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

You try your best to make your payments, but interest charges eat up all your progress. The next month, you’re back to square one.

You don’t have to be stuck with debt forever. We reached out to several experts and got their best tips for how to get out of debt.

Set Up Automatic Payments

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

Apply For A 0% Balance Transfer Card

If you have a lot of high-interest credit card debt and a decent credit score, one simple way to get a leg up on paying it off is by moving the balance to a 0% balance transfer card.

Negotiate Your Rate

Your lender may be willing to temporarily or permanently lower your interest rate, allowing more of your payment to go toward paying down the principal.

Consider Bankruptcy As A Last Resort

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.

Don’t Forget To Reward Yourself

Sometimes the journey to becoming debt-free can feel like it’s never going to end, which is why Grant said it’s important to put in place positive reinforcements along the way.