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Is There a Hidden Jackpot in Your Garage? Ways You Can Make Money out of Old Possessions

Posted By:  |  March 12, 2014  |  0 Comment(s)


Debt is a problem that many people struggle with, especially in a recovering economy. However, many who are striving to keep on top of their debt repayment strategies tend to forget that part of the solution could be located in their garages. Over time, people collect a lot of stuff they don’t need, hold onto things that have long outlived their usefulness and store items that are simply not very practical. Doing an inventory of what’s in your garage might give you a wide range of stuff that you can sell to raise funds for debt-repayment purposes. Here’s how you can identify what’s fit to sell and turn a profit on your cluttered garage.

Your Own Personal Treasure Trove: Sort Through the Garage

Some people take great pride in organizing their garages, but a lot of people view their garages as places to put their vehicles and anything else that they can’t store inside their homes. Before identifying what should get a for-sale sticker, you should first organize your belongings into three categories: sellable items, items to donate, and garbage. The last of the three is probably the easiest to decide, so this should be tackled first. Identify everything in your garage that qualifies as garbage — and then ensure that the garbage is carried out to the curb on the appropriate day of the week. Just because something’s in good condition, that doesn’t mean that it is sale material. Items that don’t provide much opportunity for a profit, such as boxes of used clothes in good repair or boxes full of board games, could be donated to thrift shops. What’s left in the garage will mostly be the sort of stuff that can be sold as part of a debt-reduction strategy.

What to Sell? Look for Items That Hold Their Value

When it comes to what things can be sold to raise money, there really is no limit. But there are some things that will sell more easily than others. Equipment with small engines can be sold for tidy sums, as they tend to be popular. Lawnmowers, garden tractors, chainsaws, ATVs, snow blowers and anything else with small engines can net a decent profit that will help you pay down your debt. Performing routine tune-ups on such equipment before listing it for sale will result in higher resale value. Kitchen appliances that are priced just right can also be popular sale items as well. Lightly used, clean and operational blenders, food processors, microwaves and toaster ovens will find willing bidders if the items are reasonably priced. What about music instruments? Many people have old violins, guitars, flutes and other instruments — usually in pretty good overall condition — in their garages. Lots of would-be buyers are interested in used instruments, and prefer to buy from private sellers than to shoulder the higher prices at music instrument stores.

Where to Sell? Newspapers, the Internet, and Local Shops

With the popularity of the Internet, there are now more ways than ever to list items for sale. Popular sites such as Craigslist and eBay make it possible for people to post pictures, product information, costs and other information rather easily. Moreover, such sites, particularly eBay and other auction sites, give sellers an opportunity to sell their stuff in a global marketplace. You can also list your items for sale in the local community newspaper or post ads in supermarkets and other retail outlets. With so many advertising opportunities that cost very little or nothing, it shouldn’t be hard to find buyers for your old possessions.

Struggling with debt is not a pleasant scenario, but there are things you can do to reduce the amount that you owe. Sort through your garage, and sell the things that you no longer need. You might be surprised at how much money you can make — money that will help you to reduce their debt load.


  • How important is it to you for a debt consolidation company to offer financial education resources?
  • Takes your existing debt and try to settle with your creditors for a lower amount. If you pay off the settled amount, your debt will be considered paid in full.
  • Negotiates with your creditors on your behalf.
  • Fee based on a percentage of your total starting debt or a percentage of the debt they save you.
  • Most settlement companies have you create a separate "escrow" account where you will make monthly contributions over a certain amount of time to contribute to your settlement. Once there is a substantial amount of funds to show your creditors, the settlement company will try to negotiate a lower amount of debt.
  • Combines all your debts and creditors into one monthly payment.
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  • You no longer owe your original creditors; instead you pay one monthly payment to your consolidation company.
  • Consolidation companies can help negotiate lower interest rates on your debts and help lower your total debt payment in the long run. A lower interest rate will lower the amount you owe in the end.
  • Allows you to consolidate all your different debts into one personal loan that can be paid off over time.
  • Can offer borrowers a lower interest rate with a longer payback term (compared to high-interest credit cards or medical bills). This will lower the amount of money required to pay off the loan over time.
  • Personal loan debt consolidation can be an effective way to raise your credit score quickly (within 3-6 months).
  • Borrowers can receive funds from their loan within only a few days.

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