How To Get Out Of Debt: 13 Expert-Backed Steps For Success


How to get out of debt?  We reached out to several experts and got their best tips for how to get out of debt. Here’s what they had  to say.

1. Paying the minimum payment due on your debts will ensure you avoid late fees. But when it comes to getting rid of your debt completely, it’s important to pay more.

2. “Setting up automatic payments ensures that you are at least paying the minimum balance each month.” - Tegan Phelps

3. Carmen Perez, a personal finance advocate for Varo Bank, said one way to get ahead of your debt is by calling up your creditors and asking for a  rate reduction.

4. The thought of filing for bankruptcy might seem scary. And it’s definitely something you should only consider as a last resort since it can damage your credit for  several years.

5. You can only scrimp and save so much. In addition to cutting your spending, another way to pay your debt more aggressively is to earn more income.

6. Once you have a basic budget in place, take a look at your discretionary spending (AKA your “wants”) and look for opportunities  to cut unnecessary spending.