Could a Side Hustle Be Your Ticket to Avoiding Credit Card Debt?

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It’s certainly an option worth considering.

Key points

  • Working a second job could mean giving up a lot of downtime.
  • It could save you a lot of money and spare you a lot of stress.

Side hustles have become more popular in recent years. That’s because there are so many options for giving your income a boost via a second job.

And that second job doesn’t have to be boring. You could sign up to walk dogs if that’s something you like to do, or become a private chef if you’re talented in the kitchen. And if you don’t have a hobby you can monetize, you can always revert to classic options like driving for a ride-hailing service on weekends or picking up evening shifts at a restaurant or retail establishment.

But while you may have plenty of choices for getting yourself a side hustle, you might also be less than eager to commit to one. After all, working a second job — even a fun one — means committing to giving up downtime. And you might desperately want those extra hours to sit on the couch, browse the internet, or indulge in some streaming content to get your mind off of the less pleasant things in life, like your nagging boss.

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But while carving out time for a side hustle is easier said than done, if you’ve been teetering on the verge of credit card debt, then you may want to make that effort. What you lose in terms of downtime, you might gain in the form of savings on interest and less financial stress.

It pays to push yourself to boost your income

If you’ve come close to racking up credit card debt in the past few months, then it may be time to take on a second job so you can continue to avoid that fate. Any time you carry a balance forward on a credit card, you’re charged interest (unless you happen to have a 0% introductory APR on your card). And that interest can compound against you on a daily basis, resulting in a large amount of it over a fairly short period of time.

Not only can credit card debt be costly, but it can also be stressful. The feeling of owing money usually isn’t a good one. Neither is the feeling of knowing that for every day your credit card balance remains unpaid, it’s costing you additional money in interest.

Plus, if your credit card balance gets too high, it could cause damage to your credit score. That could make it harder to take out a loan when you need to.

And that’s why it makes sense to push yourself to get a side hustle. You may not love the idea of ​​having to put in the time on a second job. But if you feel that’s your best way to avoid credit card debt, then it’s a sacrifice worth making.

You’re not committing to life

If you’re hesitant to get a side hustle, one thing you should remember is that you’re not being forced to work that second job for life. Instead, you could work a side hustle for a year and use your earnings to build up a nice amount of savings. That way, you’ll have cash reserves to tap during those periods when your credit card balance is higher than usual, therefore staying out of debt.

You may even find that working a side hustle for just a few months makes a difference in your finances. And so it’s worth giving it a try, even though it may be a tough adjustment.

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