One of the biggest concerns that many people face while trying to pay back consumer debt is where to find money to pay off debt. For you to repay your credit balances, you have to pay more than the minimum payment, yet this is often difficult to do if you find yourself having problems simply making ends meet each month.

Where can you acquire money to apply to your credit card bills every month? Listed below are a few suggestions:

Income tax refund: Do you typically receive a big tax refund every year? If so, perhaps you can use part or all of your tax refund to pay down your debts. Furthermore, you might want to reduce your tax withholding so less income taxes are coming out from each check; it'll give you a smaller income tax refund, however you will have additional cash to apply towards your credit card debt payments each month. The last thing you want to do is give Uncle Sam free use of your money when you need money to pay off debt!

Tap into your savings: No one likes to cash out their savings to pay off credit card debt, however if you have credit cards that are costing you 20% and up in interest charges on a monthly basis but your savings are only earning 4% (or less), then it is just smart to use part of your savings to help you wipe out that awful credit card debt.

Bonuses, raises and overtime: Whenever you get a pay increase, bonus or get overtime, you should use at least part of that money to put towards your credit card debt. Given that this is "extra" income that you didn't have previously, you shouldn't miss the money you put towards your credit card debt.

Borrow against your home equity: This is not an alternative to look at lightly. Sure, you'll probably be able to lower the interest rate you are paying on your debts significantly by applying for a home equity loan, but remember that your home is in peril if you are unable to make your payment for any reason. Consider this method only when you are 110% positive that you can continue to make the payments, even in case of a job loss or other crisis.

Lower spending: Though listed last, this is really the first strategy you should take to get extra funds to repay debts. You ought to review your budget to determine if there are any areas you could reduce to generate additional money to be used towards your credit card debt. Some frequent expenses that might be cut back on, at least for the short term, to help pay off debt include food (both groceries and eating out), entertainment (health and fitness memberships, magazine subscriptions, cable TV, internet, trips to the book store) and personal care (haircuts, clothes, housekeeping services, etc.).

These are only a few ideas on how you can get money to pay off debt. There are many additional ways you can obtain money to apply towards your credit card debt should you be inspired to discover them.

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