When it comes to paying off debt, many follow the traditional advice: spend less, save more, and slowly chip away at what you owe. But there are also more creative ways to pay off debt that can speed up the process and relieve stress. We'll discuss sic way to pay off debt and discuss how an online title loan can help you speed up the process.
Here are six effective methods to consider.
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. Try our budget calculator to organize your spending.
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 unclaimed.org.
There’s a bit of a process to follow to get your cash, but it’s worth the wait for help paying off debts.
Use an Online Title Loan to Pay Off Debt Faster
A secured loan like an online title loan is another smart option to pay off debt. You use your vehicle’s title as collateral to get a short-term loan that you repay over time.
With Delaware Title Loans, you can start the process online and even have us come to you if visiting a location isn’t convenient.
Our online title loans offer:
- Fast approvals, sometimes in as little as 30 minutes
- Loans up to $15,000
- A simple application process done mostly online
Start your online title loan application here and get the fast cash you need to pay off your debts today.
FAQ: Online Title Loans
How quickly can I get funds from an online title loan?
Funds are often available within the same day or the next business day after approval, sometimes in as little as 30 minutes.
What are the requirements for an online title loan?
You need a lien-free vehicle title, valid ID, proof of income, and a checking account.
Can I keep driving my car during the loan?
Yes. You keep your vehicle while repaying the loan as long as you follow the payment schedule.
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 title loan 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.
