13 Expert-Backed Steps for Success

How to Get Out  of Debt 

Dealing with debt can feel like a hopeless situation. You try your best to make your payments, but interest charges eat up all your progress. The next month, you’re back to square one.

Sound familiar?  Don’t worry: You don’t have to be stuck with debt forever! We reached out to several experts and got their best tips for how to get out of debt. Here’s what they had to say.

Before you get into the nitty-gritty of debt payoff, start by figuring out the big reason why you want to be debt-free.

Find Your Motivation

Make a list of all of your monthly spending, including: healthcare, utilities, insurance, childcare, housing costs and debt payments.

See where you stand

If you want to get rid of your debt fast, it’s important to look for ways you might be wasting money and cut those expenses.

identify bad habits

You can only scrimp and save so much. Another way to pay your debt more aggressively is to earn more income.

increase your income

Focus on accomplishing one goal at  a time.  You’ll make progress quicker, and progress leads to persistence.

narrow your focus

Otherwise, you  get stuck in a cycle of barely paying down the interest you accrue each month.

pay more than the minimum

Did you know it’s possible to negotiate your interest rate with lenders, especially if you’re in good standing?

negotiate your rate

As you work toward becoming debt-free, you should set  realistic goals  and reward yourself for achieving them.

don't forget to reward yourself

Swipe up for more Steps to Successfully Get Out of Debt!

More

Read 

Do You Know How Much Being in Debt is Costing You?

Your 5 Step Guide to Getting Debt Relief Fast

What is a Good Credit Score? Plus Tips to Getting One

See More

See More

See More