8 Tips to Get Rid of the Debt on Your Head

Are you worried about the debt that is suffocating you? Do you get a headspin every time to check your finance and account balance? If yes, then bear with this article until the end to find the right way to get rid of the debt. I have ensured to cover all the points required to ease you out of the pile of debt on your head.

8 Tips to Get Rid of the Debt on Your Head

Be patient enough to go through the process with consistency and emerge out of the situation with flying colours.

1. Enlist your Debts

The right approach towards debt eradication is by counting your debt. I suggest you take a pen and paper or a spreadsheet to pen down every penny that you need to pay off. After that, organise this debt according to the time left to pay it off along with the interest rate that can accumulate with time. It will help you create a list of your debts with the urgency and priority to pay them off.

2. Avoid More Debt

As obvious as it is, you need to avoid creating more debt on your head otherwise you will be stuck in the vicious cycle of debt with no way out. Make sure you eliminate all the expenses that bring in debt and you can focus on your needs rather than wants. Once you spend some time on the bare minimum, you can get onto the life you think you deserve.

3. Budgeting

The next thing you need to do is create a budget for yourself and everything around you. Limit every expense you need to make in the upcoming time like grocery shopping, travel expenses, entertainment, shopping and more. Sit down to ponder over the cheapest ways to get these things done and I am sure you will be able to find them.

4. Increase your Income

Budgeting can help only when you have room to trim your expenses but what if you already are living on the bare minimum? If this is the scene with you, then focus on increasing your income by taking on some part-time job or something. When you have multiple sources of income, you can make better financial decisions.

5. Pay as much as you can

While you are paying off debt, make sure to pay off as much as you can. Not less and not more. It is really important to save the interest accumulating on the principal amount you have taken so pay off as much as you can to avoid paying more than necessary. On the other hand, if there is no interest that you need to pay, agree on a fair monthly amount that does not feel heavy on your pocket and you can ease yourself out of the debt.

6. Consider consolidating your Debts

If you need to pay off multiple creditors, try consolidating them into a single debt. There are many ways to do it and you can explore the one that suits you best. The easiest way to do this is to ask one of your friends to make the payments for you in one go and then pay her off slowly. On the other hand, you take help from one of your creditors to pay off the others leaving you with only one creditor to pay eventually.

7. Consider Credit Counseling

Although I hope you don’t need it if you think your finance is screwed up too much for you to handle on your own, consider taking credit counselling. It is always a great idea to take financial advice from someone who is professionally trained to do it. He or she can help you form the right plan according to your specific situation to get rid of your debt.

8. Mindfulness of your Credit Score

There is one thing we often miss and that is our credit score. Whenever we are paying off our debts, we need to ensure that we are keeping our credit score in mind. Late and partial payments can lead to a drop in our credit score which can make it difficult to get a loan in future.


In this article, we learnt about the 8 ways to get rid of debt which has been accumulating on your head for so long. All you need to do is have a foolproof plan, consistency and determination to reach the end goal. I am sure, if you do all this, you will surely become debt free soon.

Please share this article with people you know who are always burdened with debt.

Also Read:

Top 5 Financial Mistakes to Avoid in the New Year 2023

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Words help me express the unsaid and we have come a long way while walking hand in hand like that so now I write about anything and everything that ignites the spark of inspiration in me.

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