Pay Off Debt by Earning Extra Money

Published February 2021

The best way to pay off your credit card debt quickly is to spend less and save more; however, if you don’t have enough income to save, you may have a harder time lowering your debt.

To pay off your debt quickly, you need extra income. Follow these tips to secure extra income and potentially become debt-free!

Key Points
  • When your goal is to pay off debt, your best strategy is to spend less or earn extra money – having a budget is essential.
  • If you are paid hourly, look for opportunities for extra hours or overtime at your current job.
  • To earn extra money explore opportunities to sell what you create or no longer need or use your talents get a side gig or freelance work.

Pay off debt with budget management

Making a budget may be able to help you pay off debt quickly because it often only requires eliminating unessential expenses. Find areas you can cut back on or cut out completely to ensure more of your paycheck can go toward your debt. Find the best budget for you and your financial situation to get started paying off debt.

Pay off debt by earning extra income

If budget management does not help you pay off your debt, you may need to resort to earning extra income elsewhere. If you feel comfortable doing so, ask for a raise or extra hours to provide more income in your next paycheck. However, if you already exhausted these options, you may need to find other opportunities to earn some extra income.

Get a second paycheck by finding freelance work

  • Freelance is a great option for extra income to pay off debt because you can work around your own schedule. Plus, most marketable skills provide the opportunity for freelance work. The tricky part is ensuring you have enough clients to be able to make a difference in paying off your credit card debt.
  • There are many apps and websites that make it easier for freelance workers to connect with potential clients. Research those that coincide with your interests and see how you can get started! Keep in mind that some of these services charge a fee, so you may not receive all of your hourly rate.

Make extra money with consignment

  • If you don’t have a lot of extra time to spare in order to earn the extra income, consignment can be a great option. With consignment, you bring your objects to a shop which then sells the merchandise for you for a fee. Since the consignment shop does the actual selling, you could have time for other opportunities to earn extra income.
  • Selling your unwanted belongings on your own may allow you to keep more of the income than with consignment. However, it could take up more of your time because you need to sell the merchandise and get it to the customer on your own.

Earn money selling what you create

  • If you do not have any belongings to spare, you can also create something to sell. Creating your own merchandise to sell may provide more opportunities for extra income because you are not limited by what you already own.
  • If you have some extra cash but not enough to make a dent your debt, you can use your creativity to flip products from flea markets, estate sales, or auctions. Buy the products for cheap and make any necessary repairs. Then, you can clean them up and sell them for a profit.

Generate cash with a side gig

  • Getting an additional job may be the most beneficial to pay off your debt because the pay may be more consistent. Retail companies are most often looking for employees for the night and evening shifts, which could coincide with your current job.
  • You can also consider working with a temporary agency to find positions that are temporary. Depending on the job market, you may be able to be placed in a position right away and potentially be able to start paying off your debt quickly. Keep in mind, however, this option may not be viable if you have a full-time job.

If the extra income is not enough to pay off your credit card debt, ClearOne Advantage may be able to help! Our Certified Debt Specialists are standing by to help you explore your debt relief options and work out a solution customized just for you. Call 866-481-1597 to speak to a Certified Debt Specialist today and get a free savings estimate.


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Topics: Financial Education