How to Get out of Debt Fast

Debt is a very real phenomenon in our present society. While some use it to climb the economic ladder, for the vast majority it is a stumbling block. It seems to have this lure that pulls people to it and once they are there, it can be a real pain in the ass. It keeps them down suffocating under its weight. Only a very little financial progress or none at all, can be made when one has debts piled up on his records. So if there is any hope to make any such attempt of financial improvement the issue of debt must be addressed head-on. However, you must know how to get out of debt fast or the best ways to get out of debt or best ways to pay off debt, thus, the purpose of this article.

Let us first of all begin by looking at the reason people get into debts in the first place. First and foremost, most people have cultivated the altitude of borrowing into their daily lifestyle. Almost all their business transactions are on credit basis. The most essential needs of the society are available on credit even luxuries too. Education is on credit, house purchase is on credit, and car purchase is on credit and many a time even the grocery purchases are done on credit. The explosion of the use of credit cards stands as evidence to this. This is a result of a culture infested by a very bad habit, the bad habit of living above one’s means. People constantly purchase goods that they cannot afford at a particular moment with the plan of making small systematic payments over a period of time. On the surface, it is all good and fine and seems made easier, but these little commitments soon accumulates and before one knows it one is under a huge amount of debt.

Worse still, some government even encourages this debt invested culture. There are tax reductions for debts in some economies; such as mortgages loan. In such economies when people receive an increase in salary and thereby entering a new tax bracket, they are advised to get a bigger house in order to reduce the tax they pay.

Whatever the reasons for getting into debts, they keep one down for almost  all income passes back right out again to paying creditors hence keeping one financially stagnant.

Once one is deep into such a system, getting out is no easy task. First it takes years to complete the payments and usually before that happens; more debts would have been incurred. So it is now a life time of paying creditors. Any attempts to pay off these debts completely will require a radical change that most people are not willing to take.


Types of Debts

There are basically two types of debts. There are those that make one poor and keep them down, and those that make one richer. Some people still borrow money, even as it drowns most people financially.

The former is that which one pays for with their sweat and blood, with their personally earned salary. The latter is one paid by others or by a business. The former is debt obtained to buy personal goods while the latter is that obtain to acquire assets or income generating entity. So as we discuss how to get out of debts, it is the former that we are concerned with, that is debt which makes us poorer.


How to Get out of Debt Fast: Falling into debts

The process of paying off debts or getting out of debt is one that begins with the decision to do so. Such a decision should be strong and resolute for it marks the start of a very important and steep plan to a better life. It is a decision first of all of change of attitude. The ability to live below one’s means takes great discipline. It means a radical change in one’s lifestyle. For instance one will have to reduce the number of leisure outings such as picnics and cinemas.

Family outings appear to be sometimes necessary. Well no big deal. You just need to halt for a moment, take a good look at your debt situation and how a spending reduction can affect your debt situation. You may reduce the frequency of your family or even sometimes individual outings. If you really find yourself in a very critical debt situation, then you just need to do the sacrifice and stop all outings. Once you are out of it, everything can then come back to normal

When such a decision has been made, it is time to come up with a plan. A plan? Yes!, the best ways to get out of debts will require some basic principles. You need a debt payment plan to enable you to systematically proceed in paying off debts. A good plan should get one completely out of debt in a few years depending on the depth of the debt. Whatever that plans is, two things are absolutely necessary for its success: perseverance and consistency.


Take measures to avoid getting any deeper into debts

The first step to any such plan is to take measures to avoid getting any deeper into debts. This goes back to the decision of change of attitude towards spending. Here it is helpful to get a close friend or a spouse involved in the process. Involving your spouse into your debt situation may sometimes help to reduce pressure or responsibility. Conscious of your situation, your spouse, brother or sister may help remind you of your debt situation especially if they find you doing some more unnecessary spending.

The second step to paying off debts is going a little further coming up with ways to have an extra income. This is either by economizing spending and/or to earn some extra income. Let’s look at the best ways to pay off debt.


