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How to Get out of Debt

How to Get out of Debt

You want to get out of debt, but it’s hard to know where to start. Say bye bye bye, (NSYNC style!) to those pesky student loans. Just imagine having no monthly debt payments!

Right now, easily a third or more of your income can go straight out the door to pay off what you owe, not to mention thousands of dollars that go down the drain to pay the interest.

Here’s a quick guide on how to get out of debt.

First, I had student loans and a car loan, so I know what it is like. I’ve been debt-free for quite a few years now. It’s awesome being debt-free and payment-free, but it takes a lot of planning.I’d love to say it’s easy to get out of debt, but it isn’t!

If you want to get out of debt (like for real), remember, you didn’t get in debt overnight, and you aren’t going to get out of debt overnight either. If you want to get out of debt, you’re gonna have to become a Spartan.

Yes, that’s right! Become a Spartan.

Sparta was an ancient Greek city-state, and the Spartans were known for their discipline, structure, and endurance. The 300 Spartans fought against the much larger Persian army.

You may have seen the movie 300, where King Leonidas (or Gerald Butler) yells, “Sparta, this is where we FIGHT! AHH.”

Have discipline, structure, and endurance with your money. To get out of debt pay $300 or more towards your highest interest debt.

Why pay $300 more? Be like the Spartans: few, but strong.  

Three hundred dollars is small enough that pretty much anyone can do it by cutting a few things or bringing in an extra income on the side.  Three hundred extra towards your debt is big enough to really make grounds to get out of debt. 

How it works is you’ll map out everything that you owe right now in total for your student loans, credit cards, store cards, car loans, medical debt, personal loans, line of credits, or any type of debt.  Also, you’ll jot down the monthly payment, and interest rates. 

Then, pay all the minimums on each debt, plus pay an extra Spartan amount of $300 or more towards the highest interest debt every month. When the highest interest debt is paid, you’ll take what you were paying towards that debt, plus the extra Spartan amount to pay towards your next highest interest debt.

So on and so forth until you are completely debt-free. I call this the Spartan method to getting out of debt. 

Many people I work with in Best Money Class Ever or money coaching sessions when they hear, “Pay $300 or more towards debt,” they think…. “Carly, giirrrl, there’s no way!! I can hardly pay the minimums each month, much less pay extra!”

I’m here to say, you can do it!

Push to become debt-free within 36 months or less, because it’s easier to make short-term sacrifices if there is an end in sight.

See what’s possible when you have a plan.

Here are stories of people just like you who’ve paid off debt:

Again, getting out of debt isn’t easy, and the easier fix is to have a head-in-the-ground, or ostrich approach. Ignoring debt doesn’t help, and instead can lead you to a place of helplessness and hopelessness (not a good place to be!).

Matthew Kelly said, “If you are in a place of diminished hope . . . if you are in a place of hopelessness . . . what I would say to you is you can’t think your way out of it. You’ve got to act your way out of it. And we act our way out of it by doing the things that we know lead to hope, however hard they might be. Just keep showing up.”

Amen to that.

Start making actions to get out of debt by paying a set extra Spartan amount to your highest interest debt each month.

P.S. If you need a push, pick-me-up, and some accountability with getting out of debt, please join me in the next session for Best Money Class Ever or save your spot for a money coaching session.

best money class ever carly michelle

Hi! I'm Carly

I’m a Finance grad and creator of Best Money Class Ever, a 4-week live virtual personal finance class. I paid off $35,000 of debt and saved a nest egg of over $100,000 by age 26 (earning only around the median household income!).

If I can pay off debt and build savings at a young age, anyone can with a little education and solid plan.

Get out of debt Invest like a pro Buy a home Make yourself recession proof Stress less about money Ditch emotional online spending

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“Oh, my goodness, I learned a lot. I enjoyed everything! Carly’s a great financial teacher.”

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