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13 Steps for How to Get Out of Debt

Sound familiar? Don’t worry: 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.

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

2 – See Where You Stand

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

Terrain Map

3 – Identify Poor Spending Habits

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.

4 – Increase Your Income

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.

Instead, focus on accomplishing one goal at a time. You’ll make progress quicker, and progress leads to persistence.

5 – Narrow Your Focus

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