Have you ever noticed that it’s much more fun getting into debt than it is getting out of it? While it takes just a short time to create mountains of debt, it can sometimes take decades to reverse it. 

Everyone deals with their finances differently, and there are many ways to dig yourself out of a financial hole. In fact, people who find themselves in debt often use multiple methods to rid themselves of it. Below, we discuss a few strategies you can implement right away to start slimming down your debt. 

1. Consider Low-Interest Money Loans

While it may seem counterproductive to take out more debt when you’re already in debt, low-interest money loans can help you pay off existing high-interest loans and allow you to catch up on bills that may soon be passed on to a ruthless collection agency. 

Because these loans have low-interest rates and flexible repayment schedules, you will be able to repay them easily while improving your financial situation quickly. 

2. Make Larger Monthly Payments

Credit card bills are impossible to pay off if you only make the minimum payment required each month. At this rate, you’ll end up paying twice or three times as much as you originally charged. 

To get rid of credit card debt faster, commit to paying more than the minimum monthly payment. Doing so will cut down the length of time it will take you to pay the balance off, saving you tons of interest in the process. 

3. Start an Emergency Fund

This is another suggestion that seems counterproductive at first because it’s money you could be putting toward paying off bills. However, an emergency fund gives you a source of quick cash to turn to rather than credit cards when unexpected costs arise. 

The ideal emergency fund contains enough money to pay your bills for 3-6 months. This is a lot of money that takes a long time to save, so focus on saving up at least $1,000 in the short term. 

4. Give One Debt All You Got

When paying down debt, many people like to increase the monthly payments on all their debts by just a little bit each. While this does help, it only decreases the balance on each balance by a small amount each month. 

To really see a significant decrease for your efforts, choose one bill – a high-interest rate credit card, for example – and put everything you can afford on it until it’s paid off. As you’re doing this, make just the minimum payments on everything else. Once that bill is paid off, choose another bill and do the same thing until, eventually, you’re debt-free. 

5. Negotiate a Lower Interest Rate

If you have a good payment history with your creditors, ask for a lower interest rate to make it easier for you to put more money each month toward paying down the balances. 

If you decide to do a balance transfer, be sure to pay off the balance before the introductory rate expires or you’ll be subject to the higher interest rate on any debt that remains. 

It’s easier and more fun getting into debt than climbing out, that’s for sure. While it takes a lot more time to get out of debt than in, you can pay down your debt faster by following the advice above. From taking out low-interest money loans to negotiating lower interest rates to save money and reduce repayment periods, these strategies can help you slim down your debt quickly and easily.