3 Tips to Effectively Pay Off Your Debts Faster


When you have a lot of debt, you feel as though you are constantly under pressure. Some people describe the sensation as drowning in debt, and the experience can have serious physical effects on your health.

There is no question that paying off your debts will help you in many ways. You will be able to control your finances and plan for the future while having more to meet your current needs. You will have fewer worries in case you have a minor emergency, such as a flat tire. And you will feel better, physically, emotionally, and spiritually. Here are three great tips that will help you to pay off your debts faster.


No matter what point you are at in your life, you should have a budget. Many people feel that they can’t figure out a budget until they have more money, but it doesn’t matter how much you make when it comes to living on a budget. People with few resources and high net worth individuals all need to know how much money is coming in and how much they are spending.



Figuring Your Income

The first thing you need to do when making a budget is to gather all your financial information. Figure out how much income you can expect every month from each source, including your regular salary, overtime pay, child support, and any other way you make money.

Monthly Expenses

Then figure out how much it costs you to live every month. Expenses will include but are not limited to

  • your rent or mortgage payment
  • any utilities, such as electricity, sewer, and water
  • groceries
  • cable and/or internet
  • child support or alimony you pay
  • installment loans, such as a car loan
  • other loans or credit cards
  • and entertainment.


Figure out what is most important and which bills need to be paid off first. Make a plan so you know that everything is covered and you are working toward your financial goals.

Stop Spending So Much

What are you paying too much for? What could you live without?

Credit Cards

You may be able to lower your interest rate just by calling and asking. Interest rates on credit cards tend to be higher than for other loans, so you could save a great deal of money by lowering your rates. If they say no, it costs you nothing to ask.


Do you need all of it? Some people keep cable even though they only watch streaming services. Consider what you use and how much you really need. If you do decide to keep your services, you may be able to get a better price by calling and threatening to cancel.

Eating Out/Other Expensive Habits

Do you buy breakfast or lunch every day? Do you spend $5 for a coffee every morning? You can save a lot of money by making your own coffee and bringing lunch.

Pay Off the Debts With the Highest Interest First

This is strategic and will save you money while helping you to get your bills paid down more quickly. Not only that, you will find that every major success will give you a needed boost of confidence and help you to stay within your budget. Living within a budget takes discipline, and it becomes easier when there are rewards you can see.

You can use a debt repayment calculator to see when you can expect to be debt-free if you follow your plan. Simply enter the information, such as the amount of the debt and the interest rate, so you can estimate the time it will take to pay the debt completely.


You don’t have to figure it all out yourself. Companies like debtry can help you organize your debt and learn more about relevant financial issues. You can create an account at https://www.debtry.com/ so you can keep track of everything in one place and get personalized help. It is never too late to take control of your own financial future.