There’s nothing more stressful than debt. Almost every state in the US is stressed by debt. It’s one of the leading causes of stress, even though stress is at a seven-year low. But what’s most stressful of all is when you have debt in collections. This can put you in a difficult position because now you have to get creative.
There are lots of creative ways you can take advantage of to pay off your debts, though. This guide is going to go into some of them.
1. Negotiate a payment
Collections happen when there’s no wages to garnish and there’s nothing the creditor can take away from you. This might make you think that the creditor has all the power. The only way to get around this issue is to pay your debts and you’ll be able to obtain credit.
But you don’t have to listen to any threats from the creditor about your debt. You’re judgment-proof, which means the court can’t take anything away from you legally. They can only take your debt to collections until you’re ready, willing, and able to pay it off.
Negotiate with the creditor for a better deal. If the situation has reached this point the chances are they will do everything they can to get back at least some of the money.
2. Get another job
One of the ways to pay your debts when it goes into collections is to pick up another job. You can easily find work during unreasonable hours. It won’t pay well, but it will give you a chance to get rid of debt. These jobs are rarely gratifying, so be prepared to work hard for those extra dollars.
You could also consider starting your own small business and working online. This will give you a chance to earn some money from the comfort of your own home. If it all works out well you could even change careers using your new job.
3. Sell blood and sperm
Selling blood and sperm is a good deed that could give someone a new life, sometimes literally. Blood and sperm donation centers are available all over the U.S. and will take practically anyone. As long as you don’t have any specific illnesses or deficiencies you should be able to donate somewhere.
Take note that this option can only be used a certain number of times over the course of a month. Blood donation centers, for example, may only allow you to donate a few times every year. The money is still good for the amount of effort, but it’s certainly not a change of career.
4. Use your home assets
Your home could be a money-generating machine waiting to happen. Harvesting what you already have could allow you to pay your debts with a minimal amount of fuss. You could become debt-free in a number of ways.
Got a spare room? Rent it out and make an extra income. More and more young people are renting to avoid getting into debt themselves.
Do you have a big yard that you’re not doing anything with? There are sites that teach people how to turn it into a parking lot. Anyone who lives in the center of the city can make a lot of money from indulging in this practice.
5. Sell scrap metal
If you don’t mind getting your hands dirty you could sell scrap metal to get out of debt. Scrap metal can sell for anything from 10 cents to upwards of $2 per pound. Collect enough of it and you could earn enough to live on. There are people who do this for a living. If you know the right places it could be a lucrative way of making money to pay your debts.
Take note that there’s an increasing amount of competition in this industry.
Last word – don’t pay it…if you can
You might be tired of merchants rejecting your credit card, but if you live in a liberal state, you can simply not pay your debt when it goes into collections. That’s because they have laws where after a few years the amount is automatically removed from your credit record.
But make sure you check the laws in your state because if you don’t pay your debts you could find it stays with you forever. There are radically different laws for every state in the country, so consult a professional before you try this.
How will you make sure you escape debt?
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