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Do you want to get out of debt (and do it fast)? This post will help you do just that.

Not tomorrow. Not someday in the nearest future. But right now.

You can get out of debt on your own! It’s not as easy as you’ll think, but these rules will help you do it. Learn how.

There is no secret to getting out of debt, not secret key or silver bullet and no right way. You don’t have to believe the lies financial “gurus” try to sell you.

But there are some requirements you need to finally and permanently get rid of those debt.

  1. You must confront your debt logically
  2. Change the behaviors that got you in this situation, permanently.
  3. You will have to start earning enough money to pay off all your debts

Nobody wants to be in debt but the sad thing is most of us cannot beat or manage our extreme consumerism and find ourselves in debt, suddenly.

And you wouldn’t be able to repay your debts until you follow the three criteria listed above. You will have to stop living in denial. Do a reality check. Look at how much debt you are in, how much you really owe and what it would take to get yourself out of it.

Next, you will have to figure out why you are in debt and stop doing those things. If you’re a reckless spender, you’ll have to stop it, or tone it down by a lot.

Finally, you’ll have to figure out how you can earn enough money to repay the debt. Get a second job if that’s what it will take to create another income stream. You can also start a business on the side.

So, let’s break this down and see how you can apply these three criteria to repay your debt.

1. Confront your debt: How much debt are you in?

I know you might be scared of how much debt you are in, or how much debt you actually have. But ignoring the problem won’t make it go away.

It is important to know how much debt you really are in. because doing this will make you know where you stand and what actions you need to take to get out of that particular debt.

2. Change the behaviors that got you into debt

To get out of debt, you’ll have to eliminate the reason you went into debt in the first place. Coming into a large inflow of cash like winning the lottery won’t solve your problem if you don’t know how to spend less than you earn.

There are many reasons people get into debt: School, job loss, medical bills, or just plain stupidity by those who have not been financially educated. But the reason you got into debt does not matter now. What matters is that you make sure it doesn’t happen again.

Here’s what you should not do.

  • If you took out $40,000 in student loans for a bachelor’s degree, don’t take out $80,000 for a PhD.
  • Did you land on a pile on debt after you lost your job? Resolve (as soon as you get out of debt) to work on an emergency fund so this will not happen to you again. You should have at least six months’ salary in an emergency fund in case you lost your job. So you know you won’t fall into debt for six months. Before the six months is over, you would have found another job. Then replace the emergency fund again.
  • If you’ve spent years living a life you can’t afford, figure out what the life you can afford looks like, and get there.
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The last step is easier said than done. The goal alone is responsible for about a third of every personal finance article. “Live within your means,” “spend less than you earn,” etc. why has so much been written about what seems to be a simple concept?

Because as soon as we get accustomed to living in a certain way, it hard to go back.

That’s where the third criteria come in:

3. Earn enough money to pay of your debts

If you want to get out of debt by yourself, you’ll need to earn enough money to not only survive, but also pay down your debts.

Let’s try putting it another way: You need to go from a situation whereby you’re spending more than you earn to one where you’re making more than you spend. Does that make sense? And the faster you want to become debt free, the more money you’ll have to earn above and beyond what you spend.

how to get out of debt on your own

Why earning more money works

Honestly, it will take you more time and energy to get out of debt if all you want to do is cut your spending – unless maybe you want to live with your folks till you’re in your mid-thirties.

If you put your mind into it, you can get out of debt; you can increase your income, get a better job and start a part time business.

There are endless ways you can earn more money, but they all fall into three categories.

1. Sell things

If you have things you don’t need, then you can make money. Look for those things you don’t need and sell online (ebay, craigslist or yard sale).

The good thing about selling your stuff is that you get cash fast, but the bad thing is that the “business” is not sustainable. Sooner or later you’ll run out of things to sell.

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2. Work Harder

Get another job or work overtime at your current job, if available. Second jobs aren’t fun, but they’ll help you pay the bills. Think of how tired you feel after your 9-5 job; now imagine getting in your car, battling rush hour traffic, and putting in another four hours from 6 to 10.


Putting in extra hours earns you some extra money, but it can really suck the life out of you. If this is the road you want to go, however, there are options: food service, babysitting, mall stores, delivery routes, security guarding, tutoring, teaching prep classes, bartending, cab driving, etc.

3. Work smarter

This should be the main road you take to help you pay off your debts; increasing your income, you’ll soon see why. Worker smarter is about doing everything to get promoted at work, or find a higher paying one. Or, working for yourself. If you want to earn more money by working smarter, you’ll just have to do.

Now, take action!

Are you still reading this? Awesome. Thank you! The thing is though, none of what I’ve said will mean a thing unless you start taking action today. Getting out of debt is a long process and you can start today. And here’s what I ask you to do:

Now, within the next 24 hours, do anything to take the first step towards getting out of debt.

Furthermore, here are some ideas you could use, but you know what you spend money on, be creative. Check yourself carefully and see where you spend money unnecessarily.

  1. Cut up a credit card
  2. Post something you own for sale
  3. Write down a goal to earn more money
  4. Submit an application to a new (higher paying or additional) job
  5. Transfer a high-interest rate balance
  6. Confront your debt (write down your total debt)
  7. Review your budget
  8. Make an extra debt payment
  9. Look into credit counseling

How are you going to get started?

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Manage Your Money Better

Below are some personal finance books I recommend to help you save more money. They have helped me a lot and I'm sure they'll help you in your journey to financial freedom.

  1. The Compound Effect by Darren Hardy
  2. Total Money Makeover by Dave Ramsey
  3. I Will Teach You to Be Rich by Ramit Sethi
  4. Master Your Money (Super Bundle)
  5. Need an extra $2,500? Get loans up to $5000
  6. Are you in debt? Get free debt consultation and find a solution to your debt
  7. Unshakable: Your financial freedom blueprint
  8. The New Money Masters
  9. Tools to make money in tough economic times

I have read about 5 out of the 7 books and I can boldly say they have helped me handle my finances better. I believe in them because they have helped me in my financial journey and I think they’ll help you too.

Categories: Debt


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