Best Ways to Get out of Debts: Economising spending

  • You should list everything you spend money on,
  • Write down how much each thing costs you monthly. (You can over estimate)
  • Sum your monthly spending and deduct the result from your monthly take-home pay

 To this regard you can cut down living expenses like turning off bulbs that are not in use, making sure there is no energy wastage in the heating system in the house, shopping in discount shops, using general medication when possible. You could also ask your cable provider to get rid of the channels you don’t watch, cancel magazine subscriptions, reduce water bills by not using water unnecessarily and avoid much water pouring on the ground.  You should also try to reduce luxurious items and food. You may also consider using a car that consumes less fuel. By so doing, your spending on fuel will have a reduction and enable you save some income to pay off your debts


How to Get out of Debt Fast: Earn some extra income

Participating in focus groups

One of the best ways to get out of debts is to make sure you are able to make some extra cash for yourself to manage debts and even stay away from more debts. You can get paid for sharing your thoughts and opinions. To do this, you can provide feedback for participants, focus groups, provide market research for brands and businesses in exchange, participants are paid for their time and opinions. Earnings may range from $10 to $150 per one or two hour session. This can go a long way to ease your debt payment and also to avoid getting into more debts

Use your car to generate more cash

This will depend on the area or country you may find yourself. Some countries do offer clandestine transportation. With this, you may like to visit some clandestine motto parks to pick up some passengers or better still pick them on your way to and from work. In another way, you can as well rent out your car. There exist car rental companies that offer car rental services or you can check on the internet for or for services that provide car owners with the ability to rent out their car for cash as well as an affordable rental options for people who just need to use a car for a short period of time

Become a tutor

Having it in mind that there are financial issues to meet up with; your time and knowledge should be put into proper use. It is most certain that you should have some skills that somebody needs. You may speak two or three languages and somebody else needs just one of those languages you can speak. You may have music skills or how to play a piano. Whatever extra skills you have, you can pass it on to others in exchange for some extra cash. All you need to do is to advertise your services in school campuses, community bulletin boards as well as websites such as that offers tutoring services. You can even take advantage of social media sites like Facebook to let people know about the lessons you are able to offer

Sell unwanted gadgets

You may have computers, tablets or smartphones you no longer use. You can easily sell them even in damaged conditions. To do this, you can advertise them, take them to a shop dealing in second handed goods, you can as well make a deal with someone who can fix the bad ones and then sell them and have his own percentage or you can sell them online. This could go a long way to make you came out of debts fast.

Rent out your house

Anytime you find yourself in a desperate situation of paying your debts fast, you can always consider renting out an apartment of your house. You may have an unused apartment or less used. Try to evacuate it and rent it out for more cash in order to pay your debts fast. You may also consider renting the whole house and moving to a less expensive area to find an apartment that is less costly. With this, you can be sure of an extra income that can help you pay off your debts faster than you could ever imagine

Customer service

Taking on a customer service job may be good especially if you are a problem solver. Customer service jobs typically pay a good sum per hour, and the numbers of jobs are increasing rapidly. Customer service jobs can be good side jobs because the peak time tends to be early mornings, evenings and even weekends, hence giving you a higher chance to make some extra money away from your normal job, which will as a result, help in making you come out of the difficult debt situation you may have been facing for quite some time. This can be achieved by advertising your services on social media, radio, TV etc. likewise; you can as well visit some specific websites which are great resources for finding a part time job that fits your needs. 

Keep livestock

One of the easiest ways to raise a huge amount of money after a very short period of time is to keep livestock. Estimate the cost price and the duration for profit making to be able to determine which livestock rearing you want to involve yourself into. You can always buy young ones for a lesser price, grow them and sell for a higher price. You can always seek the help of experts in livestock rearing so that you don’t miss manage them in a way that might lead to death


How to Get out of Debt Fast: Get organised

The next step is to get organised and write down all your debts on a sheet of paper or on an excel sheet. Sort them in order of importance or urgency especially those for which there is no official system of payment.  Further sort them, putting the smallest debts first. For those for which regular payments are being made, also sort them by amount beginning with the least. Now while making the regular payment for those that are concerned, use the extra money you obtained from the second step to start paying up the important and urgent debts with no system of payment, beginning with the least in amount.

