Debt management via consulting

Debt piling up? For many people, debt blindsides them at this time of year. With holiday credit card payments, tax due dates and retirement savings deadlines all seeming to appear at the same time, debt can quickly become a major obstacle.

I’ve previously mentioned consulting as one of the best ways to pay down debt. And I’ll say it again! If you’re in debt, get out at $50 or $150 an hour, not $8 or $20. Consultants charge high hourly consulting fees. If you’re charging $100 an hour, you can make $500 in five hours. If you were making $8 at a minimum wage job, it would take more than 60 hours.

And consulting offers a great way to make extra money. One of my friends has been able to make double mortgage payments for the past eight years, while working at a full-time job and consulting during evenings and weekends. Her house will be paid off in another eight years and it’s now worth about $1 million. How’s that for getting ahead?