We’re going through one of the most novel economic chapters in history, and many Americans have been forced to get creative to stay on top of bills and expenses. With unemployment rising across the country and economic uncertainty rising, many consumers are concerned about how to handle their finances during the crisis.

For those who are carrying a debt balance, every financial decision comes down two-fold. The longer debt is kept around, the more interest is paid on the loan over time.

Getting rid of high-interest debt is one of the easiest ways to reach financial security. Check out some creative ways to handle debt during a pandemic.

Use the Snowball Approach

Debt can seem overwhelming at times, especially if you owe on multiple accounts. But, tackling your lines of credit from the bottom up can make the process much easier and less stressful.

Paying smaller balances before your larger debt accounts is called the snowball method, and it’s been proven to help thousands get out of debt to reach financial freedom.

To get started with the snowball approach, make a list of all of the debt you owe and organize it by the balance amount. Then, calculate the amount of the money that will be coming into your household during each pay period. This will help you understand how much you can actually afford, and you can use this amount to determine how much you’ll allocate toward any debt on a weekly, bi-weekly, or monthly basis.

Once you have your “debt budget” determined, you can start paying on your smaller debt balances. You’ll enjoy the sense of accomplishment from reaching milestones quicker, and you’ll pay off the larger balances in less time.

Take Out a Title Loan

Even if you don’t own property, you could have collateral without even knowing it. If you own your car outright and keep it in fair condition, you could be approved for a loan of a few thousand dollars in just a matter of minutes.

While taking out a loan to pay debt might seem complicated, it can be a simple way to pay less interest without consolidating or refinancing your outstanding loan. As long as your auto title loan charges a lower interest rate than your current line of credit, you’ll be saving money in the long run.

To find the best rate and plan for your needs, type “title loans near me” into the search bar and find your local loan servicers to get started.

Call Your Creditors

When was the last time you asked your credit card company for an interest reduction or discount on your statement? If you don’t make a habit out of calling your creditors, you’re probably leaving money on the table.

If you can’t cover a bill or have experienced an unexpected emergency, you might be able to put off a few payments without accruing interest. Or, you could be eligible for a forgiveness voucher or discount that you weren’t aware of.

When in doubt, just pick up the phone. The worst they can say is no, and you might be able to shave off a significant chunk from the total amount you’ll owe over time.

Get an Online Job

This isn’t the most creative concept, but there are more remote opportunities than ever on today’s job market. Those who find themselves in need for quick cash and only have a few hours a month can start earning money with just an app and a mobile phone.

Using spare income to cover debt is called snowflaking, and is a great way to chip away at debt as a habit rather than a major financial event.

Popular moonlighting options for on-demand online employment include:

  • Virtual assisting
  • Chat and customer service
  • Remote call centers
  • Affiliate sales
  • Blogging
  • Social media
  • Web design
  • Coding and programing
  • Tutoring

Depending on your background, you might already be qualified for a fully remote, flexible schedule job. But, many online skill sets are easily obtainable with self-guided programs.

If you’re struggling to stay on top of debt payments while also dealing with economic uncertainty and a rapidly changing workforce, there are some resources available for quick relief. Consider making one of these small changes to your budget to start paying off debt now.