Can Freecycling Solve Your Debt Problems?
People who are trying to get out of debt sometimes describe it as a quest, like pursuing a fitness goal, learning to play a musical instrument, and trying to achieve a high score in a video game. The pursuit of financial goals can quickly get demoralizing. It feels great to be able to tell your friends that, every day for the past month, you have run a mile on the treadmill or practiced playing the guitar for 30 minutes; you are 30 miles more physically fit or your guitar skills are 15 hours more advanced. By contrast, trying to pay down debt feels like playing Tetris when the pieces are piled up three quarters of the way up the screen. Even though you do not splurge on anything or make impulse purchases, it seems like whenever you are able to pay more than the minimum monthly payment of a debt, two or more unexpected expenses pop up, causing your total debt balances to stagnate or even get bigger. Peer to peer exchange of consumer items is probably as old as human society itself, but now that prices of consumer goods are high and the pandemic era financial distress seems to be sticking around, online groups dedicated to “freecycling” and “buy nothing” are gaining popularity. These groups are great for getting free stuff and avoiding taking on more debt, but for a long-term strategy for paying off your debts, you need a Miami debt lawyer.
Zero Principal and Zero Interest Are Unbeatable Loan Terms
Hand-me-downs are underrated. In South Florida, the land of huge malls and extraordinary image consciousness, it is easy to forget that, most of the time, used items are as good as new ones. The exchange of used but still usable does not have to involve Facebook Marketplace or thrift stores, and it doesn’t have to involve the exchange of money. You saved a lot of money by virtue of your baby sleeping in a crib that once belonged to your cousin’s baby, but the online gift economy has a much wider scope.
Making your own ice cream is cheaper than buying it, and getting a free ice cream maker is cheaper than buying one. Websites like Craigslist and Freecycle offer free items on a hand-me-down basis, and Buy Nothing Project Facebook groups are abundant in South Florida.
Not Buying More Stuff Is Only the Beginning
Participating in freecycling communities will help you declutter, and it will help you get a lot of things free that otherwise would have ended up as just another buy now pay later (BNPL) obligation or credit card charge. This may free up funds for debt repayment, and if you have a steady income and abundant patience. To get out of debt more quickly, you may need to file for bankruptcy protection or take out a debt consolidation loan.
Work With a Debt Lawyer About Becoming Debt Free
A South Florida debt lawyer can help you pay off your debts or discharge them in bankruptcy. Contact Nowack & Olson, PLLC in Miami, Florida to discuss your case.