4 Items in Your Home Worth Selling to Pay off Debt Quickly
Saturday, July 13, 2019, 6:00 AM | Leave Comment
Debt payments can put serious limitations on a family’s monthly cash flow.
The more you owe your creditors, the less you can spend on necessities or save for your future.
Getting out of debt is probably the biggest key toward building wealth over time.
If you have a few thousand in debt that looks like a mountain you’ll never scale, there are ways to pay it off.
One of the best ways to pay off debt is to sell some of the items in your house that you don’t need.
Here are four things you can sell off to pay off your debt quickly.
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A Car
It’s pretty hard to get by without a car in much of the US. Things are spread out, and you’ll need to get to work. However, you don’t need a really expensive car. The average car payment in the US is now more than $500 a month. Selling a car and getting out from under the payment can really help you on your journey to debt freedom.
With the proceeds of the sale, you can buy a cheaper car and put the rest toward your debt. You might even have a junker in your garage and think, “No one will buy my junk car.” You might be surprised, there are companies that will haul off your junk car can give you money in the process. It turns out that people need parts from older models.
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Sports Memorabilia
You might have a Michael Jordan rookie card that’s one of your prized possessions. If you’re serious about getting out of debt, you might want to put it on eBay. You could get literally thousands for that one card. Most other sports memorabilia won’t get you thousands, but even a few hundred could make a dent in your debt and save you money on interest.
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Tools
Many people accumulate tools over the years. If you’ve got a garage or a basement full of tools you never use, why not put them on Craigslist or another local website and get rid of them? You could get some money and lose some clutter at the same time. That’s a win-win situation. If you need to use some tools in the future, you might be able to rent or borrow them. That way you don’t wind up with the same clutter you had before.
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High-end Furniture
You might really dig that leather sectional couch. It fits so well in your media room. If you’re looking to get out of debt, selling some high-end furniture can be a way to make some money. You should sell the high-end stuff and then buy cheaper furniture that’s lightly used. Just be sure that the home it came from is clean. Put the difference toward your debt.
When trying to get out of debt, it’s sometimes necessary to part with some items you love. These are just four items you might part with to bring in some decent cash. While you might be sad to see the items go, you should be happy to see your debt decline.
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