6 Steps to Get Out of Debt in 2025

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Key takeaways

To pay off debt effectively, list everything you owe. Then, figure out what you can afford to pay.
Find a repayment strategy that works for you. Consider debt consolidation, negotiating a settlement, or enrolling in a debt management plan.
Build an emergency fund so that you do not need to borrow and can continue to live debt-free.

The holiday season is often expensive. There are gifts to buy, parties to host, and family to visit. It can all add up to spending too much.

Gallup’s November survey found that Americans plan to spend an average of $1,014 on gifts alone for the 2024 holidays. That’s not counting food, travel, or New Year’s Eve celebrations. If you put these purchases on credit cards, you may end up with very high bills that you can’t pay.

As the new year begins, it’s a great time to set financial goals and get out of debt. Here are the first steps you can take to become debt-free in 2025.

List all you owe

The first step is to take a hard look at the numbers. You need to see the full picture to find the best way to get out of debt.

List all your current debts. Include credit card balances, loans, medical bills, etc. Write down all the balance, interest rates, minimum monthly payments, and due dates.

Now that you know how much you owe, you can figure out how to pay it off.

Assess your finances

You know you owe money, but how much are you making? How much can you afford to pay creditors each month? What is your credit score? If you don’t know the answers to these questions, it’s time to figure it out.

List all your sources of income. Include child support, alimony, or government benefits. Then, list all essential expenses – rent, utility bills, phone bills, groceries, etc. Now, look at how much you have left.

A portion of this money should go towards savings – more on that later. Some should be fun money to spend however you like. But if you’re serious about getting out of debt, the majority should go towards your creditors.

Financial experts recommend that 20% of your income goes toward paying down debt. The more you can afford to pay creditors each month, the sooner you’ll be debt-free.

Stop borrowing money

You need to stop borrowing money to get out of debt and stay that way. Cut up or freeze your credit cards. Pay for everything in cash or with your debit card. You can continue to use credit again only when you have repaid everything you owe.

Call your creditors to reduce debt

People don’t realize this, but companies are willing to negotiate. Call your credit card company, hospital billing office, or utility provider and explain your situation. Be honest and polite. Clearly express your commitment to paying what you owe and ask for any available options they might offer. They may be able to lower your interest rates, extend your due date, defer payments for a set period, or offer a payment plan. Consumers who are current on payments have high success rates when it comes to negotiating with creditors.

Credit card companies often prefer to work with you rather than risk non-payment. They know that your priority is paying your rent so you’re not evicted, not your credit card bill.

Commit to paying off debt fast

Paying off debt fast requires dedication and a structured approach. The right solution is different for everyone. It depends on how much debt you have, your credit score, and how much you can afford to pay each month. Here are six tried and true strategies to choose from.

Debt consolidation loans

Debt consolidation loans combine multiple debts into one. They simplify repayment with a single monthly payment, making you less likely to miss due dates. The single payment alone can be a relief, but they’ll often lower your interest rate, too. Most debt consolidation loan interest rates are lower than those of credit cards. Consolidation loans can be cost-effective if you have a lot of high-interest debt and are struggling with too many monthly bills.

The catch is that you often need a good credit score to secure a consolidation loan with a low APR (annual percentage rate). Loans can also have fees, so you need to assess whether the costs are worth it.

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Balance transfer cards

Balance transfer credit cards allow you to transfer existing card balances to a new account with a low or even 0% introductory rate for a specified period. If you pay off your balance during the introductory period, you’ll pay nothing or very little in interest. It’s a great way to save money.

Balance transfer cards are ideal for consumers with good credit scores who can repay the transferred balance in full during the introductory period. This initial period lasts anywhere from 12 to 21 months. After it’s over, the APR will shoot up to normal.

The other problem with these cards is that they come with a balance transfer fee, usually 3% to 5% of the amount transferred. Depending on your situation, it can be well worth paying this fee to stop paying interest on your outstanding balances.

Snowball or avalanche methods

You don’t need to apply for a new loan or card to get out of debt. You can tackle it all on your own. Implementing the snowball or avalanche methods is the most effective way to do so.

In the snowball method, you list your debts from smallest to largest. Make the minimum payments on all bills, but put all the extra money you can toward the smallest one. Once you pay off the smallest account, move on to the next smallest. Continue to do this until all your debt is gone. The main benefit of this method is that it provides quick wins. Paying off one balance in a few months can be a strong motivation to keep going.

If saving money motivates you, then the avalanche method is the better choice. Here you again list your debts, but this time from largest APR to smallest. Make minimum payments on all bills, but put any additional cash towards the account with the highest APR. Once you’ve paid it off, move on to the next highest APR. This method eliminates the most expensive debts first, so you save money on interest.

Both methods are equally effective. Choose the one that motivates you the best, so you will stick with it. Some people use a combination approach. They start with the snowball method for quick wins and then move on to the highest interest-rate debt once they’ve got the ball rolling.

One key to success is not reducing the amount of money you put towards your debts. Keep the amount steady, and you’ll get out of debt faster.

Too much credit card debt to handle?

What would happen if you stopped paying?

