How To Get Out Of Debt Yourself

Last Updated: March 25, 2025

Financial Freedom You Can Start Today

Contact your lenders to see if they will lower your interest rates. That simple action can help you pay off debts faster.

You may be able to transfer credit card debt to lower-rate cards or explore debt consolidation options that combine multiple debts into a single, more manageable loan. Just READ the small print to see how long the lowered interest rate will last.

Read this How to stop drowning in debt DIY Guide

Examine Your Expenses

To get out of debt, you will have to cut your expenses. Look through all your expenses. What can you do without for a time? Review any subscriptions to products or services you rarely use - like a gym membership you visit once a month or streaming services like Netflix, HBO, and Hulu. Do you buy too many clothes, shoes, or knick-knacks? See what you can cut out or cut down on. Remember this is not forever. Eliminate those extra expenses.

Create a Budget

Budget isn’t always a dirty word! You need to write down every single expense you have. Be honest. Include those daily cappuccinos. If you like computers, you can find internet-based money management sites, like Mint.com to help.

Now figure out your income. By subtracting expenses from income, you’ll know how much you have left over to reduce your debt. If you have more expenses than income, you’ll need to either increase your income or decrease your expenses.

By creating a workable budget, you have a much better chance of getting out of debt faster than you will have no budget. Post your budget somewhere you will see it regularly.

Create a Debt Pay-Off Plan

Now that you have a sum of money to work with, make a debt pay-off plan. You need to decide which bills to pay off first. Some experts recommend paying off the highest interest-rate debt, while others recommend paying the smallest debt first.

Here is a sample action plan

1.      Ask for lowered interest rates
2.      Eliminate expenses
3.      Put your credit cards somewhere inconvenient – so you can't use them!
4.      Look into balance transfer credit cards
5.      Look into a debt consolidation loan to simplify multiple payments
6.     Consider using home equity to pay off high-interest debt (only if you can responsibly manage this option)
7.     Pay off small debts quickly
8.     Create a structured repayment plan for remaining debts

Once you’ve lowered rates or refinanced or done a balance transfer, if appropriate, make a plan. Clearly state what you will pay, what you will pay off first, and how long it will take for each debt. Post this plan next to your budget. As you achieve each milestone, mark it off. You’ll feel accomplished and that makes everything a bit easier. 

As you pay off each bill, roll that amount into the next debt.

Wondering if Bankruptcy is the right choice, Read this article to find out if you get out of all debts if you declare bankruptcy.

Create an Improved Income Plan

Take a look at your income. Is there anything you can do to improve it? A new job might be necessary. Keep your eyes out for opportunities to change jobs for a better opportunity.

Adding a second job can add extra income. Currently, gig-type income like Uber, Lyft, or personal shopping is out there. Before you take on a gig, balance your effort and wear and tear versus your proposed income. A lot of gigs aren’t worth the time.

Sell items you no longer need. If you can, sell extra stuff. We all have a lot of it, and getting rid of it can make you money. Each time you get money, immediately put it towards your targeted debt.

How to Get Out of Credit Card Debt

The best way to get out of credit card debt is to stop using it and pay off more than your minimum payment each month. If you are using your credit card to make up differences between income and expenses, you need to increase income and decrease expenses.

Student Loans

StudentLoans.gov is a federal website that can help with student loan consolidation and income-based repayment. These government loans can help you get out of debt.

Progress Plans

As you make progress or get a new (higher paying) job, revise your budget and debt pay-off plan. Don’t buy anything necessary until your debt is zero. Then make up a reasonable budget and stick to it. The best way to get out of debt is not to get into it in the first place. For the rest of us, the best way is to make a budget and payment plan and stick to it!

Consider Professional Help

If you're overwhelmed by the complexity of your debt situation, consider reaching out to reputable counseling agencies that specialize in debt management plans. These professionals can negotiate with creditors on your behalf and help establish a structured repayment plan tailored to your financial situation.

FAQs

Conclusion

While debt levels are rising nationwide, there are still proactive steps you can take to pay down balances and become debt-free. By organizing your finances, sticking to a budget, making lifestyle changes, and leveraging debt relief options properly, you can take control of your debt situation. Getting out of debt yourself takes time and discipline, but is completely achievable with the right mindset and resources.

The journey to financial freedom starts with a solid plan tailored to your unique debts and income level. Stay motivated by tracking your progress and celebrating small wins. Additional guidance from reputable companies like Pacific Debt can facilitate settlement agreements and make paying off debt more feasible.

With diligence and an unrelenting commitment to change, you have the power to break the debt cycle for good. In the future, you will thank the present you for starting today

Pacific Debt Inc.

If you have tried all this and you are still drowning in debt, Pacific Debt Inc. may be able to help. Pacific Debt, Inc. is one of the leading debt settlement companies in the US. We can help you settle your debt, often for far less than you owe.

Read this article to find out what the tax consequences of debt settlement are.

To be eligible for the Pacific Debt settlement program, you must have more than $10,000 in unsecured debt, and it takes roughly 2 to 4 years to complete. Pacific Debt will custom-tailor a repayment plan to fit your current situation.

Pacific Debt, Inc. is accredited with the American Fair Credit Counsel and is an A+ member of the Better Business Bureau. We rate very highly in Top Consumer Reviews, Top Ten Reviews, Consumers Advocate, Consumer Affairs, Trust Pilot, and US News and World Report.

For more information, contact one of our debt specialists today. The initial consultation is free and our debt specialists will give you all your options.

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*Disclaimer: Pacific Debt Relief explicitly states that it is not a credit repair organization, and its program does not aim to improve individuals' credit scores. The information provided here is intended solely for educational purposes, aiding consumers in making informed decisions regarding credit and debt matters. The content does not constitute legal or financial advice. Pacific Debt Relief strongly advises individuals to seek the counsel of qualified professionals before undertaking any legal or financial actions.