How to Pay off Debt Quickly – Complete Guide [ 11 Strategies]

How to pay off debt quickly

This is the most comprehensive guide on How to Pay off Debt Quickly. You’ll learn everything about paying off debt.

Paying off debt is very difficult and when you want it quickly, it becomes more challenging.

Dont’ worry.

After reading this article, you will be able to pay off your debt as quickly as possible.

Let’s what are those strategies that will work for you:

1. Use a Balance Transfer

Balance Transfer is moving your debt from one credit card to another one.

With the help of Balance Transfer, you can easily get 0% intro APR for up to 18 months. But, you may need to pay the balance transfer fee.

The best thing about Balance Transfer, it helps you to save your money from a high-interest rate which is very important to pay off your debt quickly.

Let see How to Use Balance Transfer?

Apply for a card with an intro 0% APR offer on balance transfers if you don’t have one. You’ll get more benefit offers when you have a good credit score.

After applying for a card, provide the information such as issuer name, type of debt, the amount of debt, and the account information. You’re likely to get approved within 1 or 2 weeks.

Once you get approved, the issuer will move your debt to a new account or credit card which includes the amount and balance transfer fee.

And now you’ll be able to pay your debt payments with zero interest rates for up-to 18 months.

Credit Card Debt is not only the type of debt that you can pay with Balance Transfer. Cardholders can also move their personal loans to a new account.

2. Save Money on Shopping to Pay Off Debt Quicker

If you’re not saving money on your shopping, you will be not able to pay off debt quickly. You should find every opportunity to save money while paying off your debt.

You can use some of the best cashback apps to save money for online shopping. These apps will provide you the best offers, coupons, and time to shop on popular brands stores.

But, what if you shop in the offline world.

You can shop at the local stores in a large amount when there are more discounts and offers and keep those products in the stock for your later use.

You can also use acorns app, it helps to automatically save your money when you make a purchase with your credit card. Round-up and Found Money are two useful features of acorns to save your money.

3. Build Side Income

One of the most common reasons to get into debt is low income. You can try any method or strategy to pay off your debt quickly. But, none of them will be more effective than building a side income

It is very important to build side income even though you have your main business. You can use that money to pay your monthly debt payments.

Building a side income will help you a lot when you want to pay off debt with low income.

There are many different side hustles like blogging, babysitting, grocery delivery that can some make extra money.

Helpful Resources to make extra money

4. Get a Debt Consolidation Loan

If you have multiple credit card debt, personal loan debt, a debt consolidation loan, you must consolidate your all loan into a new single loan.

Consolidate your all loans into a new one loan with one payment at a lower interest rate. Now, you save a decent amount of money every month from lower interest rate.

But, you’ll allow for a debt consolidation loan when you a good credit score. A debt consolidation loan will not work until you start making a budget and saving your money.

Keep tracking your budget lists and expenses and find the opportunities to save your money by cutting down some of the extra expenses.

Most people usually don’t even think of saving while paying off their debt. But, if you’ll not make a budget list and track your expenses, a debt consolidation can’t help you to pay off debt quickly.

5. Speak with a Credit Counsellor

Speaking with a credit counsellor can be a nice step when you have no clue how to pay your debt. Find out the programs that are available for credit counsellor.

When you’ll speak with a credit counsellor, you get to know many options and strategies that can help you to pay off debt quickly in particularly your situation.

There are many companies available that offer speaking with a credit counselor, some of them are free while some of them are paid.

6. Pay more than the minimum payment

Paying more than the minimum payment is one of the most effective and working strategies to pay off your debt.

To pay off your debt quickly, you should make this strategy your habit. If you the exact minimum payment, it will a long time to pay off your debt.

For example, I have a credit card balance of $15000, 24% APR. I make the monthly payment of $312.91. Debt will be paid off within 14 years.

But, when I will pay more than minimum payment, it will reduce the time period of my debt and pay off my debt quickly.

If you pay more than the minimum payment for a month then that extra money will reduce your balance as well as interest. Not only this but also reduce the time period of paying off your debt.

It doesn’t matter whether you pay $5, $10 or $100 extra for a month, that extra dollar will help you a lot to pay of debt in the quicker way.

7. Cut down your extra expenses as much as you can

If you really want to know how to pay off debt quickly, cutting down your expenses as much as you can is one of the effective ways to pay off debt.

You may have different extra expenses that you even don’t know. To properly cut down your extra expenses, create your budget list, and keep tracking your expenses. Now, find out where you’re spending extra money.

These extra expenses can be anything such as streaming services, buying expensive things, it differs from person to person.

8. Sell Unwanted Things

You may have lots of unwanted gifts and household items that are not of any use. It is not only about gifts and products, you may have different subscriptions of digital platforms.

