Want More Money For Travel? Here Are 5 Ways to Get Out of Debt Fast

The Big Picture

In a period of high inflation and interest rates, it’s more important than ever to kick down debt and build up savings. Debt.com found that 35 percent of people owe more debt than they have in their emergency savings.

Add Up Your Debt

Do you have loans, credit cards, fines, child support payments, or anything in collections? Comb through your accounts and get an accurate assessment of what you owe. Take note of the debt amount, interest rates, and how many payments you’re behind on.

Review your credit and budget

This might seem basic, but having these numbers down can help you. With your up-to-date credit report, you can gauge what kind of debt repayment plans you might qualify for. And when you write out your budget, you’re more likely to spot areas where you can be more frugal.

Pick a Method of Attack

Once you know how the money you have coming in compares to what you owe, you can devise a perfect plan. And if you read this list and aren’t sure, it’s always a good idea to talk to a financial adviser. They can help go over your finances and help you find the best option.

Snowball vs. Avalanche Method

To use the snowball method, list your debts from smallest to largest. Start by paying off your lower debts, then slowly work up to the larger ones. For example, if you have a credit card with $1000 on it and a bill in collections worth $200, focus first on the collections bill.


Consolidation is a type of debt refinancing that puts everything into one account. This is perfect for people with multiple debts and high-interest rates. Paying interest on one bill could be cheaper than paying on numerous. Rolling your debt into one account makes organizing it manageable.

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