One of the greatest obstacles a growing number of people encounter when trying to pay down debt is how to find money to pay off debt. To repay your creditors, you must pay more than the minimum payment amount, but this is often difficult to do when you're having problems simply making ends meet every month.

So just how on earth do you find money to apply to your credit card bills each month? Listed below are some tips:

Income tax return: Do you usually get a big tax refund every year? If you do, then you can certainly apply some of the income tax refund towards your credit card debts. Furthermore, it is advisable to adjust your tax withholding so a lesser amount of income taxes are being withheld from each paycheck; you'll get a smaller income tax refund, however you'll have additional money to apply towards your credit card debt payments every month. The thing you don't want to do is give Uncle Sam free use of your money when you need money to pay off debt!

Savings: Nobody likes to spend their savings to pay down consumer debt, however when you have credit cards that are costing you 20% and up in interest each month but your savings are only earning 4% (or less), then it makes sense to utilize some of your savings if you want to get rid of that awful credit card debt.

Bonuses, raises and overtime: When you receive a pay increase, bonus or earn overtime pay, you should set aside at least a portion of that money to put towards your debt. Given that this is "extra" income that you didn't have previously, you should not miss the cash that you put towards your credit card debt.

Sell stuff: Yet another alternative is to sell items to help you raise money. Have a garage sale or maybe auction off items you no longer need on Craigslist or eBay. Sell books that you no longer read on Amazon or Half.com. You'll be shocked by how much some objects will go for on an online auction!

Decrease spending: Despite the fact that this is listed last, this is really the first step you ought to take to find extra funds to pay off debts. You need to review your budget to determine if there are any areas you can scale back on to create additional cash to be used towards your credit card debt. Some typical expenses that might be cut back on, at least for the short term, to help pay down debt include food (both groceries and going out to restaurants), entertainment (gym memberships, magazine subscriptions, cable TV, internet, trips to the book store) and personal care (haircuts, clothing, house cleaning, etc.).

These are only a few thoughts on ways to get money to pay off debt. You can find hundreds of additional ways you can generate money to use towards your debt for anyone who is inspired to search for them.

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