You should also sell or cancel all services and subscriptions. And you can use that money to pay your debt.

FaceBook Marketplace is one of the best place to sell your things online. You can sell your used clothes on sites like ASOS, Bagborroworsteal, Fashionpile.

Just go on google and search “sites for selling “the product you want to sell”. You’ll get tons of sites to sell your used items.

sell unwanted products (How to pay off your debt quickly)

9. Lower interest rates on your credit cards

If you have a high-interest credit card debt, it feels impossible to pay off debt. In such, you can try to negotiate with a card issuer.

I know you may be thinking on “NO”. But, instead of thinking, you should give a try and call your card issuer to lower interest rates on your credit cards.

If you are successful to lower a small percentage of your interest, it can help you a lot to pay off your debt quickly.

Let’me explain you how.

For example, I have owed the debt of $39000 at the interest rate of 18% for a monthly payment of $625. If I normally pay my debt, it will take 185 months and $76,393 of interest to pay off my debt.

But, somehow I negotiate with a card issuer and lower the interest to 15%. Now, I can pay the same debt within 122 months and $37,179 of interest.

I will save my 63 months and $39124. This is the reason why I love to use the strategy of lowering your interest rate with the help of negotiation.

10. Use Popular Strategy to Pay off Debt Quickly

Debt is just like a trap, actually, it is a trap. You can’t easily get out of it until and unless you make a proper strategy and plan.

Debt Snowball Method and Debt Avalanche are the methods or strategies those are proven to be useful to pay off debt quickly.

Let’s know what are these strategy.

In Debt Snowball Method, you’ll start paying the smaller part of your debt and repeat this process till your complete debt is over.

It is somewhat like making a snowmen in a yard. When we used to make snowmen in childhood, we first used to make some small snow ball and then start making a snowmen.

For example, I owed $25000 of debt at 18% interest rate and a monthly payment of $559. Now, I make minimum payments for all my debt – except for the smallest part ($125) of my debt.

Now, clear this smallest part of your debt as fast as possible. Once, it clears, you have extra money that you were paying in small debt. I have now an extra $125 that I can pay to $559 minimum payment. After this, I will have an extra $684 that I can use to repeat this process until I pay off my debt.

This is how the debt snowball method works. If normally it is taking 75 months to pay off the debt, I can easily pay off the same debt quickly.

But, Debt Avalanche Method is opposite of Debt Snowball Method.

In this method, you first start paying the extra money to the high-interest debt so that you can save money from high- interest. And, you can use this money in the next high-interest debt.

It’s up to you to use which method to pay off your debt. If you ask me, I will prefer Debt Avalanche Method.

11. Avoid taking on more debt

The more debt you have, the more debts will you need. If you are really serious to get out of your debt, the first thing to do is stop taking any more debt. Debt is not about numbers, it’s a trap.

To most people, buying things with credit card debt is necessary. You can buy a car, a house after a few months. You can get a debt-free degree. But, we want more bigger and expensive.

Make your self realize that you are already in debt and you don’t want debt anymore. You can also stop using the credit cards for the time of paying off debt so that you’ll not owe any more debt.

To really pay off your debt, make a proper plan, and understand how debt you have owed, and say loudly no to debt.

Bottom Line for How to Pay off Debt Quickly

Here you have complete strategy and ways to pay off your debt quickly.

In short: if you want to pay off your debt quickly, make a proper planning, focus on your debt, cut down your extra expenses, and never fall in the trap of debt.

Now I would like to hear from you:

Which strategy are you going to try?

Are you going to try side income?

Or maybe you’ll try debt snowball method.

Either way, let me know your opinion how to pay off your debt quickly.


  1. Hey Anshul Kahar ,

    Awesome and well-explained post. You have provided helpful guide & tips to pay off the debt quickly. You have explained and presented each strategies very nicely along with all the crucial information that are really providing better understanding and making the concept very clear.

    It is true that paying off the debt is not an easy task and it is really a challenging one if we want to pay off the debt fastly. Your each included strategies will work effectively but according to me saving money on shopping, using a balance transfer, Building side income, getting a debt consolidation loan, Paying more than minimum payment, Lower the interest rates on credit card, cut down the extra expenses, selling the unwanted things and avoid taking more debt are really working strategies. Adopting & implementing these strategies will be a great helping hand and undoubtedly helps to pay off the debt quickly. Lastly i would like to say that your included infographic is also very helpful.

    After going through this complete guide i really gain ideas and learned about various strategies to pay off the debt quickly. I am sure that this post will definitely help many people, readers and especially to those who are willing to pay the debt fast.

    Eventually thanks for sharing your knowledge, ideas and such an informative post.



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