How to Get Out of Debt Fast by Changing this One Simple Habit

If you’re dealing with a mountain of debt, here’s a simple habit you can change that will help you get out of debt fast!

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One of the things that makes getting out of debt really difficult is the continuous use of credit.

Several years ago, I found myself in this sort of loop.

Each month, so much of my paycheck went towards paying back my creditors that there was not enough money left to cover the expenses for the current month.

This in turn, forced me to charge more purchases on credit and perpetuate the loop for months to come.

If you can relate, I’d like to offer you hope. Getting out of debt is hard work, but it can be done!

Want to get more tips and resources to help you get out, and stay out, of debt? Download my Free Quick Start Guide to Paying off Debt and start your journey today!

In fact, once you break it down to the basics, it’s not as daunting as it may first seem; just by changing one simple habit, you can start breaking the debt cycle and getting off the hamster wheel.

It may sound simplistic, but it really works. I encourage you to give it a try.

Are you ready for it?

The one thing you can do TODAY to stop the debt cycle is to make it difficult for you to get into more debt.

Here’s how:

Make Credit Unavailable to You

I used to carry about 5 different cards in my wallet at any given time. It gave me a sense of security.

I knew that if I needed to buy something, I could just quickly whip out any one of them.

Not only that, but I had pretty much every payment you can imagine linked to one of those credit cards.

To be honest, it was convenient.

However, that convenience was ensuring I’d get deeper into debt every single month.

So what did I do?

I un-linked all automatic payments and took out all the cards out of my wallet and put them in the freezer (I couldn’t bring myself to cut them up just yet).

It may seem silly, but by making credit cards unavailable to me, and not being able to rely on my credit cards to make any purchases as I went about my day shifted something in my thinking.

For the first time, I had to be committed to not getting into more debt.

I had to reevaluate my purchases. I had to let go of the instant gratification of buying something now and worrying about paying for it later.

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The Method

Was making this switch easy? Not at first.

In fact, I think I may have suffered some withdrawal effects. But after a period of “grieving” for all the stuff I wouldn’t get anymore as easily, it got a little easier each month.

Here’s how I did it, and how you can do it too!

Want to get more tips and resources to help you get out, and stay out, of debt? Download my Free Quick Start Guide to Paying off Debt and start your journey today!

Commit to the New Way of Doing Things

If you think you may be reaching for those cards in a week or two, cut them up altogether.

Commit to the new payment method wholeheartedly and for the long run.

Tackling a large amount of debt takes time, so commitment is important.

I recommend that you use some kind of visual aid to keep you motivated throughout your journey, as there will probably be lots of ups and downs.

This is normal!

If you encounter an issue or hit a plateau, take it in stride and keep moving forward.

If you like to physically write down important things, try using a debt thermometer tracker where you can easily see the progress you’re making. You can get yours here:

If you like working with Excel, I recommend you try this Excel Debt Calculator that can help you decide which debt payoff method to use:

For on the go tracking, you can try the Debt Pay Off App by Jackie Beck.

This app takes the guesswork out of debt repayment, since it calculates which repayment method works best for your particular debts.

Build up a Reserve

Once you’re fully committed to this cause, you will be motivated to do everything in your power to survive without using credit.

I say survive because frankly, sometimes I was even paying the rent on credit.

If you’re paying for basic necessities using your credit cards, you must now find different ways to cover them.

My recommendation?

Build a reserve of at least one month worth of expenses.

How can you do this?

This may look like getting a part-time job and cutting down costs to the bare minimum.

Even if it takes a couple of months to do this, once you do, you’ll ensure that each month you’ll have enough cash to pay for all your needs without using credit.

Reevaluate What a Need Is

Confession time:

Speaking of needs, I must confess that the first couple of months of doing this, I categorized everything I wanted to buy, for whatever reason, as a need.

Once I recognized this was keeping me from making real progress, I sat down and looked at my purchases for the last 30 days.

Sadly, I hadn’t even used some of that stuff.

So I created a reference to make this easier for myself.

I wrote down everything I could truly need, such as basic clothing and food, and everything else went into a “want” category.

It was my personal wish list.

Once I had that, every time I was tempted to buy something, I thought about what I had put down on my list.

If it wasn’t on the “needs” column, I waited to buy it until I had enough cash money to do it.

Call in the Experts

This method worked wonders for me, and slowly but surely, I was able to get out of debt.

However, if you need more help in your particular situation, consider enlisting the help of a reputable debt relief company. I recommend CuraDebt.

Curadebt is highly rated, has great customer service, and can offer a variety of programs for each individual.

Credit cards can be a great convenience; however, this is a double-edged sword.

Because they’re so convenient, it’s easy to misuse them.

If you’re serious about paying off debt, test this out!

Make credit unavailable to you for a couple of months, and compare your expenses before and after.

I bet you’ll be surprised!

Have you ever cut up your credit cards or stopped using them completely? Share with us in the comments below!