You’re not the only person needing some finance advice. Many people have debt due to education, medical bills, mortgages, or business ventures. According to the American Bankruptcy Institute, since 2022, the number of people filing for bankruptcy has increased by 17%. However, you have options for making progress with your money concerns. Here are six ways to earn cash when swimming in debt.
1. Get Cash for Clothes
Do you have any clothes or accessories you haven’t worn in months or years? If you haven’t worn these items in a while, you likely aren’t going to. Why not get cash for them? If the items are still in good condition, try selling them to a local second-hand store or via Poshmark or Facebook Marketplace. Certain accessories, like bags, boots, and watches, may be able to fetch more money than you think.
2. Sell to a Pawn Shop
A pawnshop is a place where many people go to get a loan for items they may plan to get back. However, you can sell items you don’t plan to get back as well. When you want to see what cash you can get for jewelry or loose gems, a pawn shop is a perfect place to go.
3. Donate Plasma
There are blood banks in just about every city where you can donate whole blood, red blood cells, platelets, or plasma. According to Swift Salary, you can earn $30 to $100 per donation with at least three donations weekly. Keep in mind that you’ll need to be screened to be considered a viable plasma donor.
4. Donate Sperm or Eggs
Many individuals are eligible to sell their reproductive services for money. Most sperm banks have an age limit range of 18 to 39, while some set an upper age limit of 34. On the other hand, women can donate their eggs. You can help an individual or couple start a family, which is a beautiful benefit as well.
5. Rent Out Your Property
AirBnB, Vrbo, and other home-sharing sites have grown in popularity over the years. If you have a spare room or space you can convert into one, you can post it to be rented! If you live in a popular city and rent your space at a lower rate than the competition, you have a better chance of finding quick-term renters.
6. Walk Dogs
Dogs are America’s number one pet. With millions of homes that have canine friends, they often need someone to help care for them during the day or family vacations. If you love animals, dog walking services may be perfect for you. You’ll easily get your fitness activity from being around cute pups all day. It’s an easy way to make cash, and if you develop a solid reputation, you may have a thriving dog-walking business.
Chapter 13 bankruptcy is sometimes referred to as the “wage earner’s plan” since it’s meant for people with regular income who want to repay their debt but need assistance to do so. If you are trying to avoid filing for bankruptcy, the above activities are ways you can help pay down your debt and hopefully add to your savings.
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