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Quick ways to pay off debt


Does a trip to the cash machine fill you with dread? Have you got a stack of bills piling up at home? Is your phone constantly ringing off the hook with suppliers chasing you for money? Facing up to your debts is one of the hardest things that you might do; very few of us are fortunate enough to go through life without any financial problems. When we are faced with a financial burden, it can be easy to panic. There may, however, be instant ways of you raising cash, based on what you already own. Here is our list of methods you might wish to use to pay off some (or all) of your debt quickly.

Borrow money

When you’re stuck in a position where you have to act urgently to pay off a debt, getting a loan may be your only option. Choosing to borrow money to pay off several debts in one go means that you can consolidate your debts, leaving you with only one lender that you owe money to. This might make it easier for you to budget as your outgoing payment dates will be less complicated to manage.

What items of value do you own?

Selling some of your personal assets can be a quick and easy way of making money. Perhaps you own a valuable car that you can downgrade? You might have some expensive jewellery that you can sell? Perhaps you have a large collection of DVDs, CDs or video games that are still worth something? Routing through your old belongings and ridding yourself of old memories can be incredibly liberating and you might make some cash to clear off your debts whilst you’re at it. Sites such as e-bay or online car boots might provide you with a quick and easy of selling off some of your valuable items.

How valuable is your home?

It is never nice to admit that you need to re-mortgage the house, or even sell it (some estate agents allow you to sell the house, and rent it back). However, if your debt problems become extreme, your house is likely to be the best way of making a large sum of money. Perhaps the time might be right to downgrade the house, or move into a cheaper area? This might seem like a drastic course of action, but could also be necessary.

Get another job

A part-time job is a great way of making extra cash. This could be to supplement an existing income, or provide you with a much-needed income stream after being unemployed (if so, just think of the money you will also be saving by being out of the house!). Pubs, restaurants, petrol stations, etc, regularly look for part time staff, especially around the holiday season. Now might be the best time to admit that you are not able to find the full-time employment opportunity you crave, and so need some extra cash to ‘plug the gap’ in the meantime.

Speak to suppliers

If your telecoms, energy or credit card company are sending you frequent letters, or regularly calling your phone, be honest with them. Tell them your situation and they might try and work with you to find a solution. Many companies offer payment plans to allow you to pay the debt back in a more convenient timescale for you. They are more likely to appreciate your honesty and come to a mutual solution with you, after all it is in their interest to get the money back eventually, without the hassle of going through legal action.

Change credit card / loan companies

If you have had the same credit card for a number of months or even years, shop around to see if you can get a better deal. You might find a low (or zero) interest agreement. By moving your credit card balance from your existing card to your new one, you might be able to save hundreds of pounds on high interest fees. This is also true of a loan agreement. If you are currently paying off a high interest loan, by obtaining a new, low-interest loan, you will be able to pay the old debt off in one go, whilst re-paying a newer, lower interest loan.


Being forced to pay off your debts immediately can put you in a very uncomfortable position, and it is very easy to panic and become stressed when faced with such a proposition. However, there are many ways in which you can pay off debts in a relatively quick timescale. Some of the advice provided will be more relevant to you than others, but through consideration of our suggestions, we hope that you find a method that suits you.


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