9 Easy Steps to Get Out of Debt As Quickly As Possible

Do you know what debt and death, both have in common? Yes, they have the same pronunciation but this is not about that. To many of us, death is a horrible thing. Something which we all avoid, similar to debt. I mean, who in the right mind would wish to die? No one! Much like in debt, we try to stray away from it as much as possible. Few people succeed in avoiding it. But, everyone wants to get out of debt, but most people don’t know how to. Most people fall in its grasps. And those unlucky ones tend to swim in its never-ending cycle for their entire lifetime.

But, not us. I know why you’re here. I know what you want. Maybe you are suffering from debt, right at this moment? Or maybe you just want to learn how to avoid it and live a completely normal and debt-free life. Whichever you are, it doesn’t really matter. What matters is the decision you are going to make at this very second. Let me ask you, are you ready to change your life and start living it like how you should have? If you answered yes, then continue reading. If not, then good luck in your life of misery.

get out of debt

However, before we go into a deeper discussion. Let us first identify the reason why most people find themselves struggling with debt. It is estimated that almost 70% of the country’s population are suffering from debt, acquired from student loans, credit card loans, car loans, and consumer loans. Why do these things pile up? Because most people are fond of the enjoy now pay later scheme, or what I liked to the happy-go-lucky lifeThey love to suspend the payment, rather than paying it now. In return, they acquire massive interest rates for the exceeding their due dates for payments.

Debts are like decisions. Just like in making decisions, there are good ones and there are bad ones. And sometimes we tend to decide to make more bad decisions than good ones. Thus, making our life harder. Most people love making bad decisions, why? Because they also love the short-term happiness it brings. What do I mean? It’s like buying a new car, but instead of using your own savings. You took a loan from the local bank to satisfy your leisure. You want to get out of debt, but you’re acting like you don’t because you keep on borrowing money.


Good Debt vs Bad Debt

“Are there even good debts?”

Well, yes, actually, not all debts are bad for your well-being. Some of them are used as gateways for wealth and income production. How? When you take a loan from a bank for the sake of investing in something that can provide long-term passive income for you. Then, my friend, you have just acquired a good debt. Investing your loan for future profit will eventually give your ROI (Return on investment) in a certain time and you will be able to pay off your debt. While still being able to produce passive income.

But how do I know if I have good debts or bad ones? The simplest way of explaining this is: Debts are considered good when it is used for acquiring assets that could generate wealth for you. However, debts are bad if they are the results of selfish reasons; buying personal leisures, wasting money on vices and other reasons for self-enjoyment.

get out of debt

But, having bad debt doesn’t necessarily entitles you to a life of poverty. There is a way to get out of debt and even turn it into good debt. How? By playing smart. People with great financial knowledge often know what they need to do in order to reduce their debt. But, in this case, let me guide you. 


How To Live A Completely Debt-Free Life

Bad debts are a menace. People hate them, but the banks love them. Why? Because they’re the one who benefits from it. Do you want to get out of debt and live your life the way it should be lived? Then, look no further. Here are the best ways and steps you will need, in order to get out of debt.


1. Make your debts clear, make it visual

In my last discussion, I’ve discussed how important it is to visualize your dreams. By making your dreams graphic, you are subconsciously programming your brain to achieve those goals. Having graphic dreams pushes you to do more and create more opportunities.

The same with visualizing your debt. Every day you see your debt, every day you visualize it. The more your brain is programmed to get out of it. You need to have graphic interpretations of your debts so that it will be a reminder and motivation for you to remove it from your life. If you are motivated to get out of debt, surely one day you will get it out of your life.


2. Make A List Of All Of Your Debt

Have you ever gone grocery shopping without a list of what you needed to buy? Well, maybe for some of you, you don’t need a list. But, for most people, they tend to make bad decisions because their goals aren’t clear. They are often confused and are easily influenced by outside forces. Which is why you need a list of your debts.

get out of debt

Having graphic and listed goals is the perfect motivation you need in order to get up every morning, work hard and get out of debt. Trust me, just listing your debt in your mind won’t be enough, it will not help your situation right now. Do you want to get out of debt? Then start listing them one by one.


3. Stop Making Bad Debts

Now this one might be a bit obvious. But, you’ll be surprised by how many people are still accumulating bad debt even though they are already drowning in it. Acquiring bad debt is bad enough. But, gathering them while still suffering from debt is just self-harm. There are many ways to pay off debt, but it won’t matter if you’re still accumulating them.

