One of the greatest concerns that a lot of people face while attempting to pay off unsecured debt is where to find money to pay off debt. In order to pay back your credit balances, you need to pay more than the minimum payment, however this is often hard to do if you're having problems just making ends meet every month.

So just how can you get money to put towards your credit card debts every month? Listed below are several thoughts:

Income tax return: Do you typically have a substantial tax refund each year? If so, perhaps you can use part or all of your tax refund to pay down your debts. Also, you should correct your tax withholding so that a lesser amount of income taxes are being withheld from each check; you'll receive a smaller tax refund, but you will have more money to pay towards your credit card debt payments every month. The last thing you want to do is give The IRS an interest free loan when you need money to pay off debt!

Personal savings: No one wants to spend their savings to repay credit card debt, however any time you have credit cards that are costing you 20% or more in interest charges on a monthly basis and your savings account is only earning 4% (or less), then it makes sense to use part of your personal savings in order to reduce that awful credit card debt.

Part time and / or temporary jobs: If you're genuinely in a debt crises, you should think about getting a part-time, contractual or temporary job. It doesn't have to be forever, just long enough to repay or at least make a difference in your debt.

Borrow against your house: This is not a choice to look at lightly. Yes, you'll be able to lower the interest you are paying on your debts considerably by applying for a home equity loan, but don't forget that your home is in jeopardy if you're unable to make the payments for any reason. Decide on this method only if you are 100% positive that you are able to continue to make the payments, even in case of a job loss or other emergency.

Lower spending: Although mentioned last, this is really the first step you should take to uncover additional money to repay debts. You ought to review your spending to find out if there are any areas you could scale back on to generate additional money to be used towards your debt. Some common expenses that can be reduced, at least for the short term, to help pay back debt include food (both groceries and eating out), entertainment (health club memberships, newspaper subscriptions, cable, internet, trips to the book store) and personal care (haircuts, clothes, housekeeping services, etc.).

These are just a couple of ideas on ways to get money to pay off debt. There are numerous additional ways you can find money to apply towards your credit card debt if you are encouraged to discover them.

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