Earn Money from Home to Pay off Debt

Debt is a serious problem in the United States. The national debt is now around $20 trillion (that is 20 and 12 zeroes behind it). College students can borrow up to six figures to earn a degree. This is a very big deal for new college students, because they graduate with a ton of debt that hampers their ability to get ahead in life. Earning some extra money in spare time can help toward paying off debts and help debtors start to get ahead in their finances.

Debt Can Cause Stress
Debt can cause stress!

Debt That’s Not Bad

Some debt can be necessary or even advisable. Few people will be able to buy a house with cash, for example. Additionally, a home mortgage makes quite a bit of sense in many parts of the country because the monthly expense incurred in buying a decent starter home can cost much less than the monthly rent payment. Buyers can recoup much of the money pay into a mortgage, but they only enrich others by renting. Borrowing a little bit to get a degree in engineering or nursing might make sense because of the increased income possibilities that will be available after earning the degree.

Bad Debt

There is debt that is pretty useless, however. Buying a Starbucks coffee on credit is not the best financial move by any stretch of the imagination. Rather than paying $5, the cost might wind up being double when the interest involved in paying off the card is added in. A $10 cup of coffee would have to be very, very good to justify the expense.

In thinking of biblical finances, the Scriptures talk about debt and the crippling effect that it his on the lives of those who owe. Proverbs 22:7 (ESV) notes:

7 The rich rules over the poor,
and the borrower is the slave of the lender.

While many people think that people are poor because of some fault of their own, this is not necessarily the case. However, you would be hard-pressed to find anyone who is poor that has power over any government nationwide. Poor people don’t tend to run major companies. This is not saying anything against the poor, it is just saying that they have less control over their lives.

Debt Literally Led To Slavery

In the day that the author wrote the proverb, the borrower could very well wind up a slave of the lender. Selling oneself into slavery to pay off a debt was fairly common in the ancient world. Debtor’s prisons were even common (for the poor) in early American history. Those who owed money traditionally had several negative consequences that could come about. Today, there is the possibility of negative aspects of  bankruptcy, and filing for bankruptcy hurts the ability to get certain jobs and definitely hampers the ability to get credit in the future.

For these reasons, you should keep debt to a minimum.  Teens as young as 13 can take some of the tips offered on this site to start making some additional money to get a good start, and adults can start making a few bucks a day to help with monthly finances. Both those who want to pay off debt and those who want to stay out of debt can benefit by trying to earn money in pajamas from home in their spare time.

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3 thoughts on “Earn Money from Home to Pay off Debt”

  1. I get the sense that a lot of people are like me. We understand – and know firsthand – what a devastating burden debt can be. What we need is practical advice on how to eliminate that debt. Going off your post’s title, how do you suggest people earn money at home to pay off their debt? Most recommendations either assume that people have certain skills, or assume that there are strong markets for these skills. If you’re short on money and time and tied down to a particular location because of job and family, these suggestions are doomed to fail, if not propel people into further indebtedness.

    1. My main point in some other posts is that many people waste time. How many people sit at home and watch TV all evening. There are some easy ways to make a few bucks each week that can help people with their finances if they are living paycheck to paycheck. I’ve made several bucks in between plays while watching a football game. Most of these ideas are not meant to replace a full-time job unless someone does exceptionally well with them. They are basically meant to be an adjunct to full-time employment or for those who are stay-at-home parents or students.

  2. Hello. Internet is an endless workplace so people can make money even more than real lfe, at least theoritacally :). But with a realistc approach we can say that we can earn reasonably from internet. A website or blog is necceassary for some methods but for most of them it is not. Some are very classic, some are proven and some are totally new. I spend some time to find out the answer but most of the resouces points out same methods. But you may try http://www.find-tr.com . This website contains several interesting online money making system. Anyway, I wish luck to you. Don’t give up 🙂

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