How to Pay Off Debt When Broke
Create a Budget. Your budget can help you decide where you might be able to free up money for paying down your debt. Distinguish Between Broke and Overspent. Earning some extra money on the side can be a great way to pay off your debt faster over a short period.
Strategies for Paying Down Debt
In general, there are three debt repayment strategies that can help people pay down or pay off debt more efficiently: Pay minimums on all other debt, pay the smallest debt as fast as possible, pay as much as you can afford each month.
Eliminating Debt Without Payment
Create a budget, your budget can help you decide where you might be able to free up money for paying down your debt. There are options for how you choose to do this whether a debt snowball method or the largest interest rate first debt payoff method. Earning some extra money on the side can be a great way to pay off your debt faster over a short period.
Full Financial Picture
If your circumstances are unlikely to improve then you can ask your creditors to write off the debt. If your circumstances are unlikely to improve then you can ask your creditors to write off the debt.