One of the greatest problems that many people encounter while trying to pay down consumer debt is how to find money to pay off debt. To be able to pay back your debt, you have to pay more than the minimum payment amount, yet this can be difficult to do if you find yourself having trouble just making ends meet every month.

So where on earth do you get money to apply to your credit card bills every month? Listed here are several thoughts:

Tax refund: Do you usually receive a big tax refund every year? If so, then you can use part or all of your tax refund to pay down your debts. Additionally, it is advisable to reduce your withholding so that a lesser amount of taxes are withheld from each paycheck; you'll receive a smaller income tax refund, however you will have more money to pay towards your debt payments each month. The thing you don't want to do is give Uncle Sam free use of your money when you need money to pay off debt!

Tap into your savings: Nobody wants to spend their savings account to pay off consumer debt, however any time you have credit cards that are costing you 18% and up in interest charges each month and your savings account is only earning 4% (or less), it just makes sense to utilize part of your savings if you want to wipe out that unpleasant credit card debt.

Part-time and / or temporary work: If you are genuinely in a debt hole, consider finding a part-time, seasonal or temporary job. It won't have to be forever, just long enough to repay or at least make a dent in your debt.

Borrow against your home equity: This isn't an alternative to take lightly. Sure, you'll probably be able to reduce the interest you are paying on your debts considerably by taking out a home equity loan, but remember that your house is in jeopardy if you are unable to make your payment for any reason. Consider this option only in the event that you are 100% sure that you can keep up with the payments, even in the event of a job loss or other crisis.

Reduce spending: Although mentioned last, this is probably the first strategy you ought to take to uncover extra funds to repay debts. You should review your expenses to find out if there are any areas that you can cut back on to create additional money to be applied towards your credit card debt. Some frequent areas that can be reduced, at least temporarily, to help pay off debt include food (both groceries and going out to restaurants), entertainment (health club memberships, magazine subscriptions, cable TV, internet, trips to the book store) and personal care (haircuts, clothes, housekeeping, etc.).

These are just a couple of recommendations on how you can get money to pay off debt. You can find numerous other ways you can generate money to apply towards your debt in case you are encouraged to look for them.

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