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How to Eliminate Debt Quickly



Tired of owing people money? Here's how to eliminate your debt quickly:



Difficulty: Easy

Time Required: Varies

Here's How:

  1. Put yourself on a bare-bones budget. Make a list of all your monthly expenses. Then, eliminate anything that isn't essential, and redirect the money to your debt pay off.

  2. Earn more. Put in some overtime; get a part-time job; sell some of your belongings – do whatever it takes to bring in more cash now. Then, apply all extra earnings towards your debt.


  3. Shop smarter. Challenge yourself to get the best price possible on everything that you buy. Look for sales; clip coupons; mail in rebates. Do whatever it takes to get a deal. Then, apply the savings to your debt.

  4. Delay purchases. Make due with what you have or do without until after your debt is paid off.

  5. Take advantage of any windfalls. Did you get a raise or a bonus at work? How about a tax refund? Birthday money? Put any unexpected money that you receive toward your debt.

  6. Automate your payments. Decide how much you can afford to pay on your debt each month. Then, schedule automatic payments to ensure that you follow through with your plan. Make additional payments anytime you have extra cash.


  1. Seek out free sources of entertainment to avoid feeling deprived while you're in debt-pay-off mode
  2. Update your outstanding debt total often to stay motivated

What You Need:

  • Copies of all your bills
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