Debt is a killer. But if you’re in debt, you’re already feeling horribly about it.

Being in debt goes well beyond being limited in what you’re prevented from buying – whether you can take a vacation or even enjoy a simple hobby.

Debt is a strain on your family and your emotions personally. It can cause you to get ill. Furthermore, unless you take steps to deal with it, your situation will only worsen on all fronts.

It becomes a very heavy anchor. So get busy.

Here are nine top strategies:

1. Rank your debt according to importance

Pay off your highest debt as soon as possible. More than likely, it’s credit card debt with painful interest rates. So focus on the largest amount first.

But if you have many debts, it might be easier on your emotions to pay the smallest ones first. Work your way up the financial ladder.

As you succeed, you will feel better and become enthusiastic about paying off your bills.

If you have student debt, tackle it head on. If you’re only making minimum payments, you won’t make any headway.

Because your cars are depreciating assets – they decrease in value – pay off your car loans.

2. Live frugally as possible

You might be already living frugally, but keep looking for ways to save. Start by keeping a record of every penny you spend.

When you think about buying anything, ask if you really need to buy it.

Read consumer articles every chance you get. You might be surprised to learn new tricks.

For instance, if you’re hooked on coffee, only drink it at home. Avoid the exotic drinks at coffee houses.

Even if you only buy a simple cup at a Starbucks, stay away. You’ll save a minimum of $2 a day or about $60 a month.

3. Learn how to negotiate

Everything is negotiable. Talk with your creditors. Discuss repayment options for lower interest and debt reduction.

That’s right. No matter what you need to negotiate, there are easy strategies to get anything you want. But you must first remember it’s important to reach a fair compromise – with win-win negotiating skills. There are 22 Dos and Don’ts for successful negotiations.

4. Regularly monitor your finances

Keep track on how much money you owe. Set short-term and long term goals. Don’t allow discouragement to rear its ugly head.

Each time you succeed, find a simple way to celebrate. Hug your partner. Spend extra time with your kids. Or take a walk.

5. Don’t even think about debt-settlement companies

Debt-settlement firms would get wealthier off you, but they will not help you. In the end, they will hurt your credit, too.

Don’t trust them.

6. Apply newly found money to your debt

When you get a windfall, don’t think you can celebrate and go out and spend it. Pay your debts instead.

7. Look for ways to earn extra money 

Your strategies shouldn’t just be about cutting your expenses. Consider ways to put your talents to use by moonlighting.

Even if you only make a little bit of money, it counts. The more you work at making extra money, bigger opportunities will appear. It will snowball for you.

8. Become great at self-promotion

Learn how to better marlet yourself. Look for opportunities inside your company. Hone your interview strategies for a promotion.

9. Keep prospecting for ways to make money and cut expenses

Don’t stand pat. Continually invest in yourself by discovering new ways to increase your income and cut expenses to pay off your debt faster.

Finally, once you get out of debt, always remember debt is the catalyst for financial woes. Learn the six values for your financial protection.

From the Coach’s Corner, here are links to related articles:

Drowning in Student-Loan Debt? How to Pay it Off in 1 Year — You’re not alone if you’re drowning in student-loan debt. The average college graduate in 2015 was saddled with student loans totaling $35,000, which takes 10 to 20 years to pay off. Here’s what you can do to stay afloat.

5 Solutions to Ease the Pain of Your Student Loan Debt — If you’ve had a student loan, chances are you know the pain of trying to repay it. If you’re struggling to pay it off, here are five options.

Debt Consolidation Will Sink You without These 6 Tips — If you’re not careful in your debt-consolidation plan to bundle your debts for a lower interest rate and minimum payments, you might get into more financial problems. Here are six precautions.

8 Financial Vows for a Young Couple’s Successful Marriage — Young people have starry eyes when they plan to marry. Certainly, they look forward to a lifelong bliss together. Unfortunately, about half of first marriages end in divorce. Often, it’s over money disagreements.

Money – Your Net Worth Matters More than What You Earn — When it comes to finance, most business owners and other individuals strive to increase their wealth to have more opportunities. The trouble with some, however, is that they focus on income and not their net worth. That means, of course, spending less than they earn.

“You can’t be in debt and win. It doesn’t work.”

-Dave Ramsey


Author Terry Corbell has written innumerable online business-enhancement articles, and is also a business-performance consultant and profit professional. Click here to see his management services. For a complimentary chat about your business situation or to schedule him as a speaker, consultant or author, please contact Terry.