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How to Get Out of Debt 7 Strategies That Work

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How to Get Out of Debt 7 Strategies That Work
Find ways to earn more money, consider debt consolidation and know what motivates your payoff goal.
Jeanne Lee Jeanne Lee Jeanne is a former writer at NerdWallet who focuses on credit, debt and loans. She has covered topics related to finance for more than 20 years, with stints at Fortune as well as Money magazines.




and Sean Pyles Senior Writer | Personal finances and credit Sean Pyles leads podcasting at NerdWallet as the producer and host of the NerdWallet's "Smart Money" podcast. In "Smart Money," Sean talks with Nerds across the NerdWallet Content team to answer listeners' personal finance questions. With a focus on shrewd and practical money tips, Sean provides real-world guidance to help people improve in their finances. In addition to answering listeners' financial questions on "Smart Money," Sean also interviews guests outside of NerdWallet and creates special segments that explore subjects like the racial inequality gap and how to begin investing, and the history of student loans.
Before Sean lead podcasting at NerdWallet the company, he also wrote about topics concerning consumer debt. His work has appeared in USA Today, The New York Times as well as other publications. When he's not writing about personal finances, Sean can be found working in the garden, taking walks, or walking his dog for long walks. He is based within Ocean Shores, Washington.





May 28 April, 2020


Edited by Kathy Hinson Lead Assigning Editor Personal financial, credit scoring, debt and money management Kathy Hinson leads the core personal finance team at NerdWallet. Previously, she spent 18 years with The Oregonian in Portland in capacities such as chief of the copy desk and team leader for design and editing. Previous experience included news and copy editing for various Southern California newspapers, including the Los Angeles Times. She received a bachelor's degree in mass communication and journalism at The University of Iowa.







Many or all of the products we feature are from our partners, who pay us. This influences which products we write about and the location and manner in which the product is featured on a page. But this doesn't affect our opinions. Our views are entirely ours. Here is a list of and .



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Table of Contents





Being debt-free is something you can do yourself using the right tools and motivation.
Learn from those who have been there. The NerdWallet's series tackled thousands of dollars in debt using innovative strategies and daily tricks: making the most of your money, using extra payments and knowing how to remain motivated, among other strategies.
To help you get inspired Here are seven suggestions from their tales and steps you can take on the path of your own.
Make the most of every dollar


Do it yourself: Building the right budget is crucial in any budget, however, particularly in the case of paying off the debt.
NerdWallet recommends that you Keep essential expenses, like housing, to 50% of your income. You should allocate 30% of that for desires, and reserve 20% to save and debt repayment. Since you're focused on paying off your debt, you might decide to use the money you have saved from your wants section to pay extra debt. It will pay off debt faster and help you save on interest.
Once you've established the budget, you can track your performance. You can prepare yourself to be successful by . You can alter your budget as required.
Find inspiration: wanted to trade her tech job for an opportunity in food and cooking, but $64,000 in student loan and credit card debt held her from pursuing it.
Stiavetti's plan involved putting every cent she earned towards the repayment of debt. "I still went out with friends and enjoyed trips on occasion, but I did so with an eye toward budgeting and came up with ways to make the most of every penny instead of splurge on expensive luxurious items," she says.
Find a side hustle


Take on the challenge yourself: Think about the skills you possess like web design or coding, you could use to earn extra cash. There are many side-jobs that you can take on from your home, such as selling your old clothes online or renting a room through Airbnb.
If an additional job is exhausting, consider an interim job to make the extra payment towards debt. There are a few things to think about.
Be inspired: At the age of 23, she had three college degrees as well as a new spouse, a house in Missouri and $38,000 in student loans. She set out to pay it off as fast as possible.
Her plan of attack? Make more money. "Cutting your spending is wonderful, but there's a limit to how much you can reduce," she states. "You can always try to earn more."
Alongside her day job, Schroeder Gardner stepped up a variety of side hustles, including writing a blog selling things from her home, taking surveys, and even being a mystery shopping.
The long hours , which can be up to 100 hours a week -- could be exhausting. But "just seeing my debt shrink was enough to keep me going, as I could see my final target," she says.
Find a balance between your spending and your values


