3 Inventive Ways to Pay Off Your Debts

Learn practical tips, expert advice and best strategies to pay off debt fast and save money. Our in-depth guide on proven methods to successfully pay off debt.
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Written by:
Adam Beckles
Edited by:
Kristin Marino verified

paid stamp After being burned by excess fees, high interest rates, or a bad customer service experience, you might finding yourself dreaming up scenarios of exacting revenge on credit card companies, banks, and your student loan lender.

The best revenge is getting your finances in order, either on your own or in enrolling with a credit repair service. In paying off your debts you can say goodbye to those persistent creditors.

Over the years, some people have found very inventive ways to pay off their debts. Here are a few of their stories.

  • Paying off your mortgage, in pennies. In 1977, Thomas Daigle purchased his first home in Massachusetts. After applying for a mortgage loan he found a penny in the parking lot and from that day out he continued to save his pennies. Day in and day out he would store them in a jar, roll them into packs, and store them in his basement. Thirty-five years later he walked into his local bank and turned in over 420 pounds of pennies equaling approximately $620 to cover his final mortgage payment (via ABC News).
  • Earning a PhD using mail-in rebates. Paying for a semester of college in full is an extraordinary feat these days especially if you do it without having to sign for a student loan. According to a Yahoo! News story, Jonathan Hood did just that by using rebate cards to jump start his PhD. Since the age of 15, Hood has worked on finding rebates, buying products and sending out those rebates, then re-selling the products online or donating them. This year he took it to another level and used $2,500 of prepaid rebate debit cards and $1,000 in rebate checks to cover the cost of his first semester at Auburn University. Hood was left to pay $1,000 out of pocket — it’s a good thing he works full-time as a computer programmer.
  • Cashing out to cash in. Alex Kenjeev of Toronto, Canada cashed in on his start up business venture by selling it and using nearly $115,000 in cash to pay off his student loan. The MBA graduate who is the envy of many graduates posted an image of his payment receipt on Facebook which quickly went viral. Initially the student loan lender was hesitant to accept such a large sum in cash, but after an hour Kenjeev walked out of the bank debt-free per ABC News.

The Takeaway

Paying off your debt can be a great feeling. If you don’t have time collect pennies, spend hours finding mail-in rebates, and won’t be investing in a start-up business, there are other ways to pay off those debts. Debt consolidation loans might be a good option, as well as credit counseling. If you find yourself in over your head with bills, contact AmONE to learn about the many financial solutions that could work for you.