Are you part of the growing number of Americans who have more debt than savings?
You’re not alone.
- According to a survey conducted by Bankrate, “…only 44 percent of households have more money in emergency savings than the amount they owe in credit card debt” with 29 percent of those surveyed “…having more credit card debt than emergency savings… an increase from last year’s 21 percent and the highest in nine years.”
- NBC news reports that the National Foundation for Credit Counseling (NFCC) found “…25 percent of adults aren’t paying their bills on time, and 8 percent have unpaid debts that have gone into collections — both increases of 3 percentage points from last year.”
- One in five Americans expects to “…die while still in debt” with 18 percent of those planning to “…take their loans to the grave.”
The president of the Cambridge Credit Counseling of Massachusetts, a nonprofit organization that helps people become debt free, finds these statistics disturbing, stating that he is most concerned about those who, “…expect that they’ll never be debt-free, given all the negative consequences that come with such a bleak outlook.”
With more and more people taking on debt and an alarming number of individuals unable to pay, finding ways to earn some extra cash to tackle debt is key. If you are ready to take on a side gig, consider these three easy income earners:
Used books, DVD’s, CD’s, electronics and more can be sold directly to Amazon or to customers on Amazon by creating an Amazon sellers account. With minimal time each week, you can create a lucrative little side business by simply sorting through items within your own home or neighborhood at garage sales and thrift stores. Some people have found selling on Amazon to be so successful, they keep their inventory in a self-storage unit, earning extra income even after their debt is paid off.
If you have a car, you can work on your own time driving for Favor Delivery, Lyft, Uber, DoorDash or Instacart. Ride-sharing and delivery services allow you to work as much or as little as you want, providing the opportunity for unlimited income potential.
Live close to a sports arena or other tourist destination? Consider renting your home as an AirBnB while you and your family are away this year. You can easily store important documents and valuables in a local self-storage unit at minimal cost in order to keep items secure.
Once you’ve found a method to earning some extra cash, find a debt-payment tactic such as the snowball method or the avalanche method and stick to it. You’ll be debt-free in no time!
To the newly debt-free, happier you!
You’ve got this!