Career & Finance

How do I get out of debt with no money

Achieving the impossible – getting out of debt


Believe it; there are several things you can do to get out of debt with no money!

Humanly speaking, the question seems impossible, but this article will explain the logic behind its possibility. Not having money can mean several things; little budget, lack of interest or plan to pay the debt, underemployment, unemployment, loss of a job or being outrightly broke.

Well, let’s dive straight in and hit the nail by the head.

Ways To Get Out Of Debt With No Money

Your budget

Let’s start with working on your budget. What is your budget like? Do you think about prioritizing where your current earnings go in order to offset your debt first? Even if your income is low now, you can set your priorities right and focus on reducing the mounting bills bringing you undue stress.

Settle your debts in bits

Another thing is focusing on settling your debts in bits by repaying smaller ones first. No matter how broke you are, occasionally, money flows into your account. Use that money to offset smaller debts and gradually move to the bigger ones.

Cutting down on your standard of living

Have you ever thought of living below your means at the moment in order to pay off your pressing bills? Many people live above their means, even when in debt, and such is not an affordable lifestyle. After paying your debts and you’re back on your feet, you can live the life you want later but at the moment, adjust your lifestyle.

Seek help from relatives & friends

Ask your friends and family members to assist you if they can. Yes, it is possible to offset your bills by asking for help from those around you if you’re not a serial debtor. They will be willing to reduce your burden.

Request debt reduction

Another step you can take to pay off your debt without adequate money is asking your creditors for bills reduction. A lot of people might not want to agree with this point, but it can work. That it looks odd doesn’t mean it can’t work. Just give it a try!

Besides, some of your creditors would be willing to know to arrive at a compromise with the anticipation that this will spur you to pay the debt owed them quickly.

Sell some belongings

Do you have some old items around the house that you can sell? Some of those things might turn out to be things that you need but not regularly. If such properties are what you can easily substitute, go and get them sold. Doing so will leave you with some money that you can use to offset a part of the whole of your debt.

Seek a salary increase

If your employer underpays you, you can ask for a salary increase. Do not be intimidated by his or her response. Just strike a dialogue with him or her and see what happens. If it goes through, use the increment to pay your debts gradually.

If you’re worth salary increase and your employer refuses a raise, it might be the company does not have the financial capacity at the moment. You might think of applying for a new job that will pay you better.

Do some side-hustle

No salary is ever enough. This is why people take extra jobs or do other side hustles aside their normal job routine. You can do it too. Think about getting another job you can successfully manage with your primary job without any interference. If blogging for money sounds interesting, check out our “How to start a profitable blog” step-by-step guide.

Get a grant

Have you ever thought of applying for a grant or more scholarships as a student? A government or non-governmental grant can take care of your debts.

Quit a habit

Why are you always in debt? Why is it difficult to pay off your debt? Is it because of an addiction you’re yet to overcome? Some addictions like smoking and alcoholism are enemies of finance and progress. The faster you stop them, the faster you pay off your bills. The more you cling to them, the longer will it take you to have financial freedom. Face your addiction straight and get it arrested.

Rounding up—you need counseling.

Sometimes, what we need to get out of financial mess such as debt is counseling from a financial expert. They will not only guide you to pay those debts off quickly, but they will also help you to avoid falling into the same pit of debt in the future. Don’t you think you need one?