When you create your budget, make debt your top priority (after paying yourself first, of course). Get rid of your cellphone or landline, colour your own hair, start using coupons to save money on groceries, move to a smaller home or apartment, get rid of your vehicle and take public transportation, switch to a no-fee bank account – there are so many ways to save money. Whether you have to get a 2nd job or sell things on Craigslist, you need to make as much money as possible if you want to knock out that debt in a hurry. Unless you have a lot of high-value items to sell, getting a 2nd (or 3rd) job is probably the best way to make some extra cash. Often times, when someone pays off a credit card and still has other debts, they will use that money that they paid toward the first credit card and put it right back into their budget as extra money. Figure out the order of the interest rates (which one has the highest, second highest, etc.) and then pay the minimum payment on the 3 debts with the lowest interest rates and pay more than the minimum payment on the highest interest debt.
By following the 5 simple steps above, you will be well on your way to getting your debt paid off fast.

Subscribe to our email list to receive a FREE video outlining my top 5 tips for saving money on groceries. Northernip: in the words of Gail Vaz Oxlade…if you have debt and equity you essentially have nothing! If you cannot sell off all your assets & pay your debt to within $1000 – then you are INSOLVENT! Your post is pretty much exactly what my husband and I did to jointly crawl out of our combined $60,000 worth of debt when we first got married. For years, we have been floating along, paying bills and credit cards (not just minimum payments) but feeling like we never see anything for it…time to sit down and see where we can make things better and get rid of our debt!! If you have a ton of debt to pay off, it may seem like there’s no way you will ever be debt free. However, since you want to get out debt fast, you will need to pay more than just the minimum payment – but just for the one debt with the highest interest.

Scary stuff, that definition of insolvency is making me more committed to becoming debt free.
It took us a little over a year and a half to pay our debts off completely, but the wait was well worth how great being debt-free feels! Instead of going to the grocery store whenever you run out of food and buying whatever looks good, you know that you only have a set amount of money for buying those items.
Once that credit card has been paid off, instead of just paying the minimum payment on the second highest interest debt, pay the minimum AND the $500 that you were paying toward credit card #1.

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