6 Tricks To Help You Pay Off Your Debt Faster

If you have debts and are struggling to make your monthly payments, or just wish you could pay off that debt faster to get rid of the financial pressure, read in this post 6 tips that can help you do it.


There are a lot of people facing debts, for several reasons, and many of them sometimes struggle to make payments every month. If you are one of those people, or if you know someone who may be struggling with debt, in this post, you will find a few tips that can help you make those monthly payments easier and, hopefully, get out of that debt a bit faster.

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6 Tricks To Help You Pay Off Your Debt Faster

  1. Don’t stick to the minimum payments
  2. Try the debt snowball method 
  3. OR the debt Avalanche method
  4. Declutter and sell items you don’t need
  5. Find a way to increase your income
  6. Take it one step at a time

1. Don’t stick to the minimum payments 

Whenever you can, pay more than the minimum amount required for the debt monthly payments.

This way you are somewhat decreasing the amount of time it will take you to pay off the debt and simultaneously helping decrease the amount of money you will pay in interest since the period is becoming shorter.

2. Try the debt snowball method

The debt snowball method which is introduced by Dave Ramsey goes like this:

  • List all your debts from the smallest one to the largest.
  • Start making extra payments to the smallest one while making minimum payments to the rest.
  • Once the smallest one is over, you move to the next on the list and do the same.

This way, you will have more extra money left to add to the bigger debts once you are done with the smaller ones. Read more about this method here.

3. OR the debt Avalanche method

This method tackles debts in a different way:

  • You list all your debts from the highest interest rate to the lowest interest rate.
  • Start making all the extra payments you can against the debt with highest interest rate while maintaining minimum payments for the rest.
  • Once you’re done with the highest interest rate on the list, you move to the next one and do the same.

This way, as you move from the highest interest rate to the lowest, it will get easier for you to get rid of all your debts since you will be making less payments as you progress. Read more about it here.

4. Declutter and sell items you don’t need

Most of us have so much clutter in our houses and things we never use or even forgot we had.

You can go ahead and go on a decluttering spree. Find the items that you don’t use or don’t need any more and try to sell them online or through a garage sale, for example.

The amount of money you make will depend on the quantity and quality of what you will sell, but no matter how much it is, it will still be extra cash that you can put into extra debt payments. 

5. Find a way to increase your income

Another way to help get rid of your debt faster is if you can increase your monthly income. 

You can do this through a number of different ways.

  • Starting with trying to find a part-time job that you can do on the weekends or after your day job. Such as driving an Uber or pet-sitting, for example. 
  • Or maybe find an online job that you can do from home next to your day job. There are plenty of examples for online jobs that you can check and find one that suits you.
  • You can also try to use your skills or any resources you have and create a passive income source for yourself which will help with your debt payments and even after that, providing you with extra income with almost no effort.  

You can find other different ideas to increase your income here.

6. Take it one step at a time

One final thing to remember when making changes to your lifestyle is to note that not everyone is able to adapt to change the same way. For example, in a previous post, we discussed a no spend challenge, this may not work out for you the same way it did for others. 

The best way to tackle these changes is if you do it gradually, to make sure you are doing a healthy transition for yourself and your family and not just shock yourself into a completely different lifestyle.

By gradually changing one habit after the other, you will be able to grow accustomed into the lifestyle that will help you get out of debt and hopefully keep you from falling into another.

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Are you currently facing a debt? If so are you doing any of these tips? Do you know more useful tips that can help someone with their own debt? Let me know in the comments below.

Till next week, happy days!


Author: Ray

Because a goal is a dream with a deadline, I started my one-year journey to achieving financial freedom. On those rare hours of day when I'm not working on that goal, I'm writing fiction, watching a film, or feeding birds.

14 thoughts on “6 Tricks To Help You Pay Off Your Debt Faster”

  1. I’ve been debt free for a few years now, and I’ve got to say, every one of these tips was a big part of how I got there (except the avalanche, but you can’t really snowball and avalanche…) I think, moreso than any one specific tool or tactic, it’s about pooling up everything you can and throwing as much of yourself at the problem as you can. Which is why I’m so grateful for this list, because you have so many great things that really do make a difference here. Well done!

    1. Oh that’s amazing, Sam! Glad to hear you’ve managed to get out of debt. And thank you so much for your feedback on this! 🙂

  2. These are all great tips. I am working on a combo of the debt snowball and paying way more than the minimum payment for anything that is not my car. Thanks for sharing.

  3. These are some great tips. I started by paying off the smallest debt first as it was the quickest. So like the snowball method, but I paid a set amount off the others rather than the min payment. I’m hoping to be debt free by April next year.

    1. Great! I think as long as you can afford increasing the payments on all debts, you should definitely do it. The faster you can get rid of it, the better. Best of luck to you ?

  4. I’ve found that taking it one step at a time is key. Debt itself drains us enough mentally, so it’s important to have patience.

    The snowball method is definitely my favorite 🙂

    1. This is so true!

      Yea the Snowball method would be the way to go for sure if you don’t have debts with huge interest rates, and it makes tackling debts easier.

      Some debts, however, people can pay almost as much in the interest as the debt itself, that’s when the Avalanche method would probably be the better option.

  5. These are some great tips! I’ve never actually heard of the snowball/avalanche methods, they’ve given me some food for thought! I’ve found setting up a standing order for my credit card payments useful, as soon as I get paid £100 comes out towards it and it’s gradually cutting it down. I also make the minimum payment each month as well just to keep things going. Thanks for sharing ?

    1. Ah well I’m glad you got some new information out of this!
      I like your method as well, this is also a great way to make extra payments against your debt. Great job!

    1. So true. It’s important to pay attention to how quickly you can actually cope with the changes, so that you can be consistent with your plan and not go back to the habits that lead to the debt situation again.

  6. There really is no magic bullet for getting out of debt. These are all very good, effective methods if you stick to them (that’s the hard part, right?) I think you nailed it at “take it one step at a time” – it takes conscious effort and it’s not instantaneous. Thank you for a good read!

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