You may have a motorcycle, a boat, or something else of value that you really wanted to keep. Consider selling it and using the cash to pay off or pay down some credit card debt. Put the money toward the highest interest rate cards to get the most value, or pay down a couple of small cards to free up that monthly payment you had been making. You may be giving up the pleasure you would have experienced from that asset, but you’ll get back your peace of mind when you know your debt is under control again.
That sale doesn’t have to be for just a high ticket item. Look at your bills and see if you are paying for a storage unit. Think about whether all your stuff in storage is really worth that much, particularly if you are already in panic mode about your credit card balances. Why not sell all that you’ve accumulated, use the money for credit card bills, and on top of that free up the $100 or more per month you are paying for storage rent.
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1 comment:
This is great advice! Sacrifice is not a bad idea, and I think that’s what most people do when they’re experiencing bad debt. They’ll do anything to pay off everything and have their freedom back. Anyway, being in debt is sometimes unavoidable, but I hope people will be wiser in years to come to prevent it happening to them.
Jaden Allred
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