The Most Desperate Ways to Pay Off Debt

In a recent article, Forbes reported that 30 percent of millennials would be willing to sell an organ if they thought it would pay off their student debt. While taking out a payday advance might not cause as much debt as a doctorate degree, the consequences can still drive people to act foolishly. 

From Evanston, Wyoming to the Everglades, Americans are in more debt than ever before. As they struggle to cope with the new burden, some people are considering extreme measures. What are some of the most desperate ways to get rid of debt? Do any of them actually work?

Most people plan on eventually paying off loans with income from their jobs. However, not every payday is created equal. In an attempt to boost income, some people consider horrible but high-paying jobs. Business Week reports that private security contractors in war zones earn nearly $150,000 a year. Applicants might get mutilated and killed, but they’ll never need a payday advance.

Oil roughnecks from Evanston, Wyoming to North Dakota face horrible conditions, but rake in a hefty salary. Many college graduates end up working the rigs in an attempt to quickly pay off debt. Similarly bad jobs with good pay attract many debtors. For hardy individuals, they can actually make a big difference.

In the same survey mentioned earlier, Forbes found that more than 50 percent of Americans would allow their lives to be featured on reality TV. Around 40 percent said they would sell half their possessions or participate in a dangerous FDA drug experiment to get out of debt.

No matter how willing they are, average people in places like Evanston, Wyoming are unlikely to get a reality TV show or an invitation to participate in a study. That doesn’t mean they haven’t found equally desperate ways to avoid a payday advance.

Many Americans sell their possessions to help make payments, but some go farther than others. Students in places like Evanston, Wyoming have been known to offer their souls for sale online. The practice became so popular that Ebay banned it. 

Short of making payments, the only way to chip away at debt is to renegotiate the loan’s terms. Unfortunately, shuffling debt around is ineffective at best. At worst it can make the terms of a student loan resemble a payday advance.  

 

Debt is frustrating. It can take a long time to resolve. However, measured, thoughtful action is always better than hasty or desperate solutions.

Tanner Wadsworth is a finance writer reporter for Fusion 360, an SEO and content marketing agency. Information provided by Quik Check Financial. Follow on Twitter