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7 Simple Ways of Making Money to Pay off Debt - Without Losing a Penny

Updated on February 18, 2017
Live Debt-Free!
Live Debt-Free!

Managing Student Loan Debts

Accruing debt is a natural phenomenon, as most people increase and decrease principal balances every day. Some of the circumstances and advantages to increasing your debt balance include: 1) emergency payments, such as hospital bills and car repairs; 2) business startups, since employing others is at times safer than being employed; 3) an extravagant vacation, which we all need at some point; 4) establishing credit worthiness; 5) accessing extra cash when necessary; 6) higher education and college costs, since for most doctoral degrees fulltime work is just not possible, and; 7) mortgages, since buying is better than renting. Debt is necessary and plays an important role in US economy overall as well. The US economic money supply is increased or decreased based on changes in regulations to lenders. The amount of funds offered to the public by lenders can inevitably be used to strengthen the economy – which benefits society – or weaken an inflated economy.

On the other hand, sometimes access to debt can be abused. It is recommended that if you can live without debt, refrain from the path at all cost. Irrationally-high debt balances are becoming more and more common in society today. Some people live day-to-day on credit card debt as opposed to getting regular jobs. Disadvantages for retaining hefty or defaulted debt balances include: 1) loss of credit worthiness – other lenders just will NOT trust you; 2) inability to apply for certain jobs in finance, account management, sales, retail, security, etc.; 3) inability to buy or rent properties; 4) inability to apply for certain bank accounts, and; 5) inability to rent or lease cars. The cost of high or unmanageable debt is by far greater than having no debt at all. Unpaid debt balances between individuals have ended relationships, developed bitterness between counterparts, caused hostility and harm towards individuals and, in certain cases, became fatal.

How long do you think it will take you to pay off $100,000 in debt?

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Rent out houses, apartments and rooms
Rent out houses, apartments and rooms

Individual or business entities with high outstanding debt balances must find ways to reduce or repay debt balances. Below is a list of seven ways that you can make money to begin repaying debt with no additional costs to you. After all, the whole purpose of using debt in the first place was to supplement where liquid cash was scarce. What better way to make money for eliminating debt balances than without a penny lost in the process!

1. Rent out your house, condo, apartment or a room. The asset will continually be yours without losing a penny. Many people unfortunately neglect or underestimate the income potential of property-based assets. The rental income can be used to pay off debt. You can stay with a friend or family member while profit is generated on your rental. Be certain to provide the renter with a lease or legal agreement to ensure the costs owed to your via the lease agreement. More importantly, it is important to check the credit and criminal background of all applicants. Refrain from renting to individuals with unjustified rental liens from previous landlords or any criminal background for your own safety.

If the property is yours, then usually there will be no stipulations from the locality for renting out your house or condo unfurnished. However, there may be regulations by the local municipality for renting out rooms in your home. Certain local governments prohibit legally renting out (or leasing) rooms or apartments in one’s home towards limiting the foot traffic within family-oriented neighborhoods, for example. Many municipalities regulate the rental of rooms from apartments in multi-family residents. Be certain to check the zoning regulations of your neighborhood before considering renting out space to anyone.

2. Invest in high-yield time deposits and savings accounts. Certain banks and investment firms offer various forms of high-yield time deposit financial instruments. Many online banks offer higher-interest savings accounts, since their overhead costs are minimal. (Read more about these types of high-yield savings accounts here.)These financial products simply hold your funds within an account for a fixed period of time (i.e. one year, five years, etc.), while offering fixed or variable forms of interest to customers as interest income. Customers retrieve their deposited funds at the maturity (or expiration date) of the time deposit. Some variable interest rate time deposits can be complex. For example, the underlying interest for your deposit per day may be based on a percentage of increase or decrease within the performance of a volatile index, such as the S&P 500, at any time. Some time deposits will offer up to a 5% fixed annual percentage yield (APY). There is usually a maximum and minimum (0%) percent rate applied to variable-interest financial products. Interest income accruing on time deposit accounts can be withdrawn and used to repay debts. Keep in mind that your principal deposit is always returned.

Deposits into the account may be guaranteed by the financier, if not guaranteed by the Federal Depository Insurance Corporation (FDIC) or the Securities Investor Protection Corporation (SIPC). Time deposits requirements for initial deposit amounts will vary between financiers, but most initial deposits for these instruments begin at $10,000. In most cases, the interest accruing on your account will increase without impacting your principal deposit. Be certain to verify all terms and conditions before committing funds to time deposits. Interest earned may be taxable. Time Deposits also permit individuals to save needed money as well.

3. Blog. There are various types of blogs: written blogs (as this), music blogs, voice-recorded blogs, photography blogs and video blogs. Some blogs are simply journals about everyday life. Some blogs are comedic, action-packed or dramatic. Blogs can be fiction or non-fiction. Frequently-trafficked blog forums can become channels, as seen on websites such as Blogs are simply a fun and consistent way to express oneself or share information. What better place to blog than

Blogging allows journalists, writers and other individuals to simply earn extra income from writing and sharing their thoughts. Advertisers pay to associate their products and services with the audience and readers of blogs. Blog channels tend to generate the highest payments from advertisers due to their large fan base or followership. Since many blogging sites are free, the income generated from blogging can be used to repay one’s debtors without costing the payee a penny.

