How To Get Out Of Debt Fast With No Money?

Getting into debt is easy but difficult to get out of. More so when people are broke and no assets to sell in order to pay what they owe. When one has no idea how to get out of debt fast with no money, it seems like the end of the world.

The truth is, it happens to many Americans. Based in an Experian survey in 2017, an average American has a credit card debt of $6,354 and over $24,700 of non-mortgage debt. With more than 50% of Americans spending more than their monthly income and using credit to make ends meet as a Pew Research study revealed, America, in fact, is a country in debt.

For many people in debt, they just choose not to confront the problem head-on – not until disaster strikes. Losing a job, a serious illness or an unforeseen major home repair can put someone in a dire financial situation. And in this time, they are forced to face the circumstances they realize that getting out of debt is something that they can’t put off anymore.

When this happens, living from paycheck to paycheck is no longer enough. Working on an emergency fund becomes a priority – which is only possible if a person is debt-free and earns more than he spends.

Permanently eliminating debt is hard yet it is the best and only course if one wants to finally take control of his life and his future.

So, how to get out of debt fast with no money? It seems impossible when an individual is broke but it’s actually not. Some ways exist that can help pay off faster even when there’s no money to spare, and they have been proven effective in making life less painful. All it takes is to act in order to make any of the methods work for anyone.

Effective Ways to Pay Off Debt Fast When Broke

Paying off debt is never easy and could take years or decades to do. When one is broke, it’s even worse. But then, becoming debt-free is still possible. These methods could help when a person finally decided that he wants to rid himself of his burdensome debt.

1. Create a monthly budget and stick to it.

Anyone can make better decisions when they have a budget to follow. By putting it on paper, they can clearly see how much will go towards debt payment and how much can be spent on food, rent, and other necessities. When they have a budget on paper, they can make an adjustment to free up money which can be used to pay for their debt.

2. Make a plan on how to get out of debt fast with no money.

A project or journey always starts with a plan. Getting out of debt is a big project that an individual has to do because his future depends on it. Regardless of how much money he owes, he has to create a plan. He can start by listing down all his debts, the balance, and the interest rate. The list must be done according to priority, on top the first account to pay which can be the debt with the highest interest rate, the one with the lowest balance, or any other reason it is being prioritized. This strategy involves freeing up more money in the monthly budget to pay more on the prioritized account and paying only the minimum on the rest of the accounts in the list.

3. Earn extra cash with a side hustle.

Pay debt faster by earning more money through a side hustle. One can monetize a skill or talent by providing services as a virtual assistant, bookkeeper, writer, transcriber, or graphic designer. It is also possible to clean houses, mow yards, or babysit after school or work if an online side hustle is not doable.

4. Always pay on time to avoid penalties.

Late payments will not only delay the progress of debt pay off, but it will also incur a late fee. Paying for two months plus the penalty will make it harder to reduce the balance and eliminate debt for good.

5. Sell all unimportant stuff.

Selling everything that is rarely used and not essential to daily life could raise extra cash to pay the debt. A garage sale if the neighborhood permits it, selling via a consignment shop or selling online on eBay, Craigslist or Facebook are just some of the ways to earn more money from stuff that are no longer needed.

6. Take a part-time job.

Take advantage of the holiday season and pick-up a part-time job with local retailers. Seasonal jobs are also available after the holidays. These include working in a farm on springtime, becoming a lifeguard on summer, or working temporarily in haunted house attractions on fall. In fact, a part-time job is possible throughout the year.

7. Negotiate for lower interest rates from creditors.

It’s harder to pay up when the payment only goes toward the interest. Talking with a creditor like a credit card issuer about getting a lower interest rate can reduce the amount being paid to the account each month. If this will not work, look for a credit card provider that offers zero balance transfer and transfer the balance to them. Negotiating down bills is worth a try too as whatever money that can be saved from fixed expenses can be used to pay money owed.

8. Cut costs to free up more funds.

Find ways to cut monthly expenses. Start with the monthly bank statements. Review purchases and consider removing some of them in the following month. Becoming debt-free is a worthy goal and some sacrifices must be done to achieve it. Below are things that to cut down in order to raise more money.


When it comes to housing, the rule of thumb is to only use 30% of the monthly income towards housing expenses. Unfortunately, not all Americans adhere to this rule. In fact, 25% of the entire population are paying half of their income on housing alone. For someone into debt, the chance of getting out is nil and almost impossible.

To free up money, consider any of these options: get a roommate, look for a cheaper home, move in with parents for the time being, or move to a place where the cost of living is lower. If in a strategically located place where tourists usually go, renting out to Airbnb is also a great source of income.


Save up money with homecooked meals and resist the urge to eat out or order food delivery. It will also be smart to buy food in bulk when they’re on sale as it will be cheaper than buying them weekly at their regular prices. Consume whatever is in the freezer, fridge, and pantry before buying more groceries. Plan out meals weekly so as to avoid buying the stuff that is not needed. If it’s possible to cook in batches then do so. They can always be divided into portions and keep in containers to be reheated at home or at work.

9. Stop accumulating credit card debt.

This method is extreme but very effective in removing the possibility of adding more debt to the pile. Take out all credit cards and cut them to pieces. All methods will not be effective if the credit cards