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5 Ways to Get Out of Debt: Which Will Work for You?Being in debt has a bigger impact on your financial future than you might realize. Bad debts can continue to to haunt you and your credit report for years, especially if you don’t deal with it now. The first step is knowing where you stand. You can monitor your credit easily using Credit.com’s Free Credit Report Card. It provides you with your credit scores, and breaks down the various components of your credit file in an easy to understand way. When you’re ready to do a deeper dive and look at your actual credit reports where you can pull each of your three credit reports once a year for free (though they can be tricky to read and you’ll probably find our Credit Report Cheat Sheet useful).

Once you’ve set your goal to get out of debt, you have to figure out how to achieve that goal. But with so many different experts touting different solutions, how do you pick the one that will work for you? Here are five options:

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DIY Debt Reduction

With the DIY approach, you make the minimum payments on all of your debts except the one you are targeting. There are two main variations on this strategy: the snowball method, and the avalanche approach. With the snowball method you pay off the account with the smallest balance first. With the avalanche approach, you pay off the credit card with the highest interest rate first. Either way, once the first debt is paid off, you apply the payment you were making to the next target debt, and so on until they are all gone.

DIY debt reduction may work for you if:

You have a clear plan and are committed to sticking with it; you are able to stop taking on new credit card debt for the duration of the program; and you have enough cash flow to pay off your balances in approximately 3 years or less. (Any longer than that and you increase the risk that unexpected expenses will derail your plan.)

To make it work:

Create a written plan using a program like SavvyMoney, ReadyForZero or Zilch, all of which will allow you to create a specific repayment plan and try out different scenarios. For some borrowers, for example, the avalanche method may represent significant savings over the snowball method. For others, it’s not a big difference. But unless you run the numbers, you won’t know that and you may leave money on the table by choosing the method that “feels right, ” rather than the one that will get you out of debt fastest.
Another tip: combine this approach with consolidation for maximum savings.


If you are able to consolidate your debts, you will get a new loan to pay off other debts. Then you will pay off the new loan as quickly as possible. You may be able to consolidate with a personal loan or by using balance transfers to low-rate or 0% credit cards. The danger? The new loan will make you feel like you solved the problem, and soon you’ll be pulling out the plastic again.

Consolidation can work for you if:

You are able to significantly reduce your interest rates, and are able to pay off the new debt in roughly three years or less.

Combine consolidation with a DIY debt reduction plan. Put your credit cards somewhere that they won’t be easy to get to, so you won’t be tempted to run up new debt while you’re still paying off this loan.

Credit Counseling

A reputable credit counseling organization will typically review your budget with you for free, and help you figure out if a Debt Management Plan can help you get out of debt faster. If you enroll in a DMP, your credit card issuers will typically reduce your interest rates, and you’ll make one monthly payment to the counseling agency, which will then pay each of your creditors. According to the most recent Transparency Project report from Cambridge Credit Counseling, clients received interest rate reductions averaging 14.49%. As a result, the average new client’s payment was $141.58 less than what they had been paying on their own.

A DMP may work for you if:

Your creditors lower your interest rates enough to provide breathing room in your budget, and you have enough income and cash flow to pay back your debts in five years or less.

Interesting facts

  • The Hebrew Free Loan Society of Greater Philadelphia (HFLGP) provides interest-free loans to members of the Philadelphia Jewish community in need. Founded in 1984 as the Hebrew Free Loan Society at Beth Sholom and housed at Beth Sholom Congregation (Elkins Park, Pennsylvania), by 2006, over $2 million in loans had been granted from its...
  • Banking Ordinance are a set of laws passed by the Legislative Council of Hong Kong to tighten restrictions for opening up or licensing a bank. Prior to the 1964 re-regulations, the government had no way to control bank's monetary effect on the economy. It also had no way of protecting the people utilizing the institutions. Banking was...

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