How do I get out of Debt Fast?

Diane Goettel
Diane Goettel
Diane Goettel
Diane Goettel
In most situations, preparing to get out of debt will require an investment.
In most situations, preparing to get out of debt will require an investment.

While it may sound like contradictory advice, many financial experts agree the best way to get out of debt fast is not to take any hasty actions. Instead of jumping at advertisements that offer ways to make money quickly or to settle debt quickly, it is important to thoroughly research such offers to make sure that the claims are substantiated. The first step for getting out of debt fast is to get a thorough picture of one's financial situation by taking a thorough stock of all debts and assets. With this information in hand, one will be able to choose the best possible plan to get out of debt fast, or as fast as possible.

Continuing to use a credit card typically leads to greater debt.
Continuing to use a credit card typically leads to greater debt.

In most cases, preparing to get out of debt will require an investment. For those willing to do the financial research on their own, the investment may come entirely in the form of time. Those willing to spend a bit of money at the outset of the endeavor may hire a financial adviser to help them devise a plan to get out of debt fast. A number of helpful publications both online and in book form help people to get out of debt fast. Many of these books are devised for people in various stages of life and with various amounts of debt.

Consolidating credit card debt might help people get rid of debt faster.
Consolidating credit card debt might help people get rid of debt faster.

While the details in these publications may vary, it is likely that they will offer similar advice. One of the first courses of action for people who want to get out of debt fast is to pay off their debts with the highest interest rates first. For example, a person with a student loan and credit card debt should almost always focus on their credit card debt first as student loan interest rates are generally much more reasonable.

To get out of debt fast may mean cutting up credit cards, and paying for everything with cash and checks until one is out of debt.
To get out of debt fast may mean cutting up credit cards, and paying for everything with cash and checks until one is out of debt.

Another way to get out of debt fast is to consolidate one's debt. This means that one will pay a single creditor who has taken on all or most of one's debts. Yet another common way to get out of debt as fast as possible is to stop using lines of credit immediately. This may mean cutting up credit cards and paying for everything with cash and checks until one is out of debt.

Diane Goettel
Diane Goettel

In addition to her work as a freelance writer for wiseGEEK, Diane is the executive editor of Black Lawrence Press, an independent publishing company based in upstate New York. She has also edited several anthologies, the e-newsletter Sapling, and The Adirondack Review. Diane has a B.A. from Sarah Lawrence College and an M.A. from Brooklyn College.

Diane Goettel
Diane Goettel

In addition to her work as a freelance writer for wiseGEEK, Diane is the executive editor of Black Lawrence Press, an independent publishing company based in upstate New York. She has also edited several anthologies, the e-newsletter Sapling, and The Adirondack Review. Diane has a B.A. from Sarah Lawrence College and an M.A. from Brooklyn College.

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    • In most situations, preparing to get out of debt will require an investment.
      In most situations, preparing to get out of debt will require an investment.
    • Continuing to use a credit card typically leads to greater debt.
      Continuing to use a credit card typically leads to greater debt.
    • Consolidating credit card debt might help people get rid of debt faster.
      Consolidating credit card debt might help people get rid of debt faster.
    • To get out of debt fast may mean cutting up credit cards, and paying for everything with cash and checks until one is out of debt.
      To get out of debt fast may mean cutting up credit cards, and paying for everything with cash and checks until one is out of debt.
    • Eliminating high interest credit cards so there are fewer accounts to manage is one way to get out of debt.
      Eliminating high interest credit cards so there are fewer accounts to manage is one way to get out of debt.