Need to eliminate debt fast?
Pending holiday stress and debt got you down? Try these 7 quick tips to crush debt and keep the season bright.
Debt sucks, so eliminate debt fast
Debt stress can sneak up on anyone—even if you’re not carrying any. Why? Because slipping into debt is as easy as saying, “Just one little splurge…”
One unplanned swipe on a credit card, and suddenly, you’re staring down a mountain you didn’t sign up for. Got hit with an unexpected medical bill? You might feel like you’re renting that MRI for the next five years.
And then, there’s the social pressure to celebrate everything.
Birthdays, anniversaries, retirements? Sure. But don’t forget the gender reveal, the baby shower, the actual baby, the baby’s first birthday…then it’s Halloween, Thanksgiving, Hanukkah, Christmas, New Year’s…where does it end?
Spoiler: it doesn’t—unless you make it.
So, if debt has crept in like a holiday guest who missed the “go home” memo, it’s time to kick it out. Try our 7 quick tips to eliminate debt FAST and keep your finances stress-free.
How to eliminate debt fast
Save for true emergencies—like medical issues or natural disasters—most of us rack up debt trying to fill a void. Trust us, we’ve been there! That itch to buy, buy, buy when we can’t afford it? It often hides something unsettled in our past, present, or future selves, whispering, “Hey, this will make you feel better!”
After years of soul-searching, we realized that our debt wasn’t just about overspending; it was about making up for years of hiding, bullying, and staying in the closet as young gay boys. When we finally came out, we celebrated our freedom like it was going out of style—and so did our credit cards!
Our newfound freedom (and credit limit) found a home in the dance clubs. Those neon lights and late nights made us feel like we belonged for the first time. But here’s the twist: we feared that our new tribe might reject us if we didn’t live up to the “fabulous” life. So, we spent and spent—until the debt caught up.
So, what’s your void? Only you can answer that, but if you don’t dig deep to understand what’s driving your spending, you’ll find yourself stuck in a debt spiral with no end. Like any addiction—whether it’s to alcohol, shopping, or the thrill of one-click purchases—debt can be a symptom of something more profound.
To break free from debt, get crystal clear on the root cause. What’s that emotional itch that keeps you reaching for your wallet?
Then, tackle debt head-on with honesty, strategy, and a commitment to a fabulous, debt-free life.
1. Learn your ‘why’
What’s your why? Why do you want to be free of debt?
Let’s face it: millions of people are fine paying $1,000 to $5,000 a year just to keep up with their debt. We, however, were spending a whopping $10,000 annually in interest alone on $51,000 of credit card debt! That’s ten grand every year—just gone, with nothing to show. No luxury trips, no retirement nest egg, nada. For us, it became clear: we’d rather kiss that debt goodbye and put that money toward things we truly care about, like vacations, a secure future, and the occasional well-deserved margarita (preferably on a beach).
Knowing your “why” is essential, mainly when sticking to a debt-free plan, and starts to feel as fun as watching paint dry. Creating a debt repayment plan and lowering your interest rates are significant steps, but paying down debt can still feel like a marathon—one where the finish line moves every time you get close. That’s where your “why” swoops in like your personal coach, nudging you forward when your old habits come calling.
After plenty of self-reflection (and probably a few too many late nights at the club), we realized our disco days were fun but weren’t feeding our souls. When we peeled back the layers, we wanted a secure retirement, more time exploring the world, and the chance to give back to your community. Living disconnected from these values was making life more complicated, not easier. Once we had that clarity, the motivation to become debt-free became stronger.
Everyone’s motivation is different, but when you have a strong “why,” the path forward is more apparent. When we’re tempted to slip back into our old spending habits, we ask ourselves: “Would we rather grab a margarita here in [insert current, not-so-exotic U.S. location] or be sipping one on the beach in Puerto Vallarta?” Spoiler alert: PV always wins.
Whatever fuels your fire, keep that vision front and center. Picture it clearly and use it as your secret weapon when things get tough. And remember, the right plan is key. Our motivation lasted over two and a half years because we clung to our “whys”—our dreams of travel, security, and community. That’s how we finally conquered $51,000 in credit card debt. If we can do it, you can too.
