How to Get Out of Debt On Your Own

One of the worst things about debt is the fact that if you’re not careful, it might never go away. You see, it’s not one of those things that just melts away, seeing as how the longer you take to repay it, the greater the interest you pay. Furthermore, the value of a single credit payment might even be so gargantuan that you won’t be able to pay for it without getting another loan. Needless to say, this traps you even deeper in this vicious circle.

Paying off your debt diligently isn’t an easy thing either. On the one hand, it requires a certain level of austerity and on the other, it requires a financial prowess you may not possess. Either way, in order to get out of debt on your own, you will have to develop several skills and even adopt one or two frugal habits. With this in mind, there are several methods for you to get rid of a large portion of your debt.

1.      Confront and consolidate

The first thing you need to keep in mind is that burying your head in the sand will do you no good. A lot of people in debt don’t even know just how much exactly they are supposed to pay back. When faced with several different loans, each of which has its own interest rate, its own payback duration and its own monthly deadline, it’s easy for you to miss the bigger picture. This is especially common for people who dread that knowing exactly how deep they are buried in debt will make the situation even more unbearable.

Nonetheless, knowledge is power and in order to triumph against this adversary, you need to know exactly how big it is. One of the best ways to do so is to consolidate all your loans and replace these tiny and medium-sized debts with a single large one. This means that you will have one figure to focus on, one interest rate to calculate and one payment deadline each month. This last part is particularly useful for those trying to improve their credit rating.

2.      The end justifies the means

Another thing you should look out for is the fact that, during this period, you might be forced to take some unpleasant and even counter-intuitive moves. As an example of the first, it is inevitable that you will have to start living a bit more of a frugal lifestyle than you’re used to. Of course, this doesn’t mean that you should give up all that you love in life, but you will definitely have to tighten your belt.

For instance, if you enjoy having $10 worth of cocktails every week, this alone amounts to $520 every year. This means that just by cutting the volume of this habit in half can liberate an additional $260 for your annual budget. While this alone may not be enough, try to think about how many similar habits you may have.

As for the seemingly counter-intuitive moves, you might be forced to take an additional loan, somewhere in the process and, while this adds to your debt situation, it might be the only way out. Luckily, if the amount you are in need of isn’t that substantial, you could apply for a small loan, that you can repay in 18 months or less.

3.      Create an additional source of income

Finally, by improving your income, you will make this entire process both faster and more bearable. Needless to say, in 2018, there are plenty of ways to make money. You can start by selling an asset, by looking for a roommate or getting a tenant. Next, you could look for side-job opportunities online. Sure, starting an online business may be expensive, but you can always try freelancing first. Those who know their way around words can try copywriting, while those with greater interest in design might want to look for logo creating contests and enlist there.


At the end of the day, it all comes down to your organizational ability and perseverance. By knowing just how much you owe, you will be able to set short- and long-term financial goals that will lead to your eventual liberation of debt. By leading a more frugal life, you will be able to set aside additional funds that will help you get there sooner and by creating an additional source of income, you will make all of this even faster and easier. However, every single one of these steps requires no small amount of will, dedication and inner strength. In other words, the question isn’t: “Can your debt be paid off?” The question is: “Do you have what it takes?”