pay off debts

6 Surprising Ideas For Paying Off Debts You Owe

When it comes to paying off debts, there’s handling it the old-fashioned way: spending less, saving more, and methodically erasing debt when you can.

Then there are the more creative ways. If you’re searching for some more unique approaches to paying off debts, give these a try.

6 Creative Ways To Pay Off Debt

1. Debt Refinancing

Refinancing sounds like a scary word, but if you’re committed to paying off debts, it may pay off — literally. By refinancing debt you’re locking in a lower interest rate, which in the long run helps you pay down your debt faster than you may think.

There are a few different options to choose from within debt refinancing. If most of your debt comes from a credit card, you may be able to transfer the total to a balance transfer card which often offers 0% APR for up to 18 months.

A debt consolidation loan may also include interest rates lower than what’s being applied to your debt.

2. Negotiate

Surprisingly, many in debt have found some relief from negotiating with creditors with the goal of debt settlement.

The savings can be substantial with debt negotiation settlements, and you can either negotiate yourself with a creditor or hire a debt settlement services professional, perhaps through a credit counseling agency, for assistance.

Through negotiation, you may lock in everything from debt forgiveness to more manageable payment plans.

3. Take A Hard Look At Your Spending Habits

As many as 54% of Americans say they regularly overspend when they shop. That’s a big problem, especially if you must commit to paying off debts.

That luxury watch, latest cell phone, or lavish home you actually cannot afford is likely making you take huge steps backward on the road to financial security.

Consider downsizing and putting yourself on an allowance. Think about essentials first and cut back on throwing your money on items you do not need. Soon, you’ll likely be in a much better place to start lowering your debt total.


4. Declare Bankruptcy

Bankruptcy is even scarier than refinancing, but it may be your best option for paying off debts especially if other tactics aren’t working or you don’t have other choices.

Personal bankruptcy can either mean filing for Chapter 7, which takes away the largest amount of debt the quickest (but your property may have to be forfeited) or Chapter 13, which usually comes with a more doable debt management plan, such as repaying some remaining over five years or so depending on how much you owe.

5. Find A Side Hustle

More people than ever — an estimated 40% — either have a side hustle or plan to find one in 2022. That’s up from just 24% who said the same a year ago.

And while many people use side gigs just to have some extra cash on hand, they are also being used to help pay off debts. Some even use the extra income stream exclusively to make debt payments.

Side hustles can demand as much time and energy as you have. If you love dogs and have daytimes free, consider a dog-walking gig while owners are at work. Have nights free? Perhaps delivering food is the way to go.

There are even side hustles, such as taking surveys online or selling homemade goods, that you can do from your couch.

6. Find Money You Didn’t Know You Have

Millions have found cash that’s owned to them by either their state government or federal government. You can see if you have a windfall coming your way — it’s usually called unclaimed funds) by searching on

There’s a bit of a process to follow to get your cash, but it’s worth the wait for help paying off debts.

Pursue An Online Title Loan

Secured loans are another option for paying off debts, and an online title loan may be just right for you. An online title loan works by using the title of your vehicle as collateral. In return, you get a short-term loan to help with a financial emergency that you pay off over time.

And because it’s an online title loan, you can start the entire process online from your home or workplace when you have the time. You also have the option of us coming to you to finish the process if you don’t have the time to visit a Delaware Title Loans, Inc. location near you.

The best part: It’s fast and easy to qualify for an online title loan of up to $15,000. How fast? As little as just 30 minutes.

Just head to our homepage, fill out the short online title loan inquiry form, and we’ll give you a call and guide you through the rest of the process.

Get Started Today

No matter what you owe, there are numerous creative methods of paying off debts quickly. If you’re faced with a financial emergency, an online title loan may help. Just start online, visit a location near you, or give us a call today.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.

Emma Frost

Emma Frost is a lifestyle and finance blogger with a talent for communication and a passion for financial literacy. She uses her writing talents to explore topics that help her readers gain financial stability and growth.