With current uncertain economic times, some people in our society have to deal with hard times. Even well to do families are looking at options to trim down their expenses. Unfortunate as it may sound, it has actually led some people to create innovative alternatives. Cash for clothing is one such initiative that has sprung up from the confines of human brain due to the economic downturn.
What is Cash for Clothing?
After the 2008 downturn, the U.K. government launched a Used Vehicle Scrappage scheme for car owners. It was nothing but a timely approach to transform the ailing U.K. auto industry and at the same time get people new set of wheels. This included trading your old car at unbelievable prices for a brand new one. The interest rates were less and the deals were pretty alluring. People quickly jumped on to the bandwagon and benefitted.
Cash for clothing takes a similar approach but focuses on clothes instead of cars. People can post their collection of used or unwanted clothes over the internet and make quick money. Believe it or not, some people do have a pretty good collection of desirable clothes. Cash for clothes is similar to Gold Trading or Mobile Phone Trading where you trade in unwanted or old items for instant cash.

You may not be able to get a refund on that dress you've hardly worn, but you can benefit financially from giving it to charity. That's because charitable contributions of used clothing to nonprofits are tax deductible. However, the value assessed for tax purposes cannot be what was paid originally, but rather the fair market value.