Accumulating debt is easy but paying it back does not always seem to be as easy. Part of the problem is not having the money in the first place. Therefore, debt becomes a part of our daily life expenditure. In certain cases, if not managed right, debt can take a life of its own. But we have to be responsible adults and take care of bills including debt we owe.

If managed right, we can develop a seamless way to pay off the debt owe. For many people, credit card debt is something they worry about, and for some it’s how to pay off tens of thousands of dollars of student loan debt. There are other types of debt that we as a adults incur including medical debt even though we may have health insurance. These and other debts are something that must be paid in order to maintain our credit health. Yet for whatever type of debt it may be, one must develop a strategy in order to pay off what’s owed. And believe me, there is no feeling like knowing that you are debt free. It’s not always easy but it must be done.

Some people have accumulated so much debt that they have no idea how to pay it all off. Yet many buckle down and get it done because it is very necessary and the right thing to do. I want to share with you some people did it so that if you’re struggling with tens of thousands or even over a hundred thousand dollars of debt you can feel inspired and motivated to pay it off in record time.

It is totally possible to pay off over ten thousand dollars of debt per year, as long as you’re committed and you follow certain strategies.

The first might seem a little obvious, but a lot of people don’t do it. And that’s maximizing your income. It’s no secret that the more money you have, the easier it is to pay off your debt. The first thing you should do is maximize what you’re already earning. This might mean working overtime or taking extra shifts, or it might mean negotiating your salary for higher pay. The most important thing is just that you increase the amount of money coming in and you put it towards your debt.

The second tip that you should do after increasing your income is to keep living a frugal life the ways things were, like a student, before you started making more money. Resist the temptation of going on a spending binge when you start earning more money. For those graduating students with student debt, it may be a good idea to remain living like a student for the time being in order to allow you to save enough of your income to pay off your debt obligation. Having that first job does not mean go out and buy a car or buy a house. If you maintain the same lifestyle of a student or something close to it, at least for the time being, it will allow you to minimize your monthly expenditure and maximize your savings. It may mean just staying in the same apartment or something close to it after you graduate in order to keep the same expenses, paying the same bills that you had as a student. By not inflating your lifestyle, your money will go a lot further — especially because you don’t have to pay student expenses anymore! When you’re trying to pay off debt, it will require some sacrifices in lifestyle, but remember it’s only for a short time and you can absolutely do it. You should be spending at least 15% of your net income on repaying your debt. If you’re not it’s time to increase those payments until you are. It may seem impossible or unattainable right now but with sacrifice and persistence, one can get it done.


The third tip I suggest is to use cash windfalls towards your debt and what I mean by cash windfalls are unexpected large amounts of cash that can really put a dent in your debt. Because I paid for my school myself, I had tons of tuition credits at tax time. This means when you file your income taxes, and get a fairly large return, you can put that money to a good use . Instead of taking it to plan on a trip to say the Caribbean, Mexico or buying yourself some designer clothes or a new computer, put some if not all towards paying your debt. This will allow you to pay off thousands of dollars in one payment. If you receive any kind of unexpected large amounts of cash, whether it be from a tax refund, an inheritance or even birthday money, don’t blow it! Use it towards your debt.

Finally, one of the best things you can do is devote a single income stream towards debt repayment. This goes hand in hand with the earning more income. If you can find a second or part-time job, or a hobby that you can do for money, use that just for debt repayment. You can start an online line business like Internet Marketing or affiliate sales to augment your income. You can therefore devote the extra income which may give you extra hundreds of dollars more each month to put towards your debt. There are other ways to make extra money to help you towards your goal of becoming debt free. If you can find a small but consistent income stream, direct that entire income towards paying off your debt and you’ll see the balance go down super fast.

For those with multiple debt, debt consolidation may be an option to pull your debt under one umbrella to make it easy to make one payment towards paying off your debt. There are many reputable companies out there that can help you towards that debt freedom. America’s #1 debt resolution company. Let us help you be debt free faster.

Altogether, these strategies will let you pay off $10,000 or more of debt each year. It might seem impossible now, but you can pay your debt off. If you need any extra help you might want to check out other free Debt Crusher online courses that will be equally beneficial in mapping strategies to help you conquer your debt burden in no time.

If you find this interesting and/or useful, drop a comment. You can also leave a comment below letting us know how much debt you have, and what you’re doing to pay it off. Maybe, others may find it inspiring to help motivate them to take the first step towards being debt free and achieve financial independence for a better fulfilling lifestyle.

Get your free credit scores! ClickYourScores.com

America’s #1 debt resolution company. Let us help you be debt free faster.