One of the primary challenges that a lot of people experience while attempting to pay down unsecured debt is where to find money to pay off debt. To be able to pay down your debt, you need to pay more than the minimum payment amount, however this is often difficult to do if you're having difficulty just making ends meet month after month.

So how do you get money to put towards your credit card bills every month? Allow me to share several recommendations:

Tax return: Do you normally have a substantial tax refund every year? If so, perhaps you can use part or all of your tax refund to pay down your debts. Also, it is advisable to correct your income tax withholding so that a smaller amount of taxes are being withheld from each paycheck; you'll receive a smaller tax refund, however you will have more money to pay towards your debt payments every month. The thing you don't want to do is give The IRS free use of your money when you need money to pay off debt!

Personal savings: No one wants to get into their savings account to repay debt, however any time you have credit cards that are costing you 20% and up in interest charges on a monthly basis and your savings account is only earning 4% (or less), it makes sense to utilize part of your personal savings if you want to reduce that horrible credit card debt.

Part-time and / or temporary jobs: If you are seriously in a debt bind, you should think about applying for a part-time, contractual or temporary job. It won't have to be forever, just long enough to repay or at least make a difference in your debt.

Borrow against your house: It's not a choice to look at lightly. Sure, you'll be able to lower the interest you are paying on your debts substantially by taking out a home equity loan, but don't forget that your house is in jeopardy if you're unable to make your payment for any reason. Opt for this method only if you are 100% sure that you are able to keep up with the payments, even in case of a job loss or other crisis.

Lower spending: Although mentioned last, this is probably the first step you should really take to uncover additional funds to repay debts. You ought to review your spending to discover if there are any areas that you can scale back on to come up with additional money to be used towards your credit card debt. Some common bills that can be reduced, at least temporarily, to help pay back debt include food (both groceries and dining out), entertainment (health club memberships, newspaper subscriptions, cable TV, internet, trips to the book store) and personal care (haircuts, clothes, housekeeping services, etc.).

These are just a couple of suggestions on ways to get money to pay off debt. There are actually numerous additional ways you can generate money to apply towards your credit card debt if you're determined to look for them.

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