How to Get Out of Debt:  13 Expert-Backed Steps for Success

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.

1. Find Your Motivation

Alexander said: Maybe you want to eliminate stress or give your kids a better life. Perhaps debt is holding you back from starting your own business or going on a dream vacation. “Paying off debt can get hard and discouraging, especially if you have a significant amount,”


2. See Where you Stand Leslie H. Tayne said: You need to know what goes in and out of your household and whether those expenses can be covered with your income.

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Andrea Woroch: It's easy to fall back into the debt trap if you don't address the habits that caused you to get there in the first place.

3. Identify Poor Spending Habits

4. Increase Your Income Tayne said You can only scrimp and save so much. In addition to cutting your spending, another way to pay your debt more aggressively is to earn more income.


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5. Narrow Your Focus said Brian People want to feel like they are making progress, so they spread their focus and resources across all of these goals. 6. Set Micro-Goals Walsh said We recommend breaking down your finances into micro-goals that allow you to focus on 30-60 day sprints that will build-up to the big goal.

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7. Start a Debt Snowball

Maria Alcantara Writing off an entire account of your debt is a great victory and provides some much-needed positive reinforcement.

Paying the minimum payment due on your debts will ensure you avoid late fees. But when it comes to getting rid of your debt completely, it’s important to pay more

8. Pay More Than the Minimum

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