Today’s post is from our regular Wednesday contributor, Cat.
I was recently thinking about how some people go to extremes with weight loss. They go on 60 day juice fasts and count calories and try all sorts of other things in order to lose weight fast.
So, I was thinking, how far would people go to pay off debt?
What would you do to quickly shed the debt and pay off everything right away?
Well, here are some ideas:
1) Would You Sell Tons of Your Furniture?
If you were really struggling and unable to pay your mortgage/rent, why not get rid of all of your furniture? In reality, all you need is a mattress (maybe). Why have the expensive tv, sofa, coffee table, lamps, etc.?
I’m confident an average size home full of furniture could fetch $1,000-$5,000 on Craigslist or in a massive garage sale. This could pay for a month or two of your mortgage or rent. Once you get back on track, replace your furniture with thrift store or free stuff on Craigslist. I also explained in the past how to get high-end furniture for cheap. After all, what good is having a nice looking home if you’re buried in debt?
2) Would You Donate for Medical Reasons?
I think it’s amazing when women donate their eggs to help those dealing with infertility. I, however, could never do it myself. I’m just the type of person who would always wonder if my DNA is running around somewhere. Women who do this, though, get paid $6,000-$10,000 per donation cycle which would put a significant dent in someone’s debt.
As you know, men can donate sperm and everyone can donate plasma. A friend of mine I used to work with donated plasma all the time throughout college. They paid her $50 every time and she just had to hang out for 2-3 hours in a clinic. That’s more money than I was making per hour teaching dance in college!
3) Would You Do Something Illegal?
I was recently watching Suits. I’m a little obsessed with the show (anyone else?) In the show one of the main characters helps his friend pay off a debt by selling a college exam for $1,000. It doesn’t turn out well for the guys, and it bothered me that despite being young, vivacious college students, they couldn’t think up a non-illegal way to pay off debt.
There are even harsher examples of this around the world – people selling organs to pay off debt and people committing crimes for others when they need money. It’s sad to think that some people’s situations get so bad, they have to resort to extreme measures to clear up their financial situations.
Here are some things I personally would do to pay off debt: work really, really hard to make extra income, dress up like a chicken and dance around, do a hand stand for as long as possible, cut off all my hair, get a tattoo in a place that isn’t super obvious, etc. If anyone is willing to wipe out all my debt for one of those things, call me. ;)
What would you do or wouldn’t do to pay off debt?
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I’m with you on selling off furniture. It’s actually a good feeling to clean up the clutter and make some money. From my experience I was able to even make a profit selling old furniture simply because it was a hard or specific find for someone on Craigslist.
I would totally sell furniture or donate for medical reasons. I have been known to donate plasma before, and I’ve sold end tables and stuff on craigslist before! I won’t, however, do anything illegal :-)
I’d go pretty far – but nothing illegal. My husband and I don’t quite agree, though. I could sell everything that’s not nailed down and he’s a little more attached to his creature comforts. I would also be a surrogate (and pay off 25% of our loans) but he’s worried HE would get too attached!
I remember before, I had watched a news that featured some people who sell their kidneys because of financial problems. But for me, if I have a huge amount of debt, I would definitely sell my furniture.
Okay, so at first glance I thought I would go really far. But I would not do any of these things, so perhaps I only go far in my mind (compared to my friends not compared to the world).
I donated plasma one time in college. Lots of people were talking about the money, and I was broke so thought I’d give it a try. The process wasn’t so bad, but I just felt like a jerk. I don’t think I could sell myself again for medical reasons. I’d happily donate something if I could live without it and it would help someone, but I don’t think I’d take money. Now, if my kid was starving that would be a different story. That would be the only time I might consider something illegal or unethical to get money. Otherwise, I think hard work and being creative are the best ways.
I would definitely do one and I sold my plasma when I was in college for extra money. I thought about selling my eggs a few years ago, but was told I was too old. :-( I would definitely not pursue illegal measures. I am too much of a goody goody. But short of breaking the law, I would definitely put thought into possibilities.
I’ve done number one along with working my arse off and do not regret it one bit! Nothing illegal though!
I wouldn’t mind selling whatever furniture we have, considering most of it was free (hand-me-downs) in the first place. Then again, it’s probably not worth much. I would never resort to illegal activity and put my freedom at risk, though. I’ll take debt over being in trouble with the law!
