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How many of you have experienced being flat broke while scratching your head on how to settle some debts? Debt protection insuranceGood news, there’s always a way to get rid of one’s debts– pay them off. Bad news is, you got no money to spare as you’re flat broke. But aside from debt protection insurance, what particular moves have you done to ensure getting rid of such pesky debts? To truckies embroiled in debt problems, the issue can easily escalate leading to poor performance at work or in business. The idea, however, is to find a way to earn extra money each month to be able to pay off these debts.

Being debt-free is one of the hardest things to do. The only way to resolve one’s debts however is to have a steady flow of extra income that will help settle the score even when flat broke. When thinking of getting your hands on extra income, the following ideas can be of help.

Get a reliable debt protection insurance cover.

  1. Never borrow money to get rid of your current debt without due consideration. Consolidation loans may sound helpful at first glance but without commitment to get rid of unhealthy habits, you can easily succumb to having twice as much debts to handle than before. The idea is to pay off a debt with “clean” money and not with another debt.

  2. Adjust your current lifestyle. Many debt-riddled individuals are riding on fast-paced or inappropriate spending habits. While there’s no more money to spend, some of them may still be doing old bad habits. The idea is to reassess your current lifestyle and check for ways to decrease or eliminate certain expenses. This is one way for you to save money and eventually settle those debts.

  3. Try earning extra money. Many truckies find extra driving jobs to enhance their debt reduction goal. Cash bonuses, Christmas, birthday or special occasion bonuses, and other sources of extra income will also help generate money to slowly eliminate your debt. As much as possible, all extras collected should address debt reduction.

  4. Make good use of your income tax refund. Do you know that using sunscreen, driving boots, driving-related subscriptions, and so on are subject to tax refund? Debt protection insurance premium, income protection insurance or critical illness insurance and a slew of other insurance covers related to your regular income is tax-deductible–when bought as standalone policy. So, be sure to check with your agent on this to make money and settle your debts.

  5. Do a garage sale of items that you don’t need. Look for anything you can sell and see to it that the money goes to your debt ladder. Sometimes, you will be amazed at the amount of “junk” you accumulated over the years, only to be astounded yet again as to how much money you get for something you left in the basement to rot by itself.

  6. Ask help from your partner. A spouse can find a temporary job to help remedy the issue at hand. With both of you on the earning loop and extra money pooled into your debt ladder, the faster it will be to become debt-free.

  7. Get a debt protection insurance. Some call it payment protection insurance. This particular cover allows you to pay a certain amount of money to cover mortgages, credit cards, loans and other debts when you can’t work due to an illness, accident or unemployment. This allows you to settle debts even when flat broke.

Many of these ideas are never fun to begin with. Spending money is so fun and easy. Looking for money, on the other hand, to settle a debt can be one of the most tedious things to do. Having a good debt protection insurance and doing any of the above-mentioned tips do help a lot when settling a debt. Definitely, it’s all a matter of hard work and focus on your goals when getting rid of debts while flat broke. If others can do it so why can’t you.

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Be prepared for any untoward circumstances. Get debt protection insurance now by enquiring online or contacting our office.