How to Ditch Your Debt in Less Than a Week

This isn’t an infomercial. I’m not selling you a ‘get out of debt quick’ package for five easy installments of $39.95 (but wait, there’s more! Now you can get two for the price of one! Just kidding…). There is a way to ditch your debt in less than a week, but it doesn’t come without extreme sacrifice.

How to Ditch Your Debt in Less Than a Week

Are you pissed off at your debt? Are you sick of living paycheck to paycheck just to cover all those payments? Then get rid of them! Ditch your debt in less than a week with the extreme tips below.

1) Call Your Collectors

If you’ve already defaulted on some loans and they’re now with a collection agency, you should first try to strike a deal with them to pay less than the amount owed. For instance, if you owe $20,000, entice the collection agency with $10,000 in cash to settle this week. You may not have the cash now, but you will. (Hint: Get the cash by taking the actions below).

2) Downsize Your Home

Do you have equity in your home? Is it really too big for your needs? If you’re serious about getting rid of your debt immediately, start hunting out a home that’s far cheaper than your current house and is still sufficient for your needs. Put in a bid that’s contingent on selling your house, move in and reap the benefits of your equity!

(P.S. I understand that houses don’t typically sell in a week, but who knows, you could find a cash buyer!)

Depending how long you’ve been living there and how much it’s appreciated, you could reap $50,000+ with this move alone. Once your debt is paid off, continue to live in the downsized home until you can actually afford the larger one…with cash! Ditch your debt in less than a week by downsizing your home. Simple as that!

ditch your debt in less than a week3) Work Like There’s No Tomorrow

I think you’d be amazed how much money you can actually earn in a single week. All you need is a little imagination and a crazy number of waking hours. Here’s some tips that you may have seen before, but are effective in earning some quick cash:

  • Bar tending
  • Restaurant server
  • Mowing lawns
  • Cleaning houses

And here’s some ideas I’ve thought of recently that’ll help you ditch your debt in less than a week:

  • Build chicken wire picture frames (sold for $78 on Etsy. You can build one for $10 and sell for $50 on Craigslist over and over again)
  • Build shoe cabinets from scrap wood (know a factory worker? Get free plywood and slap together some shoe racks and sell at local free markets)
  • Photography (this is a fantastic option if you already have experience)

By working a little extra on the top cluster of tips, you could earn yourself over $1,000 in a single week. By working double-time and implementing the lower section of money making tips, you can likely add another $1,000. Again, sleep won’t be abundant, but you wanted out of debt this week didn’t you?!

ditch your debt in less than a week4) Sell Your Body….Legally

Your body can be a huge money maker, and not in the way that you’re thinking (get your mind out of the gutter!). By donating various liquids and follicles, you can make some pretty good coin!

Hair – apparently there’s still a huge demand for hair these days. If you want to ditch your debt in less than a week and have long healthy hair, this idea might put some serious cash in your pocket. Just search, “Buy and sell human hair” and you could fetch $500 or more for your hair!

Blood and Plasma – Need a quick $50? Donate your blood or plasma. By donating multiple times per week, you can often earn more than $100!

Sperm – Donating sperm can be quite lucrative, but it’s not often a once-and-done operation. Sperm banks typically require a 6 month or full-year commitment. But if you’re willing and are comfortable with it (don’t forget that you’ll technically be a father to many kids out there), you can earn $1,000 a month.Per week, that’s a pretty easy $250! Just Google the address of your nearest sperm bank if you’re interested.

*Note: Donating your eggs is also a huge money-maker ($5,000-$8,000), but takes many weeks of effort and should be considered carefully before donation.

5) Sell Your Stuff

You’re probably in debt because you have an affinity for stuff. You want to know the remedy? Get rid of it! Start walking around the house, look at each item and ask yourself,

“Would I die if I didn’t own this?”

And be honest with yourself. Sure, you like that Michael Kors clutch, but would you die if you sold it tomorrow? No, you wouldn’t.

Guys, that PS4 is pretty cool, but would you die if you couldn’t play your video games for a while? No, you wouldn’t. And don’t forget about all your toys and tools in the garage – your quad, snowmobile, the fishing boat. Those will fetch quite a lot of cash and can get you out of debt in a hurry!

Host a huge garage sale (heck, you might want to call it an estate sale), post items on Craigslist or eBay, and sell stuff to your friends. If you desperately want to ditch your debt in less than a week, then sell absolutely everything except the appliances (after all, if you don’t eat you will die).

From all your stuff, you could probably net a cool $5,000 or more.

ditch your debt in less than a week6) Sell Your Car

You didn’t think I was going to forget about your car did you? That’s right, your prized machine that cost you nearly a full year’s salary. It’s killing you in monthly payments, and if you don’t get rid of it you’ll likely be living paycheck to paycheck for life.

If you want to ditch your debt in less than a week, then it’s time to sell the car. I know I know, you might owe more on the car than you can sell it for, but that doesn’t mean you should keep it. After all, what’s easier? Paying off a loan for $4,000 or $17,000? Exactly. Sell the car and get a personal loan for the difference.

