Not all of us make six figures which means paying off debt can be tough. But it’s not impossible.

The easiest and fastest way would be to win the lottery, we all dream of that, don’t we? Probably not going to happen. So what do you do? Where do you begin?

We’ll show you how to get out of debt, even on a low income.

Getting Out of Debt Fast

There are ways of getting out of debt fast but it probably won’t be as fast as you think or want it to be.

It will take a lot of dedication and commitment, not to mention will power to train yourself to new ways of spending and thinking.

Obviously, how fast you can get out of debt depends on the amount of debt you have to start with and the amount of money you have at the end of the month to put toward that debt.

  1. First, gather all your bills together, find a comfortable place to work and start by making a list of all your outstanding debt. Make it as detailed as you can with company name, address and phone number, amount owed and account numbers. Right now it doesn’t matter what order you have them in, just get everything written down.
  2. The next thing to do is recompile your list of outstanding debt with the smallest bills at the top of the list and the largest bills at the bottom.
  3. On a separate piece of paper write down all of your household monthly bills like mortgage or rent, and entertainment. Yes, even entertainment, no one ever said that if you owe other people money that you can’t have fun again until you are out of debt.
  4. Now add them up so you know how much money you need to have to live in your house for the month.
  5. Now calculate your monthly income. You are going to do this because you need to figure out how much money can be put toward your outstanding debt each month. So figure your monthly income as precisely as you can to accomplish your goal of getting out of debt fast.
  6. When you have figured your monthly income, subtract the total monthly bill amount and see what’s left over. This left over amount is what you will now work with to start whittling down your outstanding debt.
  7. What if there is nothing left over? Or less than nothing? Well, you can try to cut back on your monthly expenses or bring more money into the mix by working some overtime or even taking a part-time position for a while until you get things under control.
  8. These days jobs are hard to come by so, if you have one, the overtime idea is probably the best.
  9. Start with the smallest bill. Put the left over amount toward that one bill and pay it off.
  10. Put that same amount toward the next smallest bill.
  11. Work through your list this way down to the largest bill.

Be diligent and before you know it you will have people asking you for advice on getting out of debt fast.


If you follow these steps, eventually you’ll be debt free. The problem is that following these steps isn’t always so easy.

The fact is that controlling your spending and paying off your debt is not an easy thing to do.

But the good news is that you can do it. If you want to be debt-free bad enough, you can make it happen.