One of the primary problems a growing number of people experience while attempting to pay off debt is where to find money to pay off debt. To be able to pay back your debt, you must pay more than the minimum payment amount, yet this is often hard to do when you're having difficulty just making ends meet month after month.

How do you acquire money to put towards your credit card debts each month? Here's several strategies:

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

Savings: No one wants to get into their savings account to pay down debt, however if you have credit cards that are costing you 20% or more in interest on a monthly basis and your savings account is only earning 4% (or less), it is reasonable to tap into part of your personal savings to get rid of that terrible credit card debt.

Part time or temporary employment: If you are definitely in a debt hole, you might think about applying for a part-time, contractual or temporary job. It doesn't have to be forever, just long enough to pay off or at least make a difference in your debt.

Sell things: One other solution could be to sell items to raise money. Hold a yard sale or possibly sell items you don't need any longer on Craigslist or eBay. Sell books that you no longer read on Amazon or Half.com. You may be shocked at how much certain items can sell for on an online auction!

Cut down spending: Although mentioned last, this is probably the first step you should really take to get additional money to pay off debts. Make sure you review your expenses to find out if there are any areas that you can trim down to come up with additional money to be used towards your debt. Some typical bills that can be reduced, at least temporarily, to help pay down debt include food (both groceries and eating dinner out), entertainment (health and fitness memberships, newspaper subscriptions, cable, internet, trips to the book store) and personal care (haircuts, clothing, house cleaning services, etc.).

These are just a couple of recommendations on ways to get money to pay off debt. There are actually many additional ways you can find money to use towards your credit card debt in case you are encouraged to look for them.

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