10 septs to get out of debt

10 ways to get out of debt

In this blog post I figure I would take some time and share 10 way to get out of debt and stay out of debt. One thing to do if you ever want financial peace is get F.I.R.E your debt.  One thing you want to do is be as debt free as possible before attempting F.I.R.E, doing big investments, or wanting to make any other big life style changes.

10 Ways to get out of Debt:

Below are some steps you can take to try and get out of debt. I have used a lot of these steps to pay down huge amounts of debt in relatively small amount of time. While this may not be an over night thing and it could take time depending on how much debt you have. You can and will get out of it one step at a time. And along the way you can learn more about handling finances than you thought.

Below are 10 ways to get out of debt and stay out of debt:

1. Pay more than the minimum payment- Paying the minimum will take a long time to pay off your debt. You will have to pay more than the minimum. What I do is take the minimum and just double it and I pay that. Now if you have more than one credit card with a balance on it; pick the snow ball method or debt avalanche, pay off one card and pay them minimum on the rest.

2. Try the debt snowball method- This is one was introduced by Dave Ramsey. Now there are other ones out there too where you pay off the debt with the  highest interest rate first and use that snow ball your way to paying off all your debts. This method is called the Debt Avalanche and there are pros and cons to it.

3. Pick up a side hustle- Do whatever you can to get some extra cash in your pocket. If that means getting a side hustle then go for it. Just make sure this side hustle is not going to require you get into more debt in order to get out. That is just not worth it. Click here for some side hustle ideas. Also who knows this side hustle may become your full time job one day.

4. Create (and live with) a bare-bones budget- Create yourself a basic budget and stick to it. Figure out where you are spending the most money. Click here  for a list of tools to use and click here to  figure out how to budget using those tools.

5. Sell everything you don’t need- If you didn’t use it in 6 months to 1 year chances are you don’t need it. Get it rid of it. Even $5 is more than you had before, and more you can use to pay off your debt.

6. Get a seasonal, part-time job- If  a side hustle is not for you, then getting a part time job is another great way to get some extra cash to pay off your debt. Some times getting rid of debt just requires more income and less spending. A part time job serving or delivering pizzas maybe just the way to go.

7. Consider a balance transfer- If you’re paying huge APR on any credit cards, open a new account and transfer to get a lower balance transfer rate. That way you can pay off debt quicker. Don’t use these cards for anything else but to transfer debt to make them easier to pay off.

8. Use any extra money to pay off balances- Got that amazing bonus? That is awesome! Congratulations, now pay off some debit with that money. Your side hustle starting to pay off, great news the amount of debt you can pay off has now gone up too.

9.Drop expensive habits- Do you really need that new thing for your newest hobby? Or can you take a break from said hobby or buy second hand? While paying off debt you will have too.

10.Don’t Create More Debt- If you have a ton of credit card debt, stop using your credit cards and use only debit card or cash. Also don’t borrow money to pay off debt. Whatever you do stop digging yourself in a hole and start getting out of it by not creating more debt. Also this should go without saying, but don’t get a new car while you are in debt. This is a bad time for that. If you need a new car, buy used and with cash.


Now once you are out of debt, you won’t have the debt noose hanging over anymore. You will be free to invest, try the FIRE method (hint you are well on your way by getting rid of debt!). Your life will change so much not having to worry about making your next debt payment.


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