Debt.

It’s a word that can haunt your entertainment plans and vacation trips. Whether it’s just a short-term life circumstance or a long journey you can’t seem to get out of, being in debt is rarely favorable.

Sometimes, adding on debt can be for a great reason, such as purchasing a house and taking on a mortgage or opening up a small business.

But other times, debt from excess credit card usage, financial emergencies or other sources, can be a weighty burden. Debt affects your credit score and your ability to borrow future funds you may need down the road.

If you’ve wondered how you can get out of debt, and fast, here we have nine strategies you can use right now to get out of debt quickly and easily.

1. Stop Unnecessary Spending

One of the most basic ways to stop your journey down the trail of debt is to stop spending.

While the concept of stopping unnecessary spending can seem like a simple idea, living out this restriction can also feel like a challenge. Take steps such as being more mindful in your spending and handing over your credit card. By not unnecessarily adding to your constant credit balance can help you move toward getting out of debt faster.

2. Pay More Than the Minimum Amount

When you set up a payment plan to repay your debt, or are already working toward a payment plan, choose to go above and beyond in your monthly payments. When you make greater payments toward your principle amount, the time it takes you to pay off that amount can drop significantly. Reducing your balance also decreases the amount of interest you’ll be paying.

3. Generate Additional Income

In your quest for getting out of debt, such mission may be for only a season. During this season, it may be helpful to pick up a side hustle, freelance work or a part-time job to help you continue to contribute to paying off your debt balance. There are several ways you can earn a little extra cash on the side right from the comfort of your own home through online surveys, freelancer sites and much more.

4. Work Toward a Lower Interest Rate

If the interest rate on your current credit card payment is too high to make your payment plan work to get out of debt, talk with your lender or credit card company about possibly lowering your interest rate on your balance. Having a lower interest rate will help your payments on your debt go further and go more toward your balance rather than covering just interest. If you may consistent payments on-time, your lender may be more willing to reduce that interest rate to help you.

5. Use a Balance Transfer

Balance transfer credit card types are designed to help you take care of your debt. With these cards, you can combine your debt balances and put them all on one account. With this account, you may be able to get a period of time with a 0% APR to help you cut down on paying interest more and take care of your debt.

6. Follow the Debt Snowball Method

If you’re ready to follow the momentum of paying off debt, try following the debt snowball method, which involves paying off your smaller debts first, then moving to your larger balances. Still make those minimum payments on your larger amounts, but put your excess funds toward getting rid of those other smaller balances. Soon enough, the number of debt balances you have will seem a lot less daunting.

7. Get Rid of The Highest Interest Rate First

Another strategy you can use to get out of debt quickly is by eliminating the source of debt that carries the highest interest rate. This source can hinder your progress toward making sustainable progress in tackling your initial balance as you’re covering more interest.

8. Stick to Your Budget

If you create a payment plan that measures out how much you’re putting toward making payments on your debt balances, be sure to stick to it. While fun new spending opportunities can always arise, do your best to stay true to the commitment you’ve set out to accomplish in getting out of debt.

9. Use Your Budget Surplus

If you stick to your budget and discover that you’ve got some extra cash to spend in entertainment or groceries for a month, put that money toward your debt repayment plan. Find ways to generate greater savings each month and use it to get on your way to financial freedom.

Be Free From Debt

Living paycheck to paycheck in trying to eliminate your unnecessary debt doesn’t have to be your reality. With these nine easy yet effective ways, you can get out of your debt quickly. Find the strategies that work for you and start putting them into practice.