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15 Money Hacks To Pay Off Debt Faster Than Your Neighbors

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15 money hacks to pay off your debt faster than your neighbors above sack of $100 bills on grassy background

If you are in debt, you might be wondering how to pay off your debt quickly.

Maybe diligently paying your balances isn’t working and you’re getting tired of sending your hard earned money to the credit card or loan companies.

Trust me. you aren’t alone.

So, to get your motivation pumping for paying it off faster, here are 15 ideas below.

1. Call your credit card company and ask them to lower your interest rate.

Make sure that you have paid several months on time in a row and have a good track record.

That makes you more likely to get the rate you want.

2. Always pay above the minimum. Preferably, pay $100-$200 above the minimum to really put a dent in your debt. Pay even more if you can.

3. Start a side hustle and apply all extra income to your debt. You can cut the neighbor’s grass, babysit your friend’s kid, walk your brother’s dog, or make some homemade meals and sell them to college students.

Whatever you choose and whatever you do, work harder than you’ve ever worked in your life to make as much extra money as possible.

4. Tell others about your situation to get encouragement. Your parents, your significant other, and all of your friends should know about your debt so they don’t place you in tempting spending situations.

5. Unsubscribe to all “deal” e-mails. You don’t need to worry about that 20% off coupon to your favorite store in the mall. It will be there after your debt is paid off.

6. Consolidate your debt to one low interest rate. If this isn’t possible, try to put all of your energy and focus towards paying off the card with the highest interest rate, not the highest balance.

7. Apply to a peer-lending site for a debt consolidation loan. Some of those loans will get you better interest rates than your credit cards or private loans.

8. Stop spending on the cards completely and move to a cash only budget. It’s going to be painful at first but very worth it in the end.

9. Sell excess clothing and home décor and apply the cash to your debt.

10. Cancel your cable. Go ahead; you can do it!

11. Have a meeting with your boss to discuss your progress and future with your company. Make a professional proposal of reasons you should get a raise or, if you don’t think you will get one, discuss what you need to do over the next few months to secure one.

12. Try to have 2-3 vegetarian meals a week. Meat is often the most expensive part of a meal.

13. Switch to the drug store brand of makeup. I’m on this mission right now, and it’s really hard to tell a difference for me.

14. Start cleaning with vinegar and water instead of expensive household cleaners.

15. Count up your debt and put the number on a massive piece of paper on your wall so you can’t miss it.

Ultimately, with just a few simple tweaks, you can start paying off your debt much faster. There’s no greater feeling in the world than being debt free, and if you can get there faster, it’s all the better!

What are some other ways that people can kick their debt to the curb?

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Derek @ MoneyAhoy

Tuesday 22nd of March 2016

I think #8 is the most important tip. It's always important when solving a problem to first "stop the bleeding" before you focus and getting out of the hole that's been dug. Great tips Lance!

Lance Cothern

Tuesday 22nd of March 2016

It's definitely one of the more important ones. Cat actually wrote up this list, but I'm sure she'll see this, too!

Laurie @thefrugalfarmer

Saturday 11th of January 2014

Great stuff here, Cat! Paying more than the minimum seems to be the real winner here. Those minimum payments can totally make the debt drag on for years. Yuck!

[email protected]

Wednesday 8th of January 2014

We cancelled our cable last April and couldn't be happier with that choice!! We get enough TV time through Netflix and DVD's from the library! :)

Bryce @ Save and Conquer

Wednesday 8th of January 2014

Good list. Drastically lower your expenses and seek more income. Once debt is paid off, examine the reason for the debt in the first place. Learn to save for things before buying them. This includes large items like vacations and automobiles.

Richie @ Practical Cents

Wednesday 8th of January 2014

Great ideas! I especially like #3 (start a side hustle). Everyone has a skill that they can apply to make some extra cash along the way. Sometimes the demand is seasonal, so timing is everything. If it's a unique or more specialized skill, you can charge a higher fee too.