Four Unorthodox Ways to Pay Off Debts

Posted by rightway Funding on March 21st, 2020

If you're currently looking to get a handle on your debts, you may be wondering how you'll do this. Many people elect to take on second jobs and to discontinue utilizing their revolving credit in efforts to manage their debt. Although these are sound ways to do this, there are more unorthodox ways of paying off debt. Ways that you haven't considered to pay off debt may include an inheritance, lottery winnings, trying your luck in the stock market or selling unused items. No matter what method you use to pay down debts, the process itself will be worth the effort in the long run.

Inheritance

Many people who are given an inheritance had not been expecting it. Generally, an inheritance is a gift from a family member, friend, or perhaps a close acquaintance. An inheritance may come in the form of an estate or a cash endowment. You may also receive an inheritance by being given assets such as stocks. If you receive an inheritance that's not cash, you can choose to sell the others in order to turn it into cash that you can use to pay down debts.

Lottery Winnings

Many people play the lottery in hopes that they'll win so that they can pay down debts, live more comfortably, and share their wealth with family and friends. If you find yourself in the position of winning the lottery, it's important to know your options. Whether you decide to take the reduced bulk amount or annuity payments, you'll need to decide what works best for you. You can also get cash for lottery winning payouts through reputable businesses. It's important to make sure that the company you choose to work for is a licensed business with a good reputation. Any lottery winnings or payouts that you receive can be utilized to reduce or erase your debts.

Stocks

Business or financially savvy people often try their luck at the stock market. Financial advisers can work with you to give you great information on stocks that will potentially yield a high amount on your investment. If you find yourself fortunate enough to make money in the stock market, you can use these funds to make additional payments on your debts or even pay them in full.

Selling Unused Items

If you find yourself in a home with many items that go unused but are taking up space, you may want to consider going through them and selling any extras that you have. Not only does this reduce clutter and leave you less to clean, it also puts money in your pocket that can pay down your debts much faster. You may opt to sell your items on a platform such as eBay, OfferUp, or Facebook Marketplace. Each of these viable selling platforms can help you rid yourself of unwanted and unused items.

If you're at a point in your life where you would like to live debt-free, you may want to consider more unorthodox methods. This can be through selling unused items, playing the stock market, finding a way to get cash for lottery winning payouts or utilizing an inheritance received to expedite the length of paying off your debts.