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!
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?!
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.
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?
My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.