One result of the tough economic times we face today is that people have changed their attitudes when it comes to borrowing. Factors that have brought about this change include tighter bank lending policies, rising unemployment, home mortgage defaults, and lack of pay increases for those who have jobs. Some people have managed to keep their credit card payments up-to-date but still have a long way to go in order to reduce their balances to controllable levels. No doubt, in an environment such as this, there will be times that person needs to get an extra cash to get through a rough spot but taking out a loan is not an acceptable option. There are ways to help your personal cash flow and avoid interest and getting further into debt. Here are a few things others have done to get money without taking out a loan.
There are several ways you can sell off unwanted household items. In the past, a yard sale was about the only way to do this. However, you typically cannot get much out of a yard sale and the work involved in setting it up makes it seem unprofitable. But it is a way nonetheless. These days, you have some additional avenues for selling your things like Ebay and Craigslist. Keep your expectations low as far as how much you will make. Buyers like to negotiate and you will more than likely have to drop your prices in order to clear your goods and make some cash.
You can delay paying utility bills if you must. Do this carefully because you will definitely need to pay them or have your power cut off. Utility companies will usually not disconnect you if only one month late. In fact, they may not disconnect you after even 2 months late. Considering what a payday loan costs with interest and repayment in two weeks, delaying payment of your utility bill is much more affordable.
If you don’t have enough money during the month, reduce tax withholdings. Many Americans are surprised when they file an IRS form W-4 at their employer and take all the withholding allowances entitled. They see a reduction in the amount of federal income tax withheld each paycheck. Keep in mind that if you do this, you will probably get a smaller income tax return (if one at all) or you may owe taxes on April 15 because not enough was withheld throughout the year.
Take your things to a pawn shop. Pawn shops also offer loans but you can take your unwanted items to sell there as well. Tools, jewelry, and firearms are all favorites for people to take to a pawn shop. However, don’t expect the pawn shop owner to take everything you bring him. He has to run a business and won’t buy something that he knows might not result in a profitable resale.
Sell scrap metal you collect or have around your house. This is a slow way to get extra cash but it is possible. You have to be alert for points where people are discarding metal items and see if you can take them for recycling. For example, there may be a convenience store in your neighborhood where patrons like to toss aluminum cans in the parking lot. The cans are fair game and all you have to do is collect them for later recycling. Many have turned scrap metal selling into profitable businesses.
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