So what do you buy after you sell it? Maybe nothing. If you can walk or ride a bicycle to work and the grocery store, then do that! If you live in the city, take the bus or the train. All of these options are way cheaper than that car, and they cost you nothing up front.

IF (that’s a big if by the way) you absolutely need the car, then buy one of the 10 used car models that I often recommend. They’re cheaper than $3,000 and are typically quite reliable. I should know – I drove a $2,500 Honda Civic for three years and it was the best car I ever owned!

7) Redeem Your Rewards

Finally, if you’ve been saving up your credit card rewards, please don’t use them for a big fancy trip like you intended. You are in deep trouble financially and don’t deserve to be pampered in a far away country. Take those 50,000 points and put them directly toward your credit card debt. It’s not exotic and far from exciting, but it’ll pay down $500 of your debt in a matter of seconds.

Ditch Your Debt in Less Than a Week?

So what do you think? How much of your debt can you pay off with the methods above? Here are my conservative estimates:

  • Downsize your house – $20,000
  • Work like never before – $2,000
  • Sell your follicles and “juices” – $1,000
  • Get rid of your stuff – $5,000
  • Sell your car – $2,000
  • and Redeem your points – $500

That’s $30,500! Roll up your sleeves and get serious and you could ditch your debt in less than a week. It IS possible! Even if it takes you a month to do all the things above, wouldn’t it be worth it to be completely debt free?

So how ’bout it? Are you ready to ditch your debt in less than a week?

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8 comments to How to Ditch Your Debt in Less Than a Week

  • Now if I could just do all of those things every month, I would be quite well off!
    Eric Bowlin recently posted..The 50% Rule – Why It’s No Good But You Should Still Use It

    • Ha, right?! Sorry Eric. The big movers are typically one-time deals. 😉 When you start to think about the long-term though (ie. business and real estate), then you can start swinging the pendulum again and again!

  • All those things are interesting ideas, and I consider myself fortunate that I don’t need to do any of them.

    Both of my cars are paid off, and have been for over two years.

    I do have a mortgage (just bought a new house), but the payments are about $800/month less than renting an equivalent house. We will have some extra expenses for a couple of months associated with the move, but after that, we will have a net reduction in living expense — plus I got a nice big space I can use for my various side hustles now.

    A side-effect of the last move is that I didn’t realize just how many violins I had left over from my importing business. I need to get busy fixing them up and selling them (in addition to starting my violin-teaching business again).

    My wife (a CPA) does an excellent job of keeping me out of trouble by keeping all of the credit cards paid off, and riding herd on my shiny-object habits… 🙂

    I don’t watch TV, and haven’t for over a decade. I attribute a lot of my current success and well-being to that one thing. We just got a really nice 4K HDTV, which I might watch a bit if I can find anything interesting to watch (doubtful), but mostly it serves as a really nice BIG computer monitor. It’s interesting that after I made a conscious effort to completely avoid watching TV, that when I tried to watch some of the (then-current) stuff again, it was painfully obvious that it was pure drivel, and an obscene waste of time. As far as I can tell, it’s gotten worse, so it is unlikely that I will ever watch much of the electronic mind-sucking device again. There are just too many really interesting things I’d rather be doing. Like reading “Life and My Finances :)”.
    Howard Harkness recently posted..Securing WordPress

    • Good to hear from you Howard! My wife and I are 31 and we’ve come to the same conclusion on the television. It’s all drivel and a complete waste of time. Occasionally, we’ll watch a Netflix documentary so we can actually learn something from that big screen in the basement. I can’t imagine ever watching a reality TV show these days. Wouldn’t people rather create their own interesting reality instead of watching someone else’s? Maybe that’s just me…

  • Just remember that TV “documentaries” *ALWAYS* come with a political agenda (sometimes the bias is well-disguised, sometimes not). Especially the ones on “public” television.

    I’ve heard of “reality” shows, but I can’t even imagine watching one.

    However, if Rowan Atkinson ever did another installment of Blackadder, I would probably watch that (after recording it so I can skip the PBS commercials which they claim are not commercials). I might even watch a new Star Trek series (again, from a recording). It’s probably too much to hope for to ever see another SciFi series as good as FarScape.

  • nicole

    Sell your follicles juices? LOL! I am done! LOL!

    Too busy with two jobs and my food garden than watching tv. So much dumb stuff on it anyway.

    Good ideas… I don’t have alot of “things” to sell. I’ve never been one to acquire tools and gadgets but I am a creative person. I need to get back on creating things and trying to sell them. At one point in was selling silk painted/batik scarves and my artwork in small galleries. Boy, I miss those checks.

    • Sounds like you are doing all you can though! Nice job Nicole! Lol, and I just couldn’t help myself with the “follicles and juices” description. I was just too perfect!

  • […] you want to bring in extra money to pay off debt, grow your emergency fund, or invest. Those are great goals, but like I said, this job takes a lot […]

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