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How to Get Out of Debt Fast

Are you currently in debt? Would you like to pay off those loans as soon as possible? You might think that there’s no way out, but believe me, there’s a way. Just follow these simple steps and you could soon be saying, “sayonara” to your debts. It’s time to get out of debt fast.

1) Get Serious

Anyone that thinks debt is no big deal will most likely be poor forever. If you want to be wealthy later in life, you’ll want to avoid interest payments, and that means get rid of your debt!

If you are truly serious about becoming debt free, find someone that will blaze the trail with you. If you have a spouse, this is a necessity! If you and your spouse are not working toward the same goal, then that goal will NEVER be accomplished!

2) Sell As Much Stuff As You Can

When my wife and I were committed to paying off all of our loans, we decided to get rid of all of our unnecessary stuff and put the money toward the debts. This sounded like a great plan to me (since I hate debt more than anything) until I realized that I was the only one that owned “stuff”….

The TV and home theatre system fetched a pretty good price on Craigslist and it gave us a great jump on our debts. Then, since we no longer had a TV, we obviously didn’t need cable, so we cancelled that too! I missed it for the first month, but I really didn’t want to watch TV after that (in fact, we still choose to do without cable today)! Sell a bunch of stuff and reduce any expense that you can.

3) Add to Your Income

If you really want to get rid of your debts, it’s a great idea to reduce your expenses, but it helps immensely if you can bring home some more bacon. Think about it. If you make an extra $1,000 a month, how much of that could you put toward your debts? 100%! That’s an extra $1,000 payment each month. I bet it wouldn’t take too long to get that credit card paid off.

Yes, we’re all busy, but find the time to take on some side projects. You could find a job as an online assistant, you could mow lawns, you could pet sit, or maybe you could even detail some cars. You don’t have to do these things forever, but it would sure help you get rid of that debt wouldn’t it?

4) Keep Track Weekly

For many of us, paying off debt is absolutely no fun (which is obviously why you want to get out of debt fast) and if you only evaluate your progress once a month, you’re going to get burned out in a hurry! I suggest that you hit it hard and take a look at your numbers each week (and maybe even make some extra payments each week) to give yourself a more constant boost. Paying off those debts will be much more fun if you actually feel like you’re getting somewhere.

5) Reward Yourself

I know it sounds counter-productive, but we are all emotional beings and we need a break from time to time. Set up a bunch of goals along the way to your end goal (debt-freedom) and set up a reward for yourself when you hit them. Perhaps when you pay off your first $1,000, you and your wife can enjoy a night out to dinner (keep it cheap, but enjoy yourself). When you pay off your first $3,000, go out to the movies. I think you get the idea. By gifting yourself along the way, you’ll be much more likely to stick with it and get out of debt fast!

Are you currently working to get out of debt? Are you working extra-hard to get out of debt fast?

Get Out of Debt Money


My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.


  1. I have to say I totally agree with everything that you wrote. Your tips are dead on. Even rewarding yourself. This needs a repost to my people.

    • I think anyone that follows the advice in this post will soon taste what it’s like to pay off all of their debts. Glad you liked it!

  2. Great tips. We have sold a lot on Craigslist, but we need to make time to go through and purge more, especially the outgrown baby stuff. The problem is that I have taken on so many extra jobs to put more money on the debt that it is hard to find time to list the stuff to sell. 🙂 Maybe this weekend I will make money to do so.

    • Sometimes that baby stuff if hard to get rid of. As long as you’re making that extra income, I’d say you’re doing a great job!!

  3. All good points, sometimes easier said than done but success takes hard work. The most important factor for me was an extension of your first point – making a commitment. Once I did that, the rest fell into place.

    • Yep, easier said than done for sure! My wife and I had $18,000 to pay off and it didn’t happen overnight! We often had to remind ourselves why we were punishing ourselves just to pay off this debt! It was totally worth it though!

  4. These are all good points. I like the idea of weekly tracking – monthly definitely doesn’t give you enough positive reinforcement.

    • Weekly tracking makes a world of difference. Actually, when we were getting out of debt and paying off $2,400 a month, I would deduct out debt by $80 a day on a piece of paper, just to feel like we made progress every day we followed that budget! 🙂

  5. Hi, I noticed you mentioned finding a job as an online assistant? How do you find these types of jobs? Also, i was excited to see about the contest about making a lot of money by blogging, how are people making 1000’s?

