How to Get Out of Debt Fast

by Paul Forrest on 2 May, 2012

Don’t Panic!

How to get out of debt fast? If you find that you are slipping into debt, face up to it. The worst thing you can do is stick your head in the sand and hope it will go away. It won’t! The longer you leave it, the deeper you fall and service charges increase.

It is very tempting to ignore those unwelcome letters, phone calls and text messages demanding money from you. Don’t ignore your creditors. The earlier you contact them, the sooner you can work with them to manage your debt.

Cut Expenditure

Look at what you are spending on a regular basis. When you are in debt, you need to rationalise your outgoings. Do you have satellite or cable TV? Decide to downgrade your package or maybe even do without it until you get yourself back on an even keel. Don’t use the analogue TV switch off as an excuse either. Freeview digital set top boxes are reasonably priced, and there are no recurring charges.

Do you have a credit card? Cut it up. Or at least phone your card issuer and ask if they can help you with a lower repayment interest rate. Many banks and card providers will help you; after all, it is in their interest to do so. There are also a number of banks who offer 0% transfers so it could be worth switching to another provider. Be aware of hidden charges though. Find a reliable financial comparison site such as moneyexpert to help you work out your best options.

The same principle applies to insurance companies and utility providers.  Check out the internet for the best deals.

Increase Income

If you find that there just isn’t enough money coming in you might need to look at ways to increase your income.  As the recession bites, getting a second job might not be particularly easy, but there are alternatives. There are many opportunities to work from home. You would generally need access to a computer but even if you don’t have one at home, most public libraries offer free use. If you have a car, you might consider a driving job for a take-away restaurant. They always seem to be advertising.  In addition, bar work is generally available; you can be paid while socialising, although it can be hard work when busy.

Also, look through your cupboards, bookshelves and CD racks. You will probably have possessions that you have not looked at for years. What you consider rubbish, someone else may be searching for. You can make a tidy sum from boot sales or on internet auction sites.

Manage Debt

In addition to reducing expenditure and increasing income, there are a number of practical steps you can take. There are many debt agencies who will be only too willing to help. You should contact your local Citizen’s Advice Bureau. In addition, many churches offer debt advice.  Christians Against Poverty is an organisation that is very active in fighting debt.

Even if you can’t make the minimum payments required by your creditors, at least try to pay some money on a regular basis. Many creditors will be happy to work with you under an informal arrangement. After all, it costs them money to pursue debtors through court.


When you find yourself in debt, write down everything you pay out regularly, including debt repayments. Allow yourself a fixed sum per week, per day, for essentials. Take sandwiches and a flask of coffee to work, rather than lunching in expensive coffee houses, restaurants or pubs. Stick to your budget and you’ll discover how to get out of debt fast. As you gradually clear each debt, then allow yourself a treat. And when you finally get yourself out of debt, keep budgeting so that you can put money away for little treats or saving.


About the Author

Paul Forrest

Paul Forrest is an experienced writer in many fields of interest and we are delighted that he will now be a regular contributor to in 2012.