Think of it like a tub of water. Your goal is to drain the tub of the water. So, in order to reach your goal you drilled a hole at the bottom to drain the water inside the tub. But, unfortunately, while you’re doing that, the faucet was running and it kept spilling water in the tub again. Thus, making all of your effort useless. Eliminating one bad debt is never enough if you keep on replacing them with another. Don’t make this horrible mistake if you want to get out of debt. Just, stick to the plan and you’ll be free in no time!

4. Create A Spending Plan

Now, how do you pay for something if you didn’t even have any money to begin with? Most people drown in debt because of one factor; they had no money, to pay for it. They had the enthusiasm to take a loan, but when it comes to paying for that loan. They find themselves short of cash. 

What they need is a proper spending plan! Not a “budget” I believe that a budget is just a non-graphical determination mindset to save money. But, a spending plan is a written and visualized plan to reach a certain goal. Something each of us need in our daily lives

get out of debt

Another man’s junk is another man’s treasure. Or so they say. But, if you want to get out of debt faster, then you have to do the work. Selling things you don’t really need is a great way to add some extra cash for your debt payment. There are a lot of websites out there wherein you can post your things for sale. Olx.ph and ebay are some good alternatives.

So, get off your butt and put your entrepreneurial skills to work. Many people more than willing to buy stuff from other people as long as they are in good condition. So, take your time and make your products presentable to your customers. And in order to get out of debt, you need to keep this in mind: The profit is for your debt, not for yourself. 


6. Extra Money: Get A Side Hustle

No doubt, if you really want to speed up the process. The one thing that you really need to do is to produce more money. You can’t just rely on your regular job’s salary, where you take all of your necessities from. You need a side job. Something that can generate extra money so you could actually pay higher than the minimum payment. Thus, speeding up the debt removal process. 

get out of debt

There are multiple job opportunities out there. However, if you’re having trouble finding what job suits you best. Then, maybe you should become a freelancer. There are tons of work offered for freelancer. And you can apply for it with just a push of a button. Websites like, Fiverr, Craigslist and Upwork are great startups for inexperienced people. This is truly a great way to fast track your goal to get out of debt. 


7. Little By Little Is The Key

You don’t have to pay the whole balance in one payment. The key is consistency. Paying small amounts on a regular basis is probably one of the best ways to get out of debt. Have you ever heard of the phrase “The rabbit may have won the race, but the turtle was the one who won the competition” In life, what matters is winning the whole package, not the speed of your success.

Just like in investing, People who regularly invest, even just small amounts tend to become more wealthy than those who invest hundreds of thousands in just one day. To go back to the original topic. It doesn’t matter if you cannot pay for the whole balance right now. Small efforts can lead to big changes. So don’t be discouraged, pay off your debt


8. Remove Your Credit Card 

Credit cards are probably the main reason why most people nowadays are in deep debt. Why? Well, having a credit card might be a wonderful thing for others. But, when abused, it can literally destroy your life. You might be able to afford luxurious things with the power of the credit card, you may live the fancy life you’ve always dreamed of. But, all of those are short-lived pleasures. Because when those credit cards strike back, and they will, they strike back really hard. 

get out of debt



People with large credit card debts are probably the result of living the “dream” They assumed that they can pay for the interests from their expenses. But, in the end. They ended up regretting their choices. So I urge you, friends. If you really want to get out of debt, then remove your credit cards, or at least halt your credit card spending until you have gotten out of your debt.


9. Reward Yourself

Think of getting out of debt as a milestone, an achievement. Once you’ve completed a milestone, what do you do? Right, you reward yourself. Why? Because You won’t get motivated if you view debt as a punishment. Once you’ve reduced your debt, reward yourself. That way, your mind becomes more motivated to completely get out of your debts.

It doesn’t have to be an expensive reward. Maybe, you can reward yourself with a book or a pizza delivery right at your doorstep. The thing is, you are rewarding your efforts, you are rewarding your determination. So, maybe you can even just face the mirror and tell yourself: “I’m proud of you, you did great!”

Final Words: 

Bad debt is your worst nightmare, it will drag you down for the rest of your life. Until you stand up for yourself and end it. Some of you might contradict and say that. “I’ve tried fighting my debt, but it never lets me go” There may be times when things won’t go with your plan, but hold on.

Eventually, you will have a breakthrough. And everything will be okay. Do you know what most successful people are ashamed of admitting? It’s that their successes were not built by pure success, but the actual failure all of them have experienced. Why? Because Behind all those failures, lies hope. Hope that one day, they will have the breakthrough that will change their lives forever.

One of the things you should remember is that: Not all debts are bad, there are also good ones. So, if at some point you experience being in debt. Then, I truly wish you’re in the good kind. Please feel free to leave a comment below. What do you think about debt? And what might be your suggestions for getting out of this never-ending cycle.