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

Dealing with debt can feel like a hopeless situation. 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.

13 Expert-Backed Steps for Success

Before you get into the nitty-gritty of debt payoff, start by figuring out the big reason why you want to be debt-free. 

1. Find Your Motivation

Once you identify the motivation for paying off debt, it’s time to figure out where you currently stand and devise a basic budget.

2. See Where you Stand

Once you have a basic budget in place, take a look at your discretionary spending (AKA your “wants”) and look for opportunities to cut unnecessary spending. 

3. Identify Poor Spending Habit

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. 

4. Increase Your Income

It’s easy to feel overwhelmed when tackling your debt. There can be many competing priorities, including keeping up on the bills, paying off debt, saving for retirement, buying a house, etc.Instead, focus on accomplishing one goal at a time.

5. Narrow Your Focus

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