One of the biggest problems a growing number people encounter while attempting to repay debt is acquiring money to pay off debt. To pay down your creditors, you need to pay more than the minimum payment amount, but this can be difficult to do if you’re having trouble simply making ends meet every month.

So where can you find money to put towards your credit card debts each month? Listed here are several suggestions:

Tax refund: Do you usually receive a substantial tax refund each year? If so, then you can apply part of your income tax refund to your credit card debts. Additionally, you should correct your tax withholding so less income taxes are being withheld from each paycheck; you will get a smaller income tax refund, however you’ll have additional money to pay towards your credit card debt payments each month. The last thing you want to do is give The IRS free use of your money when you need money to pay off debt!

Borrow from friends and family: Most people resist asking family or friends to borrow money, but when you are in too deep and you’ve got family members with the ability to provide help, this is an option you should not overlook. If it will help, it is possible to draw up a written agreement to make certain that each person understands what to expect, and to ensure that there is no chance for arguments or difficult feelings later on.

Part time and / or temporary jobs: For anybody who is really in a debt crises, you should think about applying for a part time, contractual or temporary job. It doesn’t have to be forever, just long enough to repay or at least make a dent in your debt.

Borrow against your house: This isn’t an option for taking lightly. Yes, you can reduce 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 the payments for any reason. Consider this option only when you are 110% positive that you are able to continue to make your payments, even in the event of a job loss or other crisis.

Cut down spending: Though listed last, this is really the first strategy you should take to uncover extra money to repay debts. Make sure you review your expenses to find out if there are any areas that you could trim down to create additional money to be applied towards your credit card debt. Some typical expenses that might be cut back on, at least temporarily, to help pay down debt include food (both groceries and eating out), entertainment (health club memberships, magazine subscriptions, cable, internet, trips to the book store) and personal care (haircuts, clothes, housekeeping, etc.).

These are only a couple of ideas on how to get money to pay off debt. There are many of other ways you can find money to use towards your debt if you are motivated to look for them.