Debt settlement programs

Debt settlement is an option if you are significantly behind on your bills, do not see any other way out of debt, and can afford a lump sum payment. With debt settlement, you pay your creditors an agreed-upon amount less than you owe. They forgive the remainder. This method is also known as credit card debt forgiveness.

You can work out a settlement on your own or hire a debt settlement company. Debt settlement companies have experienced negotiators who work out a deal on your behalf.

Debt settlement programs only work with unsecured debts, such as personal loans, credit cards, and medical bills. They do not work with auto loans, mortgages, or federal student loans.

Settling may sound ideal, but it has negative consequences. The account will be marked on your credit report as ‘settled for less.’ This notation hurts your credit score and will make future lenders wary of working with you. The IRS considers forgiven debts over $600 taxable income. Lastly, if you work with a debt settlement company, they will charge a fee of 15% to 25% of the original amount enrolled. Carefully evaluate whether the relief outweighs the consequences.

Debt management plans

Debt management plans (DMPs) are a good choice if you’re in over your head with consumer debt and need expert advice to get back on track. DMPs are offered by non-profit credit counseling agencies. You will work with a certified credit counselor.

When you enroll in a DMP, the credit counselor will roll all your debts into one with a single monthly payment. It’s like with a debt consolidation loan, except you don’t need a good credit score. The counselor will negotiate with your creditors for reduced interest rates and waived fees to make your monthly payments affordable. You pay the agency, which then distributes the money to your creditors according to the agreed-upon payment schedule. Follow the DMP, and you’ll repay your creditors in three to five years.

Debt management programs come with fees, but they are often low and can potentially be waived depending on your income. Most DMPs will also require that you close your existing credit accounts. You will have a hard time opening a new account or taking out a loan until you complete your plan.

While the lack of access to credit is a major drawback for certain consumers, there’s good news. Complete a DMP, and your credit score should improve. You will be debt-free with a higher score and access to better credit products.

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Bankruptcy

Bankruptcy offers a fresh start. It may be the answer if you have no way of paying your creditors, already have delinquent accounts, or have accounts in collections.

As an individual, you can choose between Chapter 7 and Chapter 13 bankruptcy. Chapter 7 bankruptcy allows you to discharge most unsecured debts by liquidating non-exempt assets. Chapter 13 has you restructure your debt into a court-approved repayment plan. These plans typically last three to five years, but you’ll keep your assets.

Consider bankruptcy a last resort since it severely impacts your credit score and stays on your credit report for up to ten years. Consult a bankruptcy attorney to understand its implications fully.

Build your emergency fund

Now that you have a repayment plan, it’s time to build an emergency fund. An emergency fund is a financial cushion that protects you against unexpected expenses. It reduces the need to borrow, helping you live a debt-free life.

Most experts recommend having three to six months of living expenses saved up. This number can be too big if you’re working on getting out of debt. That’s not to say you should ignore building up savings. Only that you should start with a smaller number, say $1,000. After you’ve saved up $1,000, return your focus on paying off your debts.

Once you have your debts under control – not fully paid off – start to save money. Even just putting aside $20 a month can build up enough cash for emergencies over time.

Save or pay off debt?

Find out how you can do both!

Frequently asked questions

1. How can you pay off debt when you are broke?

To get out of debt when you’re on a low income, start by cutting non-essential expenses like subscriptions or buying coffee. Look into side gigs like Lyft or TaskRabbit for extra income. The goal is to free up money and put it towards paying creditors. You should also contact creditors to negotiate lower payments or hardship programs.

2. How can you get out of credit card debt?

The best way to get out of credit card debt is to make extra payments. You have to pay more than the minimum every month. Only paying the minimum means you’ll accrue more interest and owe money longer. To help with this, you can call your creditor and ask if they can lower your interest rate or put you on a payment plan. Consider a debt consolidation personal loan to help reduce interest and simplify your payments.

3. How does debt consolidation work?

Debt consolidation rolls multiple debts into a single loan with a lower interest rate. It simplifies your payments and potentially reduces the amount of interest you pay. The streamlined payment can help you eliminate debt faster.

4. How does debt relief work?

Debt relief is anything that helps make debt repayment easier by adjusting the amount you owe or modifying the terms. It covers consolidation loans, negotiating a lower interest rate, or debt settlement.

Bottom line

The start of a new year is the perfect time to get out of debt. Make it your resolution to change your spending habits and achieve a positive bank balance. Stop buying on credit and figure out how much you can pay your creditors each month. Then, find a payoff strategy that works for you. There are plenty of ways to become debt-free. Not every method works for everyone. Try a plan, and change it if you find it’s not working.

It can be hard to pay off debt, save money, and live within your means, but anyone can do it. The important thing is to put your mind to it, and before you know it, you’ll be living a debt-free life.

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Rachel Alulis

Rachel Alulis has been the lead editor for Moneyfor’s credit cards team since 2015 and for the financial rewards team since 2023. Before joining Moneyfor, Rachel worked at USA Today and the Des Moines Register. She then established a successful freelance writing and editing business specializing in personal finance. Rachel holds a bachelor’s degree in journalism and an MBA.