8 Proven Methods to Quickly Climb Out of Debt and Reclaim Your Financial Freedom

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Do you feel like you can’t breathe because of the pressure from debt? It’s unlikely that you’re alone; research from the Federal Reserve Bank of New York found that household debt rose by $192 billion during the second quarter of 2019.

The total amount of household debt in the United States hit $13.86 trillion. That figure marks a new record, surpassing the previous high in 2008.

Balances on non-housing-related loans climbed by $37 billion, with a rise in credit card balances accounting for $20 billion of the total growth.If you’re suffocating under a mountain of debt, here are eight surefire ways to overcome it! 

1. Stop Using Credit Cards

Pay off credit card debt ASAP. You’ll need to start by cutting off all credit card usage. Credit cards usually have the highest interest rates; your balance will balloon unless you stop using them. 

If you continue using your card, absolutely refrain from cash advances because they carry even higher interest rates. There’s also usually a fee for taking out a cash advance, between 3-5%.

2. Make Cuts To Your Spending

Weigh the importance of your expenditures and eliminate any superfluous spending. You can save a lot of money by cutting out visits to the coffee shop or going out for meals. Instead, make coffee at home or brown bag your lunch to work.

3. Don’t Sacrifice The Things You Love The Most

Paying off debt can be stressful, but there are ways to make the adjustment easier. Instead of making drastic lifestyle changes all at once, start by slowly introducing small shifts and gaining momentum that way — eventually, you will see great results!

Hot Tip: Struggling with debt? Check out our other articles on methods, tips, and tricks to start your journey of being debt-free!

4. Double Up on Payments

Paying off one credit card does not mean you’re home free! Maintain momentum by allocating your newly freed-up funds to the next credit card balance. This approach will help you make even more progress.

Celebrating a milestone like paying off one debt is encouraged — just don’t let it be an obstacle as you continue making smart decisions with your money!

5. Tackle Debts with The Highest Interest Rates First

Paying off debt can be a daunting task. Two common methods for getting it done are employing the snowball method and paying down higher-interest debts first.

The snowball method encourages paying down the smallest debts first and clearing them out. It’s an effective way to gain momentum. Other experts recommend focusing on the highest-interest obligations, giving you more cash on hand for paying down smaller debts. 

6. Pay as Much as You Can Afford Each Month

Getting out of debt requires discipline and effort. To reach your goal as quickly and efficiently as possible, look for every opportunity to contribute more money towards paying down what you owe.

Make sure that any additional funds are applied directly to card balances or student loans — and not just for the minimum dues each month. Whenever there’s a chance to earn extra income through overtime work, or save more money using discounts at stores, use it wisely. Channel your extra cash into eliminating debt faster.

7. Use Windfalls to Pay Down Balances

Unexpected funds like a tax refund or work bonus are a great opportunity to get ahead with your finances. Put them towards paying any looming debts.

8. Freelance to Earn Extra Money

If you’re looking to reduce debt quickly, don’t forget the impact extra income can have. Consider freelancing your skills or signing up as a driver for delivery services like Postmates. It could be one of the quickest and most efficient ways to improve your financial situation!


Your personal life and financial aspirations can be put on hold by debt. Follow the eight elements mentioned above to pay off your debt quickly and efficiently! Tenacity, dedication, and perseverance are necessary to pay off debt.