How to Make Quick Money to Pay Off Debt

Because of today's economic climate, many families are trying to make extra money to help pay off debt. This article will suggest several unusual and creative ways of making quick money, so that you can begin to pay off your debt and save for the future.

Difficulty: Moderately Challenging

Instructions

1. Cash in old investments such as stocks that are not doing well or savings bonds that are no longer earning interest. You will come out ahead by using these to pay off high interest debt, then re-investing once you are on solid financial ground.

2. Check into replacing expensive whole-life insurance policies with cheaper term-life insurance. After purchasing the new policy, not only will you save money on the premiums, you should also find that you have a sizable cash refund coming to you from the old policy, depending on how long you have had it. Just make sure that you do not cancel the old policy until the new one is in place.

3. 
    
   Sell Old Jewelry

   You may also want to check the value of broken or unwanted jewelry while the price of gold is high. If you aren’t wearing it anyway, you might as well sell it and put the money to good use.

4. 
    
   Sell Collectibles

   Sell collectibles such as coins, stamps, old vinyl records, art or antiques. Research online to make sure you get a good price on these items. Do NOT sell family heirlooms or items with sentimental value, you may regret doing this later.

5. 
    
   Sell Books, CD's, Games, etc.

   Sell used books, CD's, DVD’s and electronic games to local specialty stores for instant cash. Look online or in your phone book for the name of local stores, then call and inquire about their policies. Check out stores that buy used furniture, clothing, exercise equipment or musical instruments, too.

6. Watch for seasonal tag sales at local churches or civic organizations, and register to sell used household items or your children’s used toys and clothing. Expect the hosting organization to charge for booth rental or keep a percentage of your proceeds as a donation.

7. Have a yard sale or sell used household items, cars, furniture, etc. on craigslist, ebay, or through classified ads. Selling online is not as quick, but because you reach a larger market you can often get a better price for your items.

Tips & Warnings

• Don't overlook part-time jobs. Many retailers use seasonal employees during the holidays, but the hospitality industry and lawn & garden industry usually need help during warmer months. Seasonal jobs offer income with very little commitment.
• If you are creative, set up a craft booth at a local bazaar or flea market. This can be especially profitable during the holiday shopping season.
• Be careful when selling online to strangers. You should meet in a public area and take a friend with you. Do not divulge your home address.

[fcmosher]

on 12/8/2009 Good idea for an article! 5* and recommended you.

[Thims]

on 12/8/2009 Good practical information. Collectable selling is a unique idea! Nice article.

[vickymom64]

on 11/20/2009 Excillent article!

[alltrails]

on 10/16/2009 Great advice on how to make quick money to pay off debts. We all have things laying around that aren't used anymore, and selling them to pay off debt makes a lot of sense. 5 stars - thanks!

[Diablo2]

on 10/14/2009 Always a fan of such articles. Thanks for the addition ;)