6 strategies to help get out of debt
Written and accurate as at: Oct 06, 2026 Current Stats & Facts
Debt can be useful, but chances are you’d probably rather see the back of it. If reducing what you owe is one of your priorities, here are a few strategies to help you get your debts under control.
Start by finding out what you owe
Before deciding how to tackle your debts, gather the numbers for each one in a single spot. Your banking app or statement should tell you how much you owe and the interest rate you’re currently paying, but compiling it all in a document or spreadsheet can help put things into perspective.
Choose a strategy that suits you
One popular option for tackling debts is the debt avalanche method. This involves making all your required repayments, as you normally would, then directing any extra money you have towards the debt with the highest interest rate. Once that’s cleared, you move to the one with the second highest interest rate, and so on.
There’s also the debt snowball method, which focuses on clearing your lowest balances first, regardless of the interest rate. The goal here is to rack up small wins early on, which will hopefully provide a sense of accomplishment and motivate you to keep going.
Consolidate your debts
Juggling several repayments can be difficult for even the most organised among us, which is why consolidating your debts can be helpful. Not only can this simplify your finances, it could potentially reduce the interest and fees you’re paying.
Just make sure to check the new interest rate, fees and loan term carefully. You might get a lower monthly repayment but wind up paying more interest overall if the new loan stretches over a longer period.
Give yourself more room to repay
You could also take a closer look at your spending and find expenses that can be eliminated without denting your quality of life too much. The money you save can then be used to whittle away at your debts.
If you have a mortgage, it might also be worth trying to negotiate a lower rate. There’s no guarantee your lender will agree, but you can strengthen your case by pointing to a history of making repayments on time or showing them a better offer from another lender.
Find ways to increase your income
How much you spend is important, but don’t neglect the other side of the ledger – how much money is coming in. A pay rise, income from a side hustle, or selling things you no longer need could all give you more capacity to make additional repayments.
Avoid more debt
Finally, be careful about adding new debt while you’re trying to clear your existing balances. Cancelling your Buy Now, Pay Later accounts and removing your credit card from your browser so it doesn’t auto-fill at checkout can create a useful barrier between you and more purchases.
Most people won’t be in a position to get rid of their debt in one fell swoop. It usually takes time, consistency and a few new habits to really get the ball rolling. The earlier you understand what you owe and decide how you want to tackle it, the sooner those decisions can start working in your favour.
