Owing money, whether it’s to the bank or to a relative, isn’t a good feeling. If you’ve ever owed somebody $20 and had them ask for it back, you know that repaying money can make any situation pretty uncomfortable.
The fact that debt makes people so nervous also leads to lots of repayment schemes that are more than a bit crazy. Keep reading to learn more about the five craziest things people to do to become debt-free, especially when they feel the weight of financial burden on their shoulders.
Moving Back Home
If you want to be debt-free, one of the best ways is to reduce how much you’re spending. People tend to take that to an extreme place when they give up their apartment to recover cash for debt.
Crashing with your folks for a month might be fine, but if you have significant debt, you could be there for the long haul. That sounds pretty crazy to us.
Staying with parents might be nuts to some people, but just as bad is living on a friend’s couch while you get out of debt. While you might save some money, you’ll probably lose a friend when they become tired of your freeloading.
Joining the Military
The military pays you to join, and though the salary isn’t great, you get free housing. So in theory, you’d be able to save all your earnings and put them toward debt.
All of that assumes that you don’t end up across the world in a not-so-friendly situation. Probably not worth it, right?
Selling Every Piece of Furniture
Who needs more than a bed and couch, right? The answer is that you probably do, so don’t take the route some have and sell every possession just to get debt-free.
Auctioning Prized Possessions
Selling a valuable item to pay off debt makes sense – if you don’t use it. Some people part with loved items just to get out from under debt though, only to regret it later.
Even worse, those items often go up in value.