Debt is a problem that affects many people in different ways. It can lead to stress, anxiety, and other emotions. Many people use debt consolidation services to get rid of their debt and prevent themselves from getting into more debt, possibly because it’s challenging to get a loan for another big purchase.

 However, some people don’t want to pay all their debts and would rather pay off more manageable amounts over time. This is why we’ve put together six options that will help you find a way to get rid of debt quickly without having to make those large payments.

1. Refinance your debt.

If you have a large debt, refinancing your car loan or other loans might be the best way to reduce your monthly payments. You can lower your interest rate and save money on interest payments.

Refinancing consolidates multiple loans into one new loan with a single monthly payment. For example, if you have two vehicles and one personal loan, refinance all three loans into one loan and make one monthly payment. This will reduce the time it takes to pay off the existing loans and make them more manageable for you.

2. Apply for an income-driven repayment plan.

You may qualify for an income-driven repayment plan (IDR) if you have federal student loans. This means that instead of paying the standard 10-15 percent of your discretionary income on your student loans, you will only have to pay between 5 percent and 12 percent of what you make each month. The government pays the remainder based on how much they expect you’ll earn after graduation and whether or not they expect you to earn enough during your career to repay those loans in full.

3. Reduce expenses where possible.

If you don’t have enough money to pay off your debts, try consolidating them into one loan instead of taking out multiple loans with different interest rates and balances. This way, when one loan is paid off, it will save money since you won’t have any more payments left on each other loan that has been consolidated into

4. Ease into a budget.

When starting your debt-free journey, it’s easy to slip back into old habits of spending too much on unnecessary items or shopping too often at certain stores. But if you start small by measuring your spending for a few weeks, it’ll be easier to stick to your budget in the long run. Just keep track of how much you’re spending each week — then set new limits for yourself once you’ve finished the experiment!

5. Budgeting

Budgeting is one of the most important things you can do to eliminate debt. It’s not only an excellent way to manage your finances, but it also helps you prioritize what needs to be done and what doesn’t need to be done so that you can spend more time on important things, such as getting adequate sleep, eating healthy foods, and exercising regularly.

6. Paying off high-interest loans first

One way to lower your interest rate on your balance is by paying off high-interest loans first before paying off other loans such as credit cards or home loans. Paying off high-interest loans first will help lower your overall interest rate while also reducing the amount of money that would otherwise have been paid in fees from those high-interest loans over time if you hadn’t paid them off early enough.


Take control of your debt situation by making the most of these six tips. After a few months of disciplined budgeting, you should see your debts decrease. And who knows, maybe you’ll pay them all off before even trying. That’s the power of positive thinking!