I’d definitely do #1 if the situation was dire but probably not if my debt was under control (i.e. shrinking significantly every month). I don’t know if I would donate my eggs. That’s a tough one. Obviously you can earn some serious money doing so, but I would always wonder too. So I would say no unless absolutely necessary. And I way too much of a goody two shoes to consider something illegal. I saw Breaking Bad. :)
Phroogal I know right? I’ve done that before too with antiques! So fun!
RetiredBy40 Haha that’s interesting you’re known to donate plasma! ;)
indebtedmom I looked up surrogates after your comment. You’re right you really could knock out a lot of debt. Only problem for me is I would have to be pregnant again…… and I do not want that lol!
Clarisse @ Make Money Your Way I know it’s so sad!
theFinancegirl You’re so funny Natalie!! You’re probably a wild child underneath that sweet face. ;)
Eyesonthedollar Being creative is definitely one of the best ways! :)
blonde_finance It’s amazing how much you can get for eggs. Wish I didn’t care so much!
Kassandra @ More Than Just Money You are such a hard worker!
JourneytoSaving Haha good point!
ShannonRyan I know it would be nice to help a family but I just don’t think I could go through with it!
Interesting post! I would not do anything illegal, but I would work like crazy and maybe even do medical studies. I hate needles though so I don’t know. They usually require a lot of blood testing.
I would not do anything illegal. I’m never trying to go to jail.
Well darn about my eggs because I’m sure those puppies are pretty well dried up! There is always plasma though. I have looked around my apt recently and thought of things I could try to sell if the s really hit the f, like my iPad, tv, bike, as sad as it would be. Let’s hope it doesn’t come to that. :(
SenseofCents Medical studies are an interesting option!
Jason @ The Butler Journal Yes jail would be lame. No computers. How would we blog?!
Beachbudget It won’t Tonya!!! Keep truckin!
I donate plasma every fortnight. Unfortunately in Australia you can’t get paid to donate plasma (or eggs, sperm, organs etc.) so there’s no money in it for me. Although I do get a free milkshake and snacks, so there’s that…
Actually reading the comments about donating plasma, I find it really interesting that not many people have done it, even when there’s money involved. Does anyone want to share why they don’t choose to donate? Is it because money is involved? Just curious, ya’know. Maybe I should do a post on it comparing our two countries stances on paid medical donations…
Other than doing something illegal, we would have done anything. We worked crazy hours and sold everything we could until we were debt free. Now that I know how that freedom feels, I would do it again in a heartbeat.
I couldn’t sell an egg or let my husband sell his sperm either. I don’t want babies running around- I want all of my own babies! =)
If I had an unlimited supply of eggs, I would absolutely sell them. I just know I need to hold onto mine so i don’t run out before I get a chance to use them!
I don’t want to do anything illegal. Maybe I go on the Amazing Race and win a million dollars instead? I’ve actually thought about this a lot.
It would depend on the interest rate and my financial circumstances…yea I know, what a boring answer! But I have a lot of student loan debt at a low interest rate and I’m not in any rush to pay it off. Now if I had high interest consumer debt and I was in a financial emergency, I would take drastic measures…no illegality though.
Going to jail is the ultimate budget buster! I always thought white collar jail wouldn’t be so bad (think martha stewart country club jail) but now that I’ve seen “Orange is the New Black” things have changed! :-)
Sell furniture? Of course! I once lived a year with a dresser made from stacked cardboard boxes and duct tape. Furniture is not a necessity!
Medical donation? Personally I find it sorta skeevy, at least around here the only people who are donating plasma are junkies. Not the crowd I want to hang out with for an extra $15 every two weeks.
I would donate plasma and even though I would look like a spaz, humiliate myself being a sign spinner if it absolutely came to that. I have had some pretty bad part-time jobs and sold stuff when times were tough so I would definitely do it to pay off debt. Must be legal though.
I have thought about donating plasma, as far as selling furniture-no. As far as illegal, no.
Let’s re-phrase that last one… if you could do something illegal and GET AWAY WITH IT, I think you’d have more takers. :)
Well some people Rob Peter to Pay Paul right haha
I couldn’t do anything illegal. The thought of going to jail scares me. LOL. I do admire people that work longer hours, pick up extra shifts or work 7 days a week to pay off debt.
Mr Frugalwoods
LOL, I just stated watching that show – Piper was working in the electric shop and they mentioned how they were making 15 cents an hour, or something like that. Never get out of debt that way!
I mentioned plasma donation to my hubby. His work is very physical, so I thought he might be interested in sitting around for a couple of hours as a side hustle. I’ve never visited any of those places myself though, so I’m not sure who would be there with him :/