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Are you suffocating under a pile of credit card debt and student loans? You’re not alone. According to numerous studies, student loan debt in the US is at an all-time high at $1.5 trillion. This translates to 44 million borrowers, many of whom are struggling to pay off their debt. 

The good news is it’s not impossible to get out of debt (even though it might feel like it sometimes). There are a variety of ways to squash your debt and stay debt-free for the rest of your life.

Free Yourself from Credit Cards

Credit card debt is one of the biggest financial struggles that people face. This is mainly because credit cards carry high interest rates that keep people in a dependency loop.  It can be challenging to stop using credit cards cold-turkey because you might need it for emergencies or major unexpected costs.  

A great alternative to this would be to take out small cash loans and choose the lowest possible repayment option available. That way, you won’t feel the financial pinch of paying the money back and you’ll have money on hand to live your life while rebuilding your finances. 

Make Some Lifestyle Changes 

Often, debt is a struggle that’s largely fuelled by your lifestyle choices, and the hardest part about paying it off is that it requires a complete lifestyle change. This means cutting back on certain areas of your spending so you can free up money in your budget to put towards paying off your debt. 

The trick is to stick with the bare minimum and decide what your needs and wants are. There are many ways to minimize your spending. For instance, you can opt for basic cable instead of a full-on package, search for a cheaper car insurance or cut your cell phone plan for a prepaid option. Try to eat out less often and cut back on family vacations and spontaneous shopping trips. 

Yes, “downgrading” your lifestyle can be tough, but keep in mind that it’s only temporary. Any lifestyle change or adjustments you make now to pay off your debt will eventually end. 

Use a Money Management System 

Use a money management system to reconcile what you’re spending and what you’re earning at least once every two weeks. There are several systems that you can use to facilitate this process

Having a money management system will make it easier to track and cut down your expenses. The goal is to generate an excess each month to pay down your debt. Ensure that each creditor receives something each month until the debt is cleared.

Keep Your Credit Report Clean

These days, you can get a credit report free of charge from various credit bureaus.  

It’s important to track your credit score so you can identify any errors on your report. Remember that you’re well within your rights to contest these inaccuracies. You can even hire a company to go after the erroneous credit charges on your credit report and start cleaning up your credit profile. 

Generate Extra Cash 

The easiest way to generate extra cash is to look for surplus items around your house. This includes all the unnecessary possessions that you’re hoarding, like sports equipment, artwork, CDs, books, gaming systems, a motorcycle or an extra car. You can sell a lot of this stuff online or locally through a garage sale or word of mouth. The extra cash you generate can help you pay off your debt faster. 


Paying off debt is not something you can necessarily fix overnight. It’s crucial to be patient and take small, incremental steps towards your financial freedom.

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