then consider selling them. You could also pawn them, but the idea is to get out of debt, not get into more debt because you cannot let go of things. Pawn shops will buy your items, but at a much lower value than they are worth. It is always best to try to sell your items of worth on your own before taking them to a pawn shop. 

Find a Means of Passive Income

Passive income is income generated from something you do very little work to acquire. An example is signing up to allow your vehicle to be a moving advertisement. A company provides you with car wraps and decals, with unique text numbers on the wraps/decals. People who see these decals on your vehicle and text the number to find out what the product is and then sign up for it generate a commission for you. That is your passive income.