Other Debt Solutions
There are a number of highly effective strategies that you can employ in trying to reduce debts and become debt free sooner.
Many of these are discussed in detail in the various sections of this website, others are touched on briefly only.
Here are some other possible strategies that may work for you:
Interest Free Family Loan
Approach family members for an interest free loan. Perhaps you can get enough to fully repay one of your existing credit cards. Then all you can apply your full income to repay your remaining debts. This should help you repay your interest incurring debts faster. Once all debts are repaid you can start working on repaying the family loan.
Are you a home owner or an investor holding a property with some equity. Your equity is represented n the difference between the value of your property and its outstanding mortgage. It is worthwhile to see whether you can consolidate at least some of your high interest unsecured debts into your lower interest mortgage.
This is a very common debt consolidation strategy but does require the borrower to have the ability to qualify for a higher mortgage given their existing debts and income.
Finding a better paying job
This may appear as a rather common sense solution. Well most debt solutions do fall into such a category. It can be simply a matter of trying to find some extra income. If not a higher paying job, why not some overtime in your existing job or a casual weekend job that will bring in some extra cash.
Sublease one of the rooms in your house or apartment
Try to sublease one of the rooms in your current residence to someone looking for short term accommodation. Many Aussies are doing the same offering furnished rooms for lease in their homes to overseas students and end up earning some extra income in the process.
Selling some personal items to reduce your debts
Anything gathering dust around the home that you no longer need?
It could be a musical instrument, a piece of jewellery, a motor bike, even your second car. Maybe there is something that a family member or a friend does not need and is happy to let you sell. If you are able to find something to sell you could reduce your debts faster and in doing so find the opportunity to repay your remaining debts sooner.
Most Important is that these and other strategies will only work if you can establish discipline in your spending. If you are no prepared to forego anything then nothing will happen to reduce your debts.