How to Get Out of Debt: Step 7 – Focus on Paying Off Your Debt

Corey —  June 2, 2010

       This article is the seventh in a series on how to get out of debt. If you haven’t already, you should check out the previous articles:

Step 7 – Focus on Paying Off Your Debt

       You’ve got your starter emergency fund, and you’ve got a plan. Now it’s time to focus intensely on paying off your debt! The amount of energy you put into this step will determine how quickly you get out of debt. More focus means a faster victory.

       In Step 4, you started looking for ways to cut back and earn more. The purpose was to help you stop spending more than you earn so you could build a starter emergency fund. Now, you’ll use that extra cash to pay off your debt according to the plan you made in Step 6.

       To destroy your debt as fast as possible, you must focus on finding every single dollar you can and putting it toward your debt. Sell stuff you don’t need. Get a raise. Stop wasting money. Start a side business. Choose to cut back on some areas. Get a second job. Negotiate lower rates on your bills. Then take the dollars you earn or save and pay off your debt.

       You’re going to stick with this step until you’ve finished your debt payoff plan. But don’t worry. You can still have fun during the process. You’ll get out of debt faster if you put every single dollar you can find toward that goal. But if you make yourself miserable because you don’t allow yourself any comforts or luxuries, you will give up.

       That’s why the next step is so important. As you make progress on paying off your debt, you need to celebrate your milestones – give yourself rewards. Make sure you’ve signed up for free updates to Provident Planning so you don’t miss out on the next step.

       How will you focus on paying off your debt? Let me know in the comments below!



Corey is currently pursuing a Master of Arts degree in religion. While he enjoys learning and writing about Christianity, another one of his new passions is writing about personal finances in order to help others make wise decisions with their money.

3 responses to How to Get Out of Debt: Step 7 – Focus on Paying Off Your Debt

  1. I agree. We have to begin to hate our debt if we are ever going to overcome the conditioning of this society. We need to see it as an enemy and not just a tool, then we will focus all of our efforts toward getting out of debt!
    .-= Khaleef @ KNS Financial´s last blog ..What to Look for When Choosing a Career – ~Choosing between money and happiness =-.

  2. Khaleef, you’re right about needing to view your debt as an enemy when you’re trying to pay it off. But I think it’s also important to remember that it can be a useful tool when used responsibly and wisely. The problem is that the crippling debt most people have is from dumb decisions (like overspending on credit cards or buying too big/too expensive a house). In that case, you need to take drastic measures to get your debt back to a reasonable level and change the way you handle money to prevent it from happening again.

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