If you want to be debt-free, then you definitely have to settle all your debt, and the best way that you can use settle all the debt is if you pay it off. If you are faced with debt problems, it is more likely that you do not have extra money left each month if you are on payroll, or you could be having no money at all. The question is how to pay the debt when you are in such a situation. The answer to that is very easy: You will need to get more money. That is easily said than done. In this article, we will discuss the ways that you can use to get additional money to be able to settle your debt.
Before we talk about the ideas that will help you get additional money for debt reduction, let us first of all look at some things that you are not supposed to do. You should by all means avoid borrowing money so that you can pay the debt. If you are thinking of getting a consolidation loan (not a good idea), you should first of all ensure that you do away with the mistakes as well as habits that led you into that debt. Otherwise the original debt will just accumulate and in the end you will have a consolidation loan to add on it. You will need to come up with a plan on expenditures to enable you to be in control of your cash.
The following are the simplest things that you can do in order to deal with a debt:
1. Increase your income
2. Decrease the expenses
3. Do nothing (not recommended)
The following are the ideas that will help you settle your debt:
1. Make a point of using the extra money that you come earn to reduce the debt no matter how little the money can be. If during your graduation, your wedding or your birthday you happen to get a gift in form of cash, you will need to ensure that all that extra money is used to settle the debt. If you were to find some cash laying in the street, do not hesitate to use to reduce the debt. The same applies to the money that you come across unused either in your car or that in your house. The point is, you should use any extra money you get to reduce the debt.
2. In the event that you are given an income tax refund every year, ensure that you use it to reduce the debt. If your debt is small, then the tax refund should be able to clear it completely. For the period that you have the debt, you should not come up with plans on how to utilize the next tax refund. But when the debt is over you can spend it as you please.
3. If you can get overtime hours at work, be sure to go for them. Though that can be really tiring and reduce the time that you will be spending with family and friends, just have in mind that it is temporary. You can do away with the extra hours once you have cleared the debt. Be sure to use all the money you earned during the extra hours to reduce the debt because sometimes there is the temptation to spend the money on other needs.
4. In your house, you might be having some valuable possessions that you do not use. You will need to consider selling such possessions to get more money. If you have unused vehicles, flat screens, sporting equipment and other valuable possessions that you rarely use, then you can obtain a good amount of money by selling them. There will be no point of having such possessions sitting unused around your home while the debt you have is growing. If you are savvy in using computers, you can even start buying things and selling them on eBay. You can make a lot of money by just doing that.
5. You can search for side work that you can to do and earn extra money. Utilize the skills that you have to earn additional money on the side. This could be things like tutoring, painting, landscaping, writing and so on. If you are lacking in professional skills, then things like cleaning houses, babysitting, mowing lawns and so on could be handy.
You just need to use your imagination and grab every chance that you can use to make extra money. Even if the money you get is not that much, be sure to use it to reduce the debt.
http://www.usefinance.com/debit/debt-management/things-need-get-debt/

If there's any discipline we must instill in ourselves as a people of this country, it is the discipline of reducing our expenditure and increasing savings and investments.

The average Nigerian is always indebted! I think we need more of money management training.

If you must owe, owe debts that will be used for production or for business transactions.

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