how to get out of debt fast
Getting out of debt

How to Get Out of Debt Fast?

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Getting out of debt may seem daunting, but with some planning and discipline, it is possible to become debt-free quickly. Here are some proven strategies for how to get out of debt fast:

Make a Budget

The first step is to make a detailed budget tracking all of your income and expenses. This will allow you to see where your money is going and where you can cut back on spending. Try to find areas where you can reduce expenses so you can put more money towards how to get out of debt fast.

Some budgeting tips:

  • Track every expense
  • Identify needs vs wants
  • Look for subscriptions or memberships you can cancel
  • Reduce dining out and entertainment
  • Cut back on non-essentials like clothes or gadgets

Pay Off High-Interest Debt First

One of the quickest ways to how to get out of debt fast is to use the ‘avalanche method’ where you focus on paying off the debt with the highest interest rate first. This will save you the most money in interest payments over time.

List out all of your debts by interest rate and focus on the top one first while making minimum payments on the others. Once the first debt is paid off, roll that payment over to the next highest interest debt.

Consolidate or Refinance Debt

Look into consolidating or refinancing high-interest debt at a lower interest rate. This can help you how to get out of debt fast. Options include:

  • Balance transfer credit cards: Transfer balances from high APR cards to a 0% introductory APR card.
  • Debt consolidation loans: Take out a personal loan at lower interest to pay off credit cards.
  • Mortgage refinancing: Refinance high-interest mortgages to lower rates and payments.

Be sure to look closely at terms, fees, and eligibility requirements if considering these options.

Increase Your Income

Bringing in more money each month will help you route extra funds towards how to get out of debt fast. Ways to increase income include:

  • Ask for a raise at your current job
  • Work overtime or extra shifts/freelance gigs
  • Sell unused items online or have a garage sale
  • Start a side business doing something you enjoy

Even an extra $200-500 a month can make a significant difference in how to get out of debt fast.

Make Additional Payments

Any extra money you have after budgeting each month should go straight towards additional payments on your top priority debt. Even small extras like your tax refund, cash gifts, bonuses or inheritance can all be applied towards how to get out of debt fast.

  • Automate additional payments for set amount each month
  • Pay weekly or bi-weekly instead of monthly
  • Make one extra payment yearly by saving 1/12 from each month

Paying just a little extra each month can shave months or even years off your how to get out of debt fast timeline.

Let Your Money Work for You

Once you are out of debt, it’s important to start saving and investing so your money can start working for you. Try to build an emergency fund with 3-6 months of living expenses and contribute to retirement accounts like 401ks and IRAs.

Extra funds can be invested in the stock market over the long-term. Having savings and assets will keep you from sliding back into debt after how to get out of debt fast.

Don’t Give Up

How to get out of debt fast takes consistent effort over months and maybe years depending on your situation. There will be setbacks and challenges along the way. The key is to keep making progress and not get discouraged. Stay focused on the end goal of becoming debt-free and use that as motivation to keep going.

With commitment and steady effort, you can take control of your finances and how to get out of debt fast for good. The long-term benefits of reduced stress and increased financial security make it all worthwhile.


Getting out of debt quickly takes focus, discipline, and a willingness to make lifestyle changes. But it is achievable with the right strategy and intensity of effort. The reward for all the hard work is freedom from debt and improved financial health. Approach the process one step at a time and maintain positive momentum. 

With the tips outlined here for budgeting, increasing income, making extra payments, and more, you now have a blueprint for how to accelerate your debt payoff journey. Stay committed to the goal and you will cross the finish line in record time. The sense of accomplishment and relief will make all the diligent effort worthwhile.


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