Criticthoughts is reader-supported. When you buy from affiliate links on our website we may earn a commission, but it will not cost you extra money. Privacy Policy

The average American has $38,000 in personal debt. But, this can be even worse if you’re on a low income.

How do I get out of debt with no money and bad credit?

It’s a problem many people have experienced, and it can be really stressful. But, all hope is not lost! There is a lot you can do to get out of debt, even if things are challenging.

Read on to learn how you can get started reducing your debts, even if you’re not working.

How Do I Get Out of Debt With No Money and Bad Credit? Look For A Part-Time Job

Wondering how to get out of debt on a low income? It can be tough, we get it. One way to help yourself out is to look into getting a part-time job or side hustle.

If you have time during the week, could you pick up a few shifts waiting tables or working in retail? Or, if you have a car, driving with Uber or Lyft is a good way to save some money, plus you can set your own hours.

Can you offer to walk local dogs in the community?

Even if it’s only for a few months, a second job can help you save away enough money to start chipping away at your debts.

Contact a Debt Consolidation Agency

Financial pressure can be overwhelming, especially if you have multiple debts and credit cards and don’t know where to start.

However, you can contact a debt consolidation agency like Debthunch. They will work with you to understand your situation and can liaise with your creditor to bundle your debt into more manageable monthly payments.

Asking for help can be scary, but it’s one of the best ways to get out of debt fast.

Cut Your Budget

Cutting your budget can help you become debt-free faster. Look at your spending critically, and see what you can cut or save on.

Many of us can reduce eating out, cable, shopping, or gas, if we can take public transportation to work instead.

It’s challenging to enjoy fewer luxuries in life, but consider it a temporary measure until you can get your finances back on track.

Sell Unwanted Items

If you’re really hurting for money, is there anything you can sell? Your car may be the biggest item you can part with, if you don’t drive often.

Or, if you have unneeded sporting items, clothes, electronics, or other household items, these can help you come up with fast cash for your debts.

If you don’t have anything to sell, maybe you can rent out a spare room or basement to a tenant to create a new income stream.

Get Out of Debt Today

Hopefully you now have a better answer to the question of “How do I get out of debt with no money and bad credit?”.

Getting out of debt can be tough, but the hard work is worth it for the feeling of financial freedom! Get started today and before you know it, you’ll be on track to having a higher credit score and larger savings account for your new, debt-free life.

Allena Dominus

Started the career as a Product Manager, I now reveal the ins and outs of the digital world, online privacy, IoTs, and the trends shaping the technology industry and much more.

Leave a Reply