2. Stop accruing debt
Let’s be honest—no debt repayment plan on Earth will work if you keep piling on more debt. It’s like emptying a bathtub while the faucet’s still on full blast.
Imagine this: you’re knee-deep in a DIY plumbing project (because YouTube convinced you, “How hard can it be?”), and suddenly, bam—a pipe bursts. Water’s spraying everywhere; before you know it, it’s raining in your kitchen. Your first instinct? You go full Dutch-boy mode, finger in the hole, hoping you can hold back the flood. But spoiler alert: it doesn’t work, and now you’ve got one soggy finger and a full-blown disaster on your hands. You can grab all the buckets and towels you want, but they’re as helpful as a screen door on a submarine.
The only solution? Stop the water at the source. Turn off the pipes!
The same goes for debt. If you’re serious about getting out of it, you’ve got to stop adding more. Otherwise, you’ll be working double-time to make progress and wondering why you’re constantly treading water instead of moving forward. Close your financial “pipes”—put the credit cards on ice (maybe literally!) and say no to anything that’s not essential.
When you stop the inflow of new debt, every payment you make brings you closer to debt-free. Only then will you be able to confidently tackle the debt and make your dream of financial freedom a reality.
3. Do a spending analysis
Next up, it’s time to analyze your spending. Don’t worry; this isn’t like dissecting a frog in high school biology—although the results might be just as surprising (and a little slimy).
The truth is, most of us don’t know where our money goes each month. We might have a vague idea (“I think I spend around $50 on coffee?”), but those “little” expenses add up faster than a Kardashian’s Instagram likes. The good news? Usually, there are only one to three big-ticket outliers in your spending. These are the budget busters that, if reined in, can make your debt-free dreams a lot more realistic and achievable.
Think of it this way: if your spending habits are a giant pizza, these outliers are those extra toppings you didn’t need but ordered anyway—the truffle oil, the artisanal cheese, the fancy mushrooms. Delicious? Sure. Necessary? Not so much. Reining in just a few of these outliers can make a huge difference in your debt-elimination journey without forcing you to survive on instant noodles and tap water.
So, grab your bank statements, a highlighter, and maybe a glass of wine for moral support, and start tracking where those dollars are slipping away. The more you uncover, the faster you’ll realize which areas need tightening. Once you identify those sneaky culprits, you can start making smarter spending choices that get you closer to debt freedom without sacrificing all the little joys in life.
4. Save $500 – $1,000 for emergencies
Life happens, and let’s be honest—it rarely unfolds in a neat, straight line. It’s like a squiggly doodle with unexpected loop-de-loops and the occasional banana peel. Just when you think you’re on track, an unexpected expense pops up like the surprise twist in a soap opera. That’s why, before tackling debt, it’s essential to set aside a little “oops fund”—$500 to $1,000 just for emergencies.
Think of this fund as your financial bubble wrap, cushioning you from life’s little “gotchas.” When your car battery dies in the middle of nowhere, or your dog decides to swallow something questionable, this stash keeps you from reaching for the credit card. It’s the difference between a temporary setback and a full-on financial derailment.
Building this mini-emergency fund will give you a cozy budget cushion so you can progress on your debt without the constant two-steps-forward, three-steps-back dance. Once this cushion is in place, you’ll have the peace of mind to tackle debt with gusto, knowing that life’s hiccups won’t completely knock you off course.
So, stash away that emergency cash pronto. It’s your first line of defense against chaos, and trust us—it’s way more effective than crossing your fingers and hoping nothing goes wrong.
5. Use the Debt Lasso Method
The Debt Lasso Method is the not-so-secret sauce that helped us rope in $51,000 of credit card debt in less than three years. And we’re not alone—this method has guided others in paying off over $500,000 in the past two years. Why? Because it’s more effective than the Avalanche Method, easier on your wallet than the Snowball Method, and way more satisfying than watching your balance barely budge month after month.
