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One of the greatest challenges that a lot of people face when trying to pay back personal debt is where to find money to pay off debt. For you to repay your debt, you need to pay more than the minimum payment, but this can be difficult to do when you find yourself having problems just making ends meet every month.

So how can you find money to apply to your credit card bills every month? Listed below are a few tips:

Tax return: Do you typically get a large tax refund every year? If so, perhaps you can apply part of the refund towards your debts. Additionally, you might want to correct your tax withholding so that a lesser amount of taxes are being withheld from each check; you'll get a smaller income tax refund, however you will have more money to apply towards your debt payments every month. The last thing you want to do is give Uncle Sam free use of your money when you need money to pay off debt!

Tap into your savings: No one wants to spend their savings account to repay credit card debt, however when you have credit cards that are costing you 18% and up in interest charges on a monthly basis and your savings are only earning 4% (or less), it makes sense to make use of some of your savings to help you dispose of that awful credit card debt.

Bonuses, raises and overtime: Whenever you receive a raise, bonus or earn overtime pay, you should use at least a portion of that money to put towards your credit card debt. Given that this is "extra" money that you didn't have before, you should not miss the money that you put towards your debt.

Borrow against your house: This is not an option to take lightly. Sure, you'll be able to lower the interest you are paying on your debts considerably by taking out a home equity loan, but don't forget that your home is vulnerable if you are unable to make your payment for any reason. Opt for this method only in the event that you are 110% sure that you are able to continue to make your payments, even in the event of a job loss or other crisis.

Lower spending: Though listed last, this is probably the first step you should take to find extra funds to repay debts. You ought to review your expenses to determine if there are any areas that you can scale back on to generate additional cash to be applied towards your credit card debt. Some frequent expenses that can be cut back on, at least temporarily, to help pay back debt include food (both groceries and eating at restaurants), entertainment (gym memberships, magazine subscriptions, cable TV, internet, trips to the book store) and personal care (haircuts, clothes, housekeeping services, etc.).

These are just a few suggestions on ways to get money to pay off debt. There are hundreds of other ways you can obtain money to apply towards your credit card debt in case you are inspired to look for them.

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