You’re about to learn incredibly powerful strategies to get out of debt in this article.

The first thing you really need to understand is that the concept of getting out of debt is dead simple.

To get out of debt, there are only two things you can do:

  1. Make more money
  2. Cut costs

That’s it.

You can do one or both of the above. But the math is as simple as that. You need to increase your income to a point that you make more money than your debt is costing you, or decrease your monthly costs to a point where your current income is higher. If you do this, you will begin to dig your way out of debt.

Now, this article will teach you strategies to do both (increase income and cut costs). These are incredibly effective strategies so please pay attention to all of them and decide which ones suit your personal situation the best.

15 Tactics To Get Out Of Debt Quickly

Make easy extra income by filling out surveys

You can begin making money right away using your computer or phone. There are legit companies that pay you money to fill out surveys. You make anywhere between $1 – $10 typically, and sometimes more.

Surveys are especially a good way to make money on your spare time if you have nothing else to do.

All you need to do is sign up to survey companies and begin filling them out. Below are a few very popular and reputable survey companies:


Survey Junkie

Start a side hustle to make more money

A “side hustle” is something you do outside of your regular day job to make extra money. Side hustles is generally a “longer term” strategy to make more money, but the benefit is that the amount of money you can make can be even higher than what you make at your job.

I 100% recommend starting something to make more money with your free time. And hopefully, you get a lot of success and can eventually work on it full time, being your own boss, and using this income to pay off all your debts for good.

The problem most people have is deciding “what” side hustle is the best. Many side hustles can make good money. I recommend checking out this article about hobbies that make money. It gives you many ideas of what you can do on the side for extra income.

Learn to budget money

Budgeting money is one of your most important financial tasks. To get out of debt, you will need to create a clear plan of what you will spend money each month. As long as your income is more than what you spend money on, you will start to dig yourself out of debt.

Budgeting can be as simple as sitting down with a pad of paper and writing down everything that costs you money (car payments, groceries, Starbucks, gym pass, etc). However, there are a lot of great online tools that help you budget with ease.

Cancel everything you can live without

Part of budgeting is to cut down or completely eliminate anything you can live without. If you are very deep in debt, you will need to make these sacrifices to get yourself out of this hole. Write down all of the things you spend money on and separate the items that relate to food and shelter. Outside of these essential living needs, everything else can be cut. So figure out what you can truly live without and get rid of your cable bill, gym membership you use once a month, Amazon Prime, etc. You can have these things again when you’re no longer in debt.

Sell everything you can

Everyone has things they don’t need and could absolutely use the cash from selling it. Getting out of debt fast means throwing as much money as you can towards your debt. This means you’ll pay your debts off faster so you can focus on investing, retirement, or traveling more.

Selling things is really easy today. On the internet, you can sell things online for free on sites like Craigslist. Or have yourself a yard sale. Selling your things is actually pretty easy money so I highly recommend you do this.

Stop spending money and develop new frugal habits

“Frugal” means to spend wisely. You want to begin to think carefully about every dollar that leaves your wallet. Really think about how much you need this item and how much value it will bring you. This is an incredibly important habit to develop while you dig yourself out of debt. It’s very likely you don’t need more clothes or have to eat out for the 3rd time this week. Create habits where the focus of what you do is to keep as many dollars in your wallet as possible. Think about how you can spend as little money as possible. These habits will take you incredibly far in getting you out of debt.

Consolidate all your debt

Consolidating your debt is an incredibly popular tool people use to get out of debt. What is debt consolidation? It is when you gather all of your debt (credit card debt, car loan, personal loans, etc) and combine them into ONE single loan. This helps you in three major ways:

  1. You only have one payment to manage now instead of several which makes life so much easier
  2. You can lower your monthly loan payments to a more manageable amount so you’ll actually be able to pay it on time
  3. You can get a lower interest rate for your consolidation loan compared to your other loans, which saves you money

People who struggle with paying all their different bills on time and people who have too much debt and can no longer pay them on time can benefit from a consolidation loan.

Refinance your mortgage

Refinancing means to obtain a new loan that pays off your old loan. Why would you do this? The new loan can have a lower interest rate or lower monthly payments. If you are struggle to pay your mortgage because the loan payment is too high, refinancing it into a lower monthly payment with a (possibly) lower interest rate can be a great idea to help get you out of debt.

Refinance your auto loan

Like refinancing your mortgage above, you can also refinance your auto loan. You would consider this if you are having difficulty paying your auto loan on time. Your refinanced auto loan can have a smaller payment amount and possible a smaller interest rate too.

Get a balance transfer credit card

A balance transfer credit card is a card that has 0% interest rate. You can get one of these cards and transfer the money you owe on interest charging cards to the 0% interest rate card. So this means you won’t owe any interest on the new card.

What’s the caveat? A balance transfer card typically has many conditions like needing to make monthly payments on time and the interest free period lasting only 1 year. Make sure you understand the terms and conditions of these cards when you get one. With that said, balance transfer cards can be a way for you to not have to pay credit card interest rates for a year (or however long the interest free period is).

Call your credit card company and ask for a lower interest rate

Did you know you can negotiate your credit card interest rate? Credit card companies will lower your interest rate if you have a valid reason. What often works is threatening to leave them, or telling them you can get a different card with a lower rate. This will incentivize them to lower your interest rate. If you have credit card debt you will absolutely want to do this.

Pay off your highest interest rate credit cards and loans first

The higher your interest rate on your credit card balances and loans, the more money it is costing you every month. Mathematically, you will get out of debt faster by paying off the highest interest rate loan products first, and work your way down from there.

If you have debt with fairly small amounts owed, you could pay these off first to “get them out of the way”. For example, if you have a credit card with $500 owed, you could pay it off even if the card’s interest rate is small. It’s one less debt to worry about. Overall, you want to tackle the highest interest cost products first because that is what’s going to dig you out of debt the fastest.

Settle your debt with creditors (debt settlement)

If you are incredibly into debt and you know you’re unable to pay everything off, you’re going to have to decide which debts you will begin to pay and which ones you will not pay. It is a very difficult financial situation to be in, however there is an important step you can take here. With the debt you simply will be unable to pay, you want to contact the companies and tell them you simply cannot pay them. And work out something so you are able to eventually pay them back some day.

Creditors and loan companies rather be paid back later down the road rather than never being paid back at all. If lowering your interest rate or deferring your interest costs for 6-12 months is how they can help you, they may do just that for you. You want to be clear with them that you want to pay them back but cannot, and you need “relief” from them.

Get professional debt management help

Hiring a professional to handle your debt crisis may be the right choice for you. People who are way over their heads in debt are more likely to choose this option. If your debt has become unmanageable and you just don’t know how to “fix it”, hiring an expert who helps people out of debt could be the smart move.