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

Dealing with debt can feel like a hopeless situation.

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You try your best to make your payments, but interest charges eat up all your progress. Next month, you’re back to square one.

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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.

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

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

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It’s important to look for ways you might be wasting money and cut those expenses.

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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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There can be many competing priorities, including keeping up on the bills, paying off debt, saving for retirement, buying a house, etc.

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If you only focus on that one big goal, it can feel like you aren’t making progress, and you might get discouraged.

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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. Next month, you’re back to square one.

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.

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

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.

See Where You Stand

It’s important to look for ways you might be wasting money and cut those expenses.

Identify Poor Spending Habits

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.

Increase Your Income

There can be many competing priorities, including keeping up on the bills, paying off debt, saving for retirement, buying a house, etc.

Narrow Your Focus

If you only focus on that one big goal, it can feel like you aren’t making progress, and you might get discouraged.

Set Micro-Goals

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Read More