If you’re thinking about moving to Argentina and changing your name then you might be missing the point of this article’s title. Let’s face it, debts have to be handled responsibly and promptly and it’s important while fighting debt to not lose hope. Here are seven creative ways to get out of debt:

7. Circle the Wagons

If your debts are threatening to drag you under then its time to realize you can’t go it alone. Sit down with your spouse and family and hammer out a way to fix your finances. Two heads are better than one and you’ll be teaching your kids the importance of good spending habits in the process.

6. Do It Yourself Luxury

There’s no easier way to take a bite out of debt than to cut back on some of the luxuries we’ve gotten used to pampering ourselves with. Make your own coffee, roll up your sleeves, put down the phone book, and attack those minor household repairs yourself. Maybe take a break from dry-clean only clothes in favor of wash and wear. Feeling tense: take a hot bath, not a spa treatment. You get the message here.

5. Starting Small (Business)

It’s going to take a lot of work to eradicate your debts so why not make the work fun? Have a hidden talent or skill you’ve always wanted to show off? Well, now is the time. Turn your talent into a small side business for extra income or create a business out of whole cloth. You can pay off your debts while being your own boss. That doesn’t sound so bad.

4. Ducks in a Row

The key to starting out on the road to being debt free is to get organized. Spending can sometimes get away from us if we’re not on top of things so when you start to get that sinking feeling on the way to the mailbox, it’s time to step back and analyze where and how your money is being spent. Eliminating unnecessary expenditures is a lot easier when you’re looking at the big picture.

3. Department Store Servitude

Attacking debt head on means, first and foremost, launching a full-scale assault on those department store credit cards. With crippling interest rates, these cards will keep a stranglehold on your finances. Clear these as quickly as you can. Hold a burning ceremony in the backyard when they are paid off and never apply for one again.

2. The Envelope Please

It’s a good idea to set up envelopes for various expenses: groceries, bills, clothes and so on. According to your budget, put the amount needed for the week or month for each of these costs into their respective envelopes. If one of them empties ahead of schedule, you’ll pinpoint a spending problem. Stick with this method and you may find you don’t need to spend as much on certain items as you did previously.

1. Cashing In

Vampires live among us. They suck the life right out of our wallets. We refer to them as credit cards. It’s imperative while struggling with debt to begin paying cash for everything whenever possible. Raising credit card balances will only increase your debt. Put the cards away.

This article was provided by Andrew Salmon from IVA – a website about Individual Voluntary Arrangements