Debt Fight Back: Assets Are Your Saving Grace

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It’s probably no secret that a lot of people are currently in debt. The past few months have been very tough and an uphill battle for millions of people.

Debt is not the end of the world, but it’s not a comfortable place to be in either. Many creditors are actually quite understanding of the current lending and debt climate. It’s no secret to lenders that many renters, young professionals, families, and others are having trouble balancing paying for daily needs, bills, and paying them.

So, if you have time on your hands, here are some ways that you could fight back against your debt, using your assets.

Your Jewelry

If you have jewelry, you have an asset that comes in handy during tough times. Unless it’s an engagement or wedding ring, you should consider selling your jewelry pieces to help you climb out of a debt hole.

Look for the Highest Paying Jewelry Buyer you possibly can. Take a look at their website, see how they weigh items, how they rank the karats, and what type of value they can give you, compared to their rivals.

Just put in your desired price, describe the jewelry piece itself, post an image and then upload relevant documentation of its authenticity. Jewelry is in the category of precious commodities, as gold and precious stones are held as value assets by investors. So there’s always going to be a good chance you get a fair or good price for your jewelry.

Your Room

If you have a spare room in your home, why not put it to use?

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    Lenders will also give you more time if you can show them additional income. So if you have an empty room, you should buy a bed if it doesn’t have one and think about renting out the space by adding a wardrobe and drawer.

    If you are in $10,000 of debt, a simple $500 PCM room can earn you $6,000 in one year. However, you will need to be willing to live with someone new.

    If you can pick someone who has a great personality, it shouldn’t be too much of a bother. It’s a good source of extra income, you get to create the contract, and it may only need to be for a couple of years or less.

    Your Driveway

    If you live in a busy neighborhood and you have a private parking space or perhaps a driveway, why not rent it out? It’s common practice for driveways in cities like London, New York, and Los Angeles to be rented out to young professionals who rent a room close to homes with private driveways.

    Your driveway could easily make a few thousand a year for you, purely by having someone else’s car parked on it. 

    Think creatively about how to utilize your assets so you can fight back against your debt. Everyone is in a tough spot now, but you can be one of the first to break free as things return to the norm.