Tips to Help You Get Out of Debt Starting Today

Insurmountable piles of debt just keep piling up in your financial life, and you’re tired of having to deal with it. From paying bills on time to declaring bankruptcy, options are available.

Don’t Accumulate Any More Debt

Individuals who are in debt often say they will use their credit cards just this one last time. If you are trying to combat large amounts of money owed, do not spend anymore. The only way you can use credit cards is if you pay off what you spend immediately on that same day. This could help you to earn points, which can then be used to pay off the debt.

Pay More Than The Minimum

Paying the minimum on all of your cards is likely to leave you in debt for years. You should choose to send a larger payment to one of the cards and pay the minimum on the others. Two popular strategies involve starting with the card that has the lowest balance and then moving onto higher balances and beginning with the card that has the highest interest rate and then moving on to the lower interest rates.

Consolidate Your Debt

Moving your balances onto another credit card can be a helpful way to save money on interest. You can also look into a home equity loan. If you have equity built up in your home, then you can usually qualify for a certain amount of money. Take that money to pay off your credit card debt. Then, you can pay back that loan over a longer period of time, and you may end up spending less on interest in the end.

Consider Bankruptcy

The above suggestions work when your debt is manageable even if it takes years to handle. However, some recommend looking into bankruptcy if your bills are completely out of your control. Financial consequences do exist to this plan as your credit score will generally be seriously affected. On the other hand, bankruptcy gives you the chance to wipe the financial slate clean and to have an opportunity to eventually start over again.


The mound of debt that you see before you likely looks stifling and jarring. Sitting down by yourself or with your partner to decide which of these options for debt relief makes the most sense for you can lead you to financial freedom in the near future.