Did you know that charging interest on loans (called usury) used to be forbidden? In fact, the Bible has 14 scriptures that reference usury and none of them says it’s a good idea. However, today for better or for worse, usury has become the very foundation of life in this country. In fact, it’s almost impossible to imagine how our lives would be if we couldn’t borrow money. And believe me, no one would be lending money if they couldn’t make a profit on it.
When debt careens of out control
If you have so much debt you feel as if you were in a car that was out of control and hurtling towards the edge of a cliff, take heart. There are ways to get assistance with debt.
”Snowball” your credit cards
This is a strategy that won’t get you out of debt overnight but can help you get your credit card debts under control. To do this, you would first list all of your credit cards with their balances and interest rates. Then rank them in terms of the card with the highest interest rate first down to the one with the lowest rate. Do everything possible to pay off the card with the highest interest rate. You will probably have to scrimp and eliminate some of those “luxuries” of life but if you put your mind to it, you should be able to get that card paid off in just a matter of months. As soon as you finish paying it off, use the money you have now freed up to pay down the card with the second highest interest rate and on and on. This is called “snowballing” credit card debt because once you start paying off those credit cards, you’ll gather steam and the rate at which you pay off your cards will come faster and faster.
Increase your income
A second way to get assistance with debt is by finding ways to increase your income. The most obvious way to do this is by getting a second job or by taking on extra shifts where you work. If you were able to work an extra 12 hours a week at $12 an hour, you would net around $500 extra a month that you could use to pay off your debts. If there are reasons why you can’t get a second job, you should be able to find stuff you can sell on eBay or build an online store and supplement your income that way.
There’s a big market these days for handmade items ranging from quilts to toy chests. If you’re a reasonably-skilled craftsmen, you should be able to make items such as this and sell them on the website Etsy. It charges just $.20 to list an item for as long as four months and then takes a commission of just 3.5% if the item sells. You can also list vintage items on Etsy as there is a huge market for them as well – especially nostalgia type items.
Negotiate with your lenders
Did you know that it’s possible to negotiate with your creditors to have your debts cut in half? However, to do this you would stop making payments on your debts for probably six months. You would need to have the cash available to pay the settlements you are able to negotiate. And you need to be a pretty good negotiator. That’s because you will need to sell your creditors on the idea that they must settle with you or you will be forced to file for bankruptcy.
Why people turn to National Debt Relief
Many families have chosen us to settle their debts because they either don’t have the cash on hand to pay the settlements or understand that they are not very good negotiators. We have helped hundreds of American families become debt free in two to four years and save thousands of dollars in the process.