4. Sell your stuff. Chances are that there are tons of stuff sitting in your closets, basements, garages, jewelry boxes, safes, pantries, cupboards, wine cellars, entertainment centers, attics, storage bins, etc. that can be sold for a substantial amount of cash. The proceeds from the sale of these items can be used to pay off the debt possibly used to purchase those items in the first place. Feel free to sell these items, including your jewelry, furniture, kitchen wares, antique cars, car parts, art pieces, books, music records, music or movie CDs, other antiques, tools, sports equipment, cell phones, clothes, food, etc. Some of these items can be sold or auctioned on numerous online venues (i.e.,,, etc.). You can set up a yard sale, garden sale or block party sale to sell items as well. Certain thrift stores will purchase your items that are dropped off, especially your valuable antiques and newer items as well. Pawn shops will welcome your gold, diamonds, watches, electronics, appliances and antiques for negotiable prices. Certain consignment stores will purchase your newest items at minimal prices to resell effectively. Consider a local market or fair to sell your items. Many bookstores buyback used books, especially textbooks. If car dealers are unable to purchase used cars, some may purchase or recommend auto repair centers that will purchase your used car parts. Various types of antique items can be sold to antique shops, art and photography studios, film production studios, libraries or museums.

Before you consider selling your stuff, be sure to clean all items for sale, which will allow you to maximize the selling prices and marketability of the products. Take clear pictures of items if selling online and be certain to include very specific descriptions of your items for sale. You can find creative signage for selling items at physical locations from sites such as Consider tagging items for the yard sale, garden sale or block party sale. Selling food or playing music along with your displayed merchandise is a great way to attract or gather potential buyers. Try offering discounts with sales to induce more buying by customers (i.e. Buy two items, get the third free!). Be ready to negotiate your selling prices at any time. Most of all, be friendly and smile with buyers.

5. Return merchandise you just bought. If you are like me, chances are you may find yourself buying things you don’t entirely need at times. If you are like me, you will immediately run – not walk – to the store you bought those items from and take them back! Some superstores have mastered the art of persuading customers to buy unnecessary merchandise that are never intended for use. Stores like Target, BJs, Sam’s Club, Costco, Burlington, Walmart and the like diligently spend tons of money every year practicing, measuring and mastering the art form of selling to shoppers effectively. From the positioning of promotional displays to the product packaging to the extremely low prices, superstores “target” buyers like you and me (pun intended). The funds you regain from returning items recently bought can be effectively used to pay off outstanding debts instead.

Return merchandise recently purchased
Return merchandise recently purchased

6. Make business referrals. Making referrals for businesses, especially large corporations, is a simple way to make money without losing a penny. It may be important to speak directly with staff at the organization to find out if payment for referrals is offered at all, as not all businesses offer this option. Also, keep in mind that some referrals are not open to the general public, so definitely feel free to inquire from various businesses if they offer a referral program. Citibank, for example, may offer $50 check payments to you when you refer someone to open a new checking account. Referrals by various organizations tend to range from $5 to $250 each. While some organizations offer high-priced referrals for new partner and sponsor relationships, making referrals for new clientele or customers is usually cheaper, more effective and most common.

7. Advertise to your social network. Advertising to your social media network is becoming a more common way to make money. Sites such as,,,,, etc., provides you with platforms to reach a large group of individuals conveniently and for free. Use the opportunity to build your network or contact list as best as possible. You will be able to charge clients higher advertisement fees in accordance with your larger audience for advertisement posts.

Advertise on social media sites
Advertise on social media sites

Reach out to individuals and business alike to offer opportunities to advertise for them. Use the size of your contact list, your ability to repost advertisements and follow up, your ability to send ads by email, etc., as quality marketing features to attract clients to your services. Posts quality ads that you receive on your site only, since future clients will be reviewing these ads posted and the feedback received from your audience. Consider offering graphic design and video production services with your advertisement services, if possible, to maximize your services offered and your earning potential. Keep in mind that graphic ads and video ads can be offered on most social sites as well. Be certain to include your client’s contact information within your posts. Be professional and always send your client a paper receipt. For more opportunities on how to make money with social sites such as, click here. Feel free to request tipes and donations as well!

These are only a few ways to pay off outstanding debts. While paying off debts is great, restoring your credit worthiness is even better. Now that you have paid of your debts using the seven simple ways indicated above, you can now begin the process to repair and increase your credit score. The trick with increasing your credit score is allowing the necessary time to pass for repaying debts efficiently. Click here to read how you can simply and quickly repair your credit score.

Check out my other financial hubs at:


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    • Miss Info profile imageAUTHOR

      S T Guy 

      4 years ago from New York City

      Thanks for the comment Evelyn!

      Your welcome Loren.

    • profile image


      4 years ago

      Too many comtlimenps too little space, thanks!

    • profile image


      4 years ago

      MLM works and is the vehicle rssponlibee for helping many people on the road to find financial independence, typically within 2-5 years.There is, however, much confusion and misunderstanding concerning this business model. A pyramid scheme has no real product so commissions are based on bringing new people into the scheme who in turn also bring new people into the scheme. It's usually the people at the top that get the most while those at the bottom get very little. Eventually all pyramid schemes collapse because there is no real product being sold.MLM, on the other hand, usually has a very real product that is sold either by retail or through members personal purchases (usually both). Members are encouraged to build a network of distributors to market the product.In MLM you can earn more than those at the top if you apply some effort.In a pyramid scheme you can never earn more than those above you, so when investigating an MLM company see if you can find out if there are people earning more than their sponsors, (this is the crucial test to weed out pyramid schemes)


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