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How to Get Out of Debt?


The decision to get yourself out of debt is a life changer if you are willing to make the necessary commitment that goes with that. There are a lot of decisions that need to be made and it’s possible – if not probable – you’ll make some mistakes along the way. Getting out of debt involves changing spending habits; learning to how to budget; knowing who and how much you owe; prioritizing debts; creating emergency and retirement funds; and knowing where to find help when you get off track.

Always remember, becoming a goal-oriented person is one of the most powerful things you can do for yourself, in finances and pretty much every other area of life. Goals allow us to break really hard things into manageable chunks that we can feel good about after we complete them.

Here are some tips that will make it easier to get out of debt.

  1. Change your spending habits
  2. Take advise of experienced people and experts -Don’t only try and try to dig out of debt alone.
  3. Don’t try to quick-fix solution to debt problems – Plan 3 to 5 years long debt relief program with expert advise. The best solution could be to consolidate your debts and make just one payment every month. Set periodic goals.
  4. Develop a realistic budget that addresses financial needs like housing, food, healthcare, insurance, and education, but still creates room to make payments on the debt.
  5. Operating with a budget and paying cash is a great start – Put away the credit cards and only pay with cash.
  6. Don’t try to pay off multiple debts at once. – Assign priority in accordance with the situation and start repaying debts one by one or in installments. List all of your debts, their balances and interest rates.
  7. While planning repayment of debt sincerely, don’t mess up your future planning programs like children education, retirement, emergency funds etc.
  8. Negotiate with creditors(who owes) to reduce the rate and if  possible principal amount of debt. Remember everything is fair in love and war and you are under war condition.
  9. Generate more income – always remember where there is will there a way. If you try to search, you will find plenty of ways to earn more, ethically.
  10. Study of the biography of successful people and learn how they had handled challenging situations.
  11. Sell almost everything. A good way to figure out what you do need and what don’t.Sell out all that which you don’t need at the cost of peace of your mind and self-esteem. These include all materialistic things like a car, jewelry, bike, land, house and such all other items. You can encash by selling such luxurious items and use the cash to repay debt. Don’t worry – be assure that you will be in the position again to purchase it and that will give you immense pleasure.
  12. Work hard – To pay off debt faster you can work more. Over time, second jobs, babysitting, etc. More money, more debt repayment.
  13. Reward yourself – by keeping your self-esteem and peace of mind intact. Be strongly determine to repay entire debt and come back again. It’s a feeling of great spirit. Good Luck!


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