Now when the debts with not official payment system have been dealt with, take that amount and add it to the regular amount paid to the first of the debts with official payment system. This will reduce the payment duration for this debt. When this is done, take the total amount you were paying for that first official debt and add it to that which is being paid for the second. Thus there will be an even greater amount for the regular payment for the second dept. Continue the process until all debts are completely paid off.

Take some time for yourself.

It is quite clear that you are in a very serious and sometimes aching situation of debt and which will give you some sort of unstable mind. Well, it all depends on the way that you are going to consider your debt situation. If it is a burden to you (which you should try everything to avoid) you need to start by finding a means through which you can make it the least of your problems.

        I.   Visit the beach frequently. A tour to the beach can help a great deal. Just chill out at the beach and have some quiet time. You will have a cold head to think of strategies to get out of the situation. If you already have strategies, then you can reflect on how to better execute these strategies

      II.    Take a ride often. You may also like to take a ride around town. This can usually act as a stress relieve, for it will help you to think of more strategies of getting out of debts fast, since your dept. situation might have brought some tension in your mind that needs to be relieved.

    III.    Visit a counsellor. A counsellor can go a long way to give you some advice on how to manage your debts, family and lifestyle


Reduce or stop saving

Stopping saving as a way to pay off your debts is quite necessary. While in debts, saving money when you need more money will extend and harden your ability to get out of it since the interest you may pay for your debts will be more than the interest that can be generated by your savings

Credit cards

Credit cards play a big role in the one with credit card and if one is not careful they get used to it and before they know it they have a mountain of maxed-out credit cards with only the bills to pay. Thus we dedicate a section for dealing with credit cards alone.

The first thing we have to pay attention to when it comes to credit cards is the interest rates. Some of the interest rates are just insanely high. So we want to classify our credit cards according to their interest rates. However these cards can in fact be sorted depending on your goals. So now your move depends totally on what your motivation is. Motivation here is important because with a couple of credit cards to pay off, the process can be long and over whelming. And instant gratification will act as a boost in the process. You should thus look for what shout-term financial goal will make you feel as though you are making meaningful progress.

If your motivation is paying off one card completely, then your focus will be on throwing as much weight as possible towards clearing the card with the lowers balance first. So as you continue to make the minimum payments on the other cards, direct at the extra money you have made from your restructuring of spending habits into paying off this card. Since it is of lowest balance, your goal of pay off one card will be reached faster than the rest of the other cards and this will give you the boost you need to continue the process.

Another possible motivation can be the boosting of credit score. If this be the case then it will be in your interest to target the credit cards with the highest utilization rate. The utilization rate is your balance divided by the card’s limit. This is important because if one uses more than 20 percent of their available balance it has a negative effect on the card’s score. So if one were to bring back the utilization rate back even to 20 percent that would greatly increase credit card score. The task therefore will be paying off the credit cards with the highest utilization rate first.

Yet another motivation can be to reduce your interest paid on your credit cards. It follows that you begin with the cards with highest interest rates.

Secondly you can always transfer your balance from a card with a high interest rate to a card with a low one. In as much as this can be a very smart move to make, it should not be done without a lot of caution. First, one has to be committed to paying off the debt writing an introductory low-interest-rate window and also to make monthly payments on time. This introductory window lasts usually from 12 to 18 months after the first billing cycle closes. Not committing to these may land you in a situation far worse that before the balance transfer. Make sure no purchases are made with this new card. This should be only a strategy for debt reduction. The low interests we are interested in usually do not apply to purchases. So purchases will upset the strategy. The last thing to factor in also is the transfer charges which usually is 3 to 4 percent of the total amount transferred.


Contact friends and family members

Lastly there is this strategy to use to get out of deft fast. You can get in contact with friends, neighbours or family members to seek their help and assistance. Since your debts are being paid with interest, you can borrow from close friends, or family members and pay off your debts having more interest rates, after this is done, you can then start paying back your friends or family members. This may be easier because you no longer operate with interest rates. Rather you pay back the exact amount you borrowed from your friend or family member.

Paying off debts is an essential decision for a happy living. While it’s true that most people get entangled in a web of debts, knowing how to get out of debt fast or the best ways to pay off debts is vital for our daily living. Don’t cultivate the habit of borrowing in order to pay off another debt, it’s not one of the best ways to get out of debts.


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