Get out of debt FAST

When we are overwhelmed by debt, it can be hard to sleep at night.  If you have large credit cards or student loans, or any other type of debt, there are ways you can start tackling that debt mountain.  If you are wondering how to get out of debt fast, there are some tips that can help you.

get out of debt fast

You may be trying to figure out how to pay off debt with no money.  If you are in an extremely tight spot where you aren’t sure how you can free up some cash, you need to start looking at how to change the situation you are in.  It can be hard to pay off debt with a low income, but it isn’t impossible.

The first question you need to ask yourself is why you have no money to put towards your debt?  Is it because you do too much shopping?  Are your living expenses too high?  Or do you live off such a low income that it makes it difficult to have anything extra after bills.  Determining why you are struggling to come up with the money to put towards your debt will go a long way in deciding what the best course of action is to change that.


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CUT ANY EXTRA EXPENSE.  If you are serious about it and want to get out of debt fast, the first thing you need to do is cut any extra expenses.  Things like cable TV, trips to the hair salon, or nights out at the movies need to be put on hold for a while.  Anything that is a necessity stays like food, housing expenses, medical or dental costs, etc.  But anything that is not a necessity needs to be out of the budget.

And, the big extra expense to give up – stop eating out.  I feel like I say this in so many of my posts, but it’s because it is so common to spend a lot of money on eating out these days.  It can quickly add up in a hurry.  Instead of eating out, put that money towards your debt.

PUT ANY EXTRA CASH YOU RECEIVE TOWARDS DEBT.  I’m talking about money like tax refunds, work bonuses, or even birthday money.  I know, it stinks to have to give up your birthday money.  But if you want to knock that debt down, it is worth it.

MAKE EXTRA PAYMENTS. On top of any extra cash you receive, make extra payments with your regular income.  No matter how big or small, it all helps.

BRING IN EXTRA INCOME.  Sometimes there just is NO extra money to put towards things like debt.  However, if you only pay the amount on your loan bill, and never any extra, more than likely you will spend a ridiculous amount of years paying it off, not to mention all the interest on top of that.  Find ways to work from home if you need to, or pick up a part-time job on the side to do outside of the home.  Something as simple as taking surveys at home on your free time can give you an extra 100 dollars a month. Or you can do something that requires a little more time and effort like blogging.   Even a couple extra hundred dollars a month to go towards the principle of your loans.

CUT YOUR GROCERY BUDGET.  Food is a huge expense, and there are always ways to cut costs at the grocery store to free up some cash for debt payments.  You can also make cheaper meals like the ones I list in this post.

MAKE SURE YOU AREN’T OVERPAYING FOR THINGS LIKE INSURANCE.  Recently our family changed insurance companies after we discovered we could pay 800 dollars a year less than we were paying!  Shop around for things like insurance to make sure you are getting the best deal possible so that you have more money to get out of debt fast.

DON’T RACK UP EXTRA DEBT.  If you are still pulling out that credit card while trying to pay it off, you’ll never get out of debt. Sometimes an emergency situation is unavoidable – a housing emergency, a health crisis, or a natural disaster.  However, while those things might not be avoidable, going shopping for clothes, or eating at a restaurant and putting it on credit are completely avoidable.

DOWNSIZE YOUR HOUSE.  Depending on how large your debt is, or how determined you are, you may want to consider downsizing your home.  If you can’t see a light at the end of the tunnel with your debt load it might be time to think about a smaller house.  The good news is, small homes, or if you are brave enough, tiny homes, are all the rage these days!


When it comes to paying off your debt, you need to have a plan.  The two most common plans are the “Avalanche” method, and the “Snowball” method.

The Avalanche debt repayment plan requires that you pay the loan with the highest interest first.  Once you completely pay off that loan, you move on to the next highest, and so on.

The Snowball debt repayment plan has you pay the smallest loan first, regardless of the interest rate, and then when that is paid off, you move on to the next smallest loan, and so forth.

Personally, I think they are both great methods and that choosing the right plan for you will depend on your personality, along with what helps you keep your momentum going.

I prefer the snowball debt repayment plan.  Some diehard avalanche debt repayment plan followers will say the snowball method doesn’t make sense because mathematically speaking it makes financial sense to pay the highest interest loan first.  However, I am the type of person that needs to see progress as quickly as possible to keep my momentum going.   When I use the snowball method, I quickly see a loan paid off, which keeps me determined and motivated.  When I see a small loan wiped out rather quickly, it gets me excited to tackle the next one.

The best debt repayment plan to pick is the one you will stick to.  Whichever debt repayment plan you choose, decide to commit to it.


Although you may want to know how to pay off debt quickly, what qualifies as a fast debt repayment will vary for different people.  If you make a large income and you are committed to cutting out any extra expense, more than likely you will be able to tackle that debt rather quickly. Of course, also depending on the speed of which you can pay down your loans is how large your total debt is.

However, if you have a lower income, you may only be able to make very small extra payments.  Do not get discouraged if that is you.  Slow progress is STILL progress.  If you are doing all that you can to help pay off debt, you need to be okay with that.  It may take you a little longer than someone with a higher income, but what matters is that you are working as quickly and as hard as you can to get out of debt fast.  Remember, many loans can have an amortization of at least 10 years or more.  If you can pay a 10 year loan off in five years instead, you are succeeding.

Remember to tackle your debt problem head on.  Don’t avoid opening the credit card bills hoping it will all just go away.  Unfortunately, it doesn’t work that way.  Take the baby steps necessary that will give you freedom from the burden of your debt load.

Related:  Emergency Fund or Debt Repayment?

How to cut your Budget when there is Nothing left to Cut




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