Things You'll Need:
- Endurance
- Drive
- Motivation
-
Step 1
Get mad at your debt. You need to be sick of having this monkey on your back or you will never eliminate your debt without help.
-
Step 2
Call up your credit card companies and start asking that your interest rate be lowered. If they won’t, tell them you would like to close the account. After hearing this they will probably change their tune. Otherwise, you will still have to make payments on your debt, but at least you won’t be tempted to charge to that credit card any more.
-
Step 3
If you have good credit, see if you can get a personal loan to consolidate your debt into a lower interest loan. This will help you pay off your debt faster because you will not be fighting the interest rate as hard. Just make sure you will continue to eliminate your debt after the consolidation. It can be tempting to stop here, but you must remember that your ultimate goal is to be debt free.
-
Step 4
Start cutting expenses to the very lowest you can. Sell your car and get a beater, cut off the cable, never eat out, and start eating very cheaply. Use this money that you save to eliminate your debt fast. Every extra penny that is not for expenses and minimum payments needs to go toward your credit card or loan with the highest interest rate.
-
Step 5
Find ways to make extra money any way you can. Get a holiday job, cut lawns, babysit, or write online to bring in extra money to pay off your debt. Whatever you do, work hard. The harder you work the faster you will be debt free.
-
Step 6
Never quit. When sticking to the budget starts getting tough, remember how great it will feel when all of your debt is eliminated and you can live the rest of your life debt free.
