Creating debt seems to have become a national pastime. Indeed, staying debt-free is virtually unheard of these days. We’ve gotten so used to buying everything on credit that buying something any other way is just weird. 

Unfortunately, there comes a time for most people when having too much debt puts them at risk of not being able to pay the bills and stay afloat. If this sounds familiar, your debt is out of control and you need to do something to get a handle on it fast. 

Be Strategic in Your Repayment Planning

The first thing you need to do is figure out just how far in debt you are. Many people have no real idea of how much they actually owe. Start by making a list of your creditors and include the balances due and the interest rate associated with each. 

At this point, you can get debt help from a professional or you can make a strategic plan and do it yourself. If you choose to handle it yourself, you have a couple of options for paying down your debt. You can start by paying off the smallest bills first to get them out of the way, or you can tackle the ones with the highest interest rates to save yourself money in the long run. 

Create a Bare-Bones Budget

During times of financial strife, the best thing you can do is create a bare-bones budget. This means cutting your weekly or monthly spending as much as possible to free up money to pay off your debt. While this isn’t a long-term solution, it will help you get started on your journey to financial freedom. 

Consolidate Debt

If you have a lot of high-interest debt, you can lower your monthly repayment obligations by consolidating their balances onto one balance transfer credit card with a lower interest rate or taking out a personal loan, again, with a lower interest rate. 

In many cases, these balance transfer cards and some personal loans come with 0-percent interest for a set number of months, which gives you a lot of time to pay off the balance without accruing any interest. Just be wise about taking this route. Whatever you don’t pay off in the no-interest period will be subject to an interest rate (usually quite high) once the introductory period is over. 

Get Another Job

One of the quickest ways to pay off your debt is to get a side job that brings in a few extra hundred each month. Thankfully, the internet makes it easier than ever to find all kinds of part-time jobs to work in addition to your full-time one. Whether it’s cutting grass around the neighborhood, cleaning houses, or working online from home, paying down your debt this way gives you a sense of pride for working so hard. 

Stop Digging Yourself into Debt

Finally, the last tip we have for you is to stop digging yourself in deeper. Just because you qualify for another credit card doesn’t mean you should get it. Think about using cash or a debit card to buy the things you need. If you don’t have the money in your account to buy something, you shouldn’t buy it just yet. Your debt won’t go away on its own, and the only way out of it is to stop spending and do something proactive. 

If your debt has gotten out of control, try the tips above to help you reign in your spending and regain financial freedom.