Be yourself and avoid falling into big-spender territory by paying attention to yourself in the middle of your savings goals, or buying things because of boredom and violating your own spending guidelines, you might be overspending.
But you can break the cycle by building an adequate budget, reviewing your credit card statements , and creating new habits, like cooking at home and not eating out.
Get inspired: Like many people trying to keep up with an "appearance of having everything," and her husband, Mark, bought an extravagant home, drove luxury vehicles and spent a lot of money. When Lauren discovered she was hiding an amount of $600 worth worth of brand new clothes from her spouse she confessed that the expenditure was way out of control.
"I racked up $40,000 worth of debt on my husband's back, and felt so much shame," she says.
Alongside reducing their lifestyle as well as reducing their expenses, the Greutmans made a breakthrough when they analyzed their spending in relation to their values. Lauren's advice: Make your list of all the things you are most proud of in your life. the list your expenses over the past month. If the lists don't align the list, make sure that your spending is to reflect your ideals.
Make use of the power of additional payment


Do it yourself Make use of the calculator on the site to find out how additional payments can cut down on the amount you pay off.
The extra monthly payments you make on your debt may reduce your debt , which, in turn, can boost your credit score.
Be inspired You can't afford to take on any debt. is comfortable for . When the debt she owed hit $147,000, including a mortgage, car and student loans as well as credit cards, she became obsessed in paying it back -and all of it.
She was able to do this by making extra payments toward her expenses. "I was consumed by paying off the student loan. I made extra moneyvia online surveys, freelance writing and odd jobs found on Craigslist -- so I could afford small payment," she says. "I figured out how fast I could get completed each time I put an even tiny amount."
Rely on your own


You can do it all yourself. Could an extra business help you earn an extra money to pay off your debt? Consider your interests and how you could create a small company out of them. For instance, a pet lover could start a mobile grooming service for example, or a writer could pick up some freelance work.
Take a look at these .
Be inspired: Following divorce, she was faced with $14,000 in car loan in credit card and car loan debt. This was an amount that triggered a resolve to alter her financial situation.
"I was alone at the beginning of my life and ... could barely get a decent place to live in. There was nobody around to assist me out of this financial hole, and I decided to do something to help myself,"" She says.
Nicholson was employed as a consultant at a tax bureau, working weekends and nights, and lived on two-thirds of her earnings. "During tax season, I worked seven days a week without any vacations or time off. It was hard but I set an ambition to become debt-free within a year," She says.
With no debt, Nicholson continues to lean on herself, managing a blog which serves as her main source of income.
Consider consolidating


Do it yourself: Learn about and whether it is a good idea for you. You may be able to utilize to consolidate multiple debts into one, but ideally with a lower rate of interest. Be aware that you'll require a high credit score to qualify.
Be inspired: When he had to choose between paying his rent or pay for his debt from a credit card, in his 20s, the man felt immense guilt. "After several years of carrying massive amounts of debt, it is the very first time that I was unable to meet my payment obligations," he says.
To take care of his $80,000 in student loan as well as auto loan and credit card debt, Weliver set up a plan that included debt consolidation. His credit union offered him a low-rate loan that was around $5,000. He was able get another loan for $12,000, at an interest rate that was favorable, in order to repay his high-interest credit cards.
"I made my fixed-rate personal loan payments, and whatever was left over I put towards the higher-rate APR cards which I paid off before the cards with lower rates," he says.
In the end, the plan was able to pay off. "I was able to pay off all of my debt in less than three years" Sheliver boasts "and I'm so glad that I was able to get out of debt at the point in my life that I did."
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Know your 'why'


Do it yourself: Think about your financial goals in the near and long term. Whether you're looking for a new house or saving to go on a trip and having a strong motivation to eliminate debt can help you stay in the right direction.
Find inspiration or perhaps your own "why" -- by reading stories from other authors.
Get inspired: 's debt revelation came in 2010 when he told his family members there will be no family vacation this year. Instead the time was now to pay off $109,000 of debt that included five over-extended credit cards.
The Brandows set up budget, cut their expenses and ultimately becoming debt-free after 50 months of repayment. Brandow's three children provided the drive he needed to stay focused on debt repayment.
"I wanted to not be a burden to my parents," he says. "I wanted to do my best for them.
"You'll need an underlying reason for wanting to get out of debt since it's going be difficult. It's going to require sacrifice. It's important to prepare your mind. Having a 'why' will help keep you motivated."



The authors' bios: Jeanne Lee is former personal finance writer for NerdWallet. She previously wrote on behalf of Fortune and Money magazines.


Sean Pyles is the executive producer and host of NerdWallet's Smart Money podcast. His writing has appeared in The New York Times, USA Today and elsewhere.







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