Do you feel as if your debt was an 800-lb. gorilla sitting over there in the cornet staring at you? You keep trying to chase it away but it just sits there. Or maybe your debt feels like a huge cloud hanging over your head. In either event, you probably want to make those debts go away.
How to get rid of big debt
If you’re seriously in debt and I mean if you owe $10,000, $15,000 or more , I have sad news. You just can’t make it go away. As much as you might wish that it would just evaporate, that’s just not going to happen unless you declare bankruptcy. You can do a better job of managing your debts, you could settle or consolidate them but they’ll still be there.
If you want to do the right thing
If you want to do the right thing by your creditors (which means paying them off), you could do this through a combination of better debt management and by finding ways to earn extra income.
Second or part time jobs
One of the most popular ways to earn extra income to pay off debt is by getting a second job or a part-time job. If you work a standard 40-hour workweek where you’re off work at 4:30 PM or 5 PM every day, you might be able to get a second job or a second shift at your current job. Barring this, you should be able to get a part-time job. If you were able to work four hours a day times five days or 20 hours a week at, say, $12 an hour, that would be $960 a month (less withholding, of course), Just think how fast you could get rid of your debt with this kind of help.
Become an eBay seller
There are hundreds of people who are making small fortunes selling items on eBay. If you look around your house, you’ll probably find things you can live without but that could be another man’s treasure. Once you’ve sold all of your own positions, you could start working garage and estate sales looking for items to put on eBay. However, before you do this, you should spend some time on eBay learning what things sell for. Let’s suppose you had a Nikon D 90 camera. If you were to search eBay on Nikon D90 and then choose Completed Listings, you would find that this camera generally sells for $425 to $500 depending on lenses and accessories. This means if you were able to buy one for $300 with a nice lens, you could probably make good money on the deal.
A second way to make money online is through what’s called drop shipping. This is where you find a merchant that will warehouse, pack and ship its products so that all you have to do is take orders. You sell the products through your website and submit orders to the merchant who then fulfills them. You will earn less because your profit will only be the difference between what the merchant charges you and what you can sell the products for on a competitive basis.
Become a tutor
If you have good skills in areas such as mathematics, the physical sciences or language arts, you could become a tutor. Tutors make good money and there’s basically no overhead. Students simply come to your home and you tutor them. If you feel you could tutor students on ACT or SAT tests, you might earn even more as there is a very high demand for this type of tutoring.