How to Get Out Of Debt Fast (The Science-Backed Way) (2026)
If get out debt fast is on your radar, this short guide cuts through the noise. Here is what is worth knowing, and how to put it to work today.
Key Takeaways
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- This step-by-step guide walks you through the exact actions you need to take to pay off your balances and finally get out of debt for good.
This step-by-step guide walks you through the exact actions you need to take to pay off your balances and finally get out of debt for good.
Is this process simple? Most people assume the answer is “no,” but you might be surprised.
The steps outlined below are based on the science of behavioral change and are specifically designed to make getting out of debt as simple and painless as possible.
And while numerous personal finance gurus claim that ridding yourself of debt requires major sacrifices and extreme measures, frequently all it takes is a willingness to confront the problem honestly and a commitment to making a few small changes to your habits and lifestyle.
But for numerous people, the challenge is knowing where to start.
That’s why I wrote this guide. It will teach you in simple terms how to make and execute a plan for getting out of debt.
It also contains a custom-built calculator that will show you exactly when you can expect to be debt free.
Ready?
Let’s get started!
Table of Contents
ToggleStep #1: Calculate Your Debt Payoff Date
In a study called Borrow Less Tomorrow: Behavioral Approaches to Debt Reduction, which was conducted by the Center for Retirement Research at Boston College, researchers created a behavior-based plan to help a group of 465 individuals get out of debt.
The goal of the first phase of that plan was gathering the facts. And while this sounds obvious, it’s not exactly the process most people follow.
Instead, most people hide from their debt.
Why? Because confronting the facts frequently leads to guilt and regret. It’s easier and less painful to avoid facing the truth head-on.
Unfortunately, debt compounds over time and grows into an even bigger problem the longer you avoid it. So now is the best time to face up to the facts. Because solving your debt problem is never going to be easier than it is today.
The One Fact You Need to Know
Throughout your debt payoff process, you’ll be guided by one fact: the exact number of months until you become debt-free.
This is the one number that takes into account everything, including your current debts, their interest rates, your payoff strategy and your income.
You should know this number at all times.
And, most importantly, it should be something you’re always trying to improve. That means you should recalculate it on a regular basis.
This number is so key that I created a debt payoff calculator for this exact purpose.
The Ways To Wealth’s custom-built debt payoff calculator.How to Use the Debt Payoff Debt Calculator
To start, you’ll need to make a copy of the calculator (which is hosted in a Google Spreadsheet) by going to File > Make a copy, as shown in the screenshot below.
Make a copy so you can input your own information.Note: You need to be logged into your Google/Gmail account in order to access the “Make a copy” option.
Next, in your own copy, the first step is calculating the difference between your income and expenses before debt. It’s this number that you’ll ideally put towards your debt payments each month.
The totals automatically update as you enter and revise each figure.Notes:
- As for the monthly budget categories, feel free to expand the categories by using Insert > Row above or Insert > Row below in the appropriate place.
- If you have the data in your favorite budgeting app, you can skip the individual categories, making sure to insert your total monthly income and expenses.
Calculating Principal + Interest
Next, you’ll want to proceed to the “Payoff Calculator” tab in the Google Sheet.
Enter your balances and interest rates.It’s here that you’ll enter your debts, including:
- Creditor. Include all your debts , car loans, credit card bills, student loans, etc. Note that your housing costs (such as your mortgage) get counted as part of your budget, and are therefore entered on the previous tab.
- Balance. Enter how much you owe on the date you start your debt-payoff journey.
- Fixed / Avg Interest Rate. You’ll want to use your APR (annual percentage rate). For most debts, this will typically be found on the statement itself. For debts with variable interest rates, use today’s rate (not what it will be in the future) and continuously update the spreadsheet when your rates change.
- Minimum Payment. This is key because it determines how much of each month’s payment is going towards your debt’s principal, and how much is going towards interest.
- Custom Order. This optional column allow
Final Thoughts
Before you check out, double-check get out debt fast against current offers and any coupons you can stack. Small habits like this add up to real savings over a year.
Originally published at thewaystowealth.com.
R.J. Weiss
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