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Side pushing has become a way of life for many due to its many benefits. The main benefit of a side business is the ability to generate additional income that can be used for a variety of purposes, such as paying down debt. In fact, research shows that a good number of Britons are now engaged in side activities to repay their debt. Here is the truth.
What is the situation of secondary unrest in the UK?
Credit Karma research shows that the number of people in the UK with secondary hardship has doubled since the Covid-19 pandemic struck.
From buying and selling items online and trading cryptocurrencies to influencing social media, Britons are engaged in all kinds of side activities to raise additional funds.
According to Credit Karma, most secondary scammers say their financial stability actually depends on the additional income of secondary scammers. Almost half (42%) say they took on extra work in direct response to the financial constraints caused by the pandemic.
However, the study shows that the motivation for taking on additional jobs goes beyond finances. For some, a side activity is a way to explore their passions. For others, it’s a way of enjoying a different job.
What good are the secondary scammers who use the extra income?
Credit Karma research shows that 32% of people see side activities as a great way to save extra money, while 22% see them as a way to purchase items that would otherwise be out of reach (22 %).
Perhaps more interestingly, the study shows that one in five people (19%) use the extra income to pay off their debts.
Can a secondary activity help you get out of debt?
Whether you’re trying to write off credit card debt, a car loan, or even a student loan, a side activity can provide you with extra income to help you pay off your debt faster. The faster you resolve the debt, the less interest you will pay over the life of the loan.
But sometimes that’s easier said than done. Once you’ve received your paycheck, it can be easy to fall into the temptation and spend money on something else, especially if you have a history of poor financial discipline.
This is why it is important to have a plan in place to ensure that as much money as possible on your end goes towards paying off the debt.
For example, consider setting a specific date when you want to pay off the debt. After that, figure out how much you need on your side each month to reach your goal. Make sure you don’t stray from your plan.
If you lack discipline, you can automate the process by setting up an automatic transfer from your bank account to the lender’s account the moment your paycheck is deposited.
Most importantly, don’t take on additional debt while you deal with the debt you need to pay off. Otherwise, you could find yourself trapped in a never-ending cycle of debt.
Last word
The advantage of a secondary activity is that the earning potential is unlimited. By the time you’re done paying off your debt, she might find that it’s become a full-fledged business.
Are you planning to start a side business but don’t know where to start? There are a few home shake ideas you can try.
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About the Author
Sean is a personal finance writer with a strong passion for helping others become more financially literate and make better financial decisions. It covers everything from credit cards to savings to investing.
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