    • Hi Julie! It might be kind of tough to find a job as an online assistant, but if you are interested, I know a whole network of bloggers that might be interested (the easiest way to find a job is through a network). As for your questions about how bloggers are making money, check out this site: It’s still a work in progress, but if you find the leaderboard, you will see that there are actually quite a few bloggers making a nice income!

  6. Hi Derek, yes, I am interested 🙂 And Yes! I see that several of you on the leader board are making a lot of money! I’ve read through many of the blogs that are linked on your page too, but what I am not seeing are the helpful hints on how to be successful at making money on the blog. Thanks!

  7. Yes, I am currently working hard at getting out of debt. I became very serious about becoming debt free about three or four months ago. I started by taking a good look at what I was spending money on. I didn’t feel like I was living lavishly by stopping at the discount store to buy a new item of clothing on Friday. After all, it was the discount store, right? But when I realized this was a weekly habit of $10-$30 I started to see that this was probably something I could live without or at least reduce the frequency of so that I had a little more green to throw at my student loans. I did an inventory of my closet and realized I had way too many clothes and had no need for buying new ones every week. So I stopped doing those Friday trips and found myself able to make an extra payment on one of the loans every month. This was encouraging. Very encouraging. I started looking at more and more ways to cut my expenses with the goal of making more loan payments. It’s had the side benefit of reducing clutter in my house too! I’ve been charting my progress every other week in an excel sheet and that makes me even more dedicated to my cause. It’s so encouraging to see the progress I’ve made in such a short time. Blogs like this one are also very encouraging. Thanks!

    • You are very wise for realizing your unnecessary spending habits on your own Melissa. Of course you should purchase some new clothes once in a while, but you’re right, this probably isn’t a necessity every week! Good luck with your debt free goals. If you ever need any support, feel free to contact me!

  8. All great advice. I am currently trying to pay off over 60kand in student loans. A second job is not possible because I am a single mom with 2 kids and my primary job requires me to work in excess of 50 hours a week (salary no ot). Im at a loss. Any advice?

    • Sounds like you’re going to have to live extremely frugal for one thing and put anything extra toward those loans (after you build up a $1,000 emergency fund that is). Now, since you have kids, you’re right, you probably can’t go out and work a second job, but you could find some work online. You could be a virtual assistant to a blog/website owner, or perhaps you could find a site of your own to make some bucks! I suggest you do some research and give it some thought. If you need any help, please feel free to contact me via the “Contact” tab at the top of my page. Good luck!

  9. am drowning with debts, i’m actually putting money in a pocket full of holes, am a full time working mom with two kids. any advice

    • If it were me Lebo, I’d first call those that I owe and let them know I can’t possibly make the payments. Either they’re going to lower it, or I’m simply not going to pay them anymore. Secondly, I would do my best to find an alternative income. Maybe there’s someone else out there that works third shift and needs someone to watch their kid while they’re gone. If I lived in a house, perhaps I would try to rent out a room. Or, I would do my best to make money at home. There are many options (easier said than done) out there for making money. Sure, you may be exhausted at the end, but it’s going to feel great on the other side. If you’d like some more support, feel free to email me at [email protected] . Good luck Lebo!

    • Hi Lebo,

      It’s hard to give advice without knowing you or the particulars of your situation, but it sounds as though you’re feeling overwhelmed. Don’t give up! Derek makes the suggestion to focus on increasing your income and although the logic is sound, I think I personally would focus on overhauling my expenses and reducing those as much as I could first. With two kids in the house renting out a room in the family home would make me fear for the safety of the children and not something I would consider doing personally. Something I regularly do to reduce our expenses is to cook once and eat twice by doubling the size of the recipe I am making for dinner and setting aside the extra portion in the freezer for those days when I really don’t want to cook which spares me the expense of picking up something from the drive through. Something else I would focus on is to build up an emergency fund if you don’t already have one. This will help to prevent sliding further into debt when the car breaks or something else unexpected happens. Even if all you can squeeze out of your budget is a few dollars a week, it’s worth setting the funds aside for an emergency.

      • Thanks for stepping in with your comment Melissa! See Lebo, there are a ton of people that care about you and want to see you succeed in life! Don’t give up! I am excited to hear about your success story in the future. 🙂

  10. thank you Derek and Melissa for the support,advice and words of encuoragement. I appreciate it a lot, am now going to take your advice and start to live successfuly. God bless you and continue to use you guys to bring light in other peoples dark lives.

    Stay blessed,

    • Best of luck to you Lebo! If you ever need anything, don’t be afraid to contact me!

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