If you’re ready to take control, grab your lasso (or calculator) and follow these steps:
1. Commit to the No-Debt Pact
Promise yourself: no more debt. None. Nada. Zilch. Then, set a specific dollar amount you’ll add to your net minimum payments every month. Every. Single. Month. No skipping, no cheating.
2. Trim the Low-Hanging Fruit
Start by tackling any cards you can pay off within a month or two using your committed payment amount. These quick wins will boost your morale, slim down your credit statements, and give you a taste of what’s to come.
3. Lasso Your Debt into Fewer, Lower-Interest Locations
The goal? Corral your debt into as few places as possible with the lowest interest rates. Think of it as consolidating your debt “herd.” Use 0% interest balance transfer credit cards or a low-interest personal loan to reduce interest costs and keep things manageable.
4. Automate Your Payments Like a Well-Oiled Machine
Set up automated payments for all your bills, including that committed minimum payment. Let automation be your best friend here—because the fewer steps between you and paying off debt, the better.
5. Monitor, Adjust, and Keep Up the Momentum
Keep an eye on your finances to ensure your automated payments work smoothly. When one card bites the dust, redirect those payments to your next target like a true debt-wrangling pro. Every payoff milestone deserves a little celebration, but don’t get too cozy—you’re not done yet!
The Debt Lasso Method isn’t just a strategy; it’s a way to regain control over your financial life and ditch debt faster, cheaper, and more effectively than any other method. Saddle up and lasso those balances—you’ll be debt-free before you know it.
6. Put all extra money toward debt
Here’s the deal: every time you free up a dollar—whether trimming expenses, reigning in that takeout habit, scoring a lower interest rate, or cutting back on the “I-deserve-this” splurges—that dollar has a mission. And that mission? Laser-focus it straight onto your credit card balances. Think of it as enlisting every penny into your “Operation Debt Freedom” fund.
And don’t stop there! Any windfall, however big or small, gets drafted into the cause. Tax refund? Bingo—direct deposit to debt. Bonus from work? Straight to your balances. Pay raise? Awesome—your credit card issuer will love that extra payment. Promotions, holiday checks, birthday money from Aunt Martha, who still thinks you’re 12—all of it goes toward wiping out that debt until you’re officially in the clear.
Yes, we know. Spending that tax refund on vacation sounds much more fun than handing it over to your credit card company. But remember: with each extra dollar you throw at your debt, you’re buying yourself a life with zero credit card chains, no minimum payments, and much more peace of mind. And imagine how sweet it’ll feel when every dollar you earn is finally yours again. Now that’s worth every extra cent you can muster.
7. Send it before you spend it
To get different results, we’ve got to break out of our old, debt-friendly habits. And trust us—as former “debt enthusiasts,” we know how tricky this can be. We’ve been there, done that, and then done it again. Case in point: David loved using his credit card even when we had cash because he liked the feeling of having money. The thrill of seeing that little pile of dollars in his wallet? Hard to resist! But here’s the catch: it kept us spinning our wheels in debt.
So, let’s talk about a little mantra we call “send it before you spend it.” What does that mean? Simple. As soon as your paycheck hits your account, send out those payments! Pay every bill you can immediately—even before the due dates roll around. Yes, you read that right. Take control by paying up front. For extra convenience, you can even call your service providers (cable, phone, and so on) and ask them to adjust your payment dates to align with your pay cycle. This way, you’re consistently covering your bases as soon as you have cash.
If you’ve consolidated your debt, this becomes even smoother. With one monthly payment, managing your budget and avoiding the “oops, forgot that bill” moment is more accessible. By sending it before you spend it, you’re setting up a system that makes paying your bills feel less like a chore and more like second nature.
And the perks? On-time payments are like magic for your credit score. Plus, it means you can kiss those nagging “you missed a payment” calls goodbye. Credit card companies and bill collectors won’t be calling you; instead, you’ll be able to focus on the things that matter—like crushing your debt for good.
So there you have it—our seven tried-and-true tips to wipe out debt fast. No gimmicks, just real steps to help you build a life where your money finally works for you.
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