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.

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.

Dealing with debt can feel like a hopeless situation.

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.

1. Find Your Motivation

You don’t have to be stuck with debt forever. We reached out to several experts and got their best tips for how to get out of debt. Here’s what they had to say.

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.

2. See Where you Stand

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.

5. Narrow Your Focus

Becoming debt-free is a big goal that will likely take a long time to accomplish. If you only focus on that one big goal, it can feel like you aren’t making progress, and you might get discouraged.

6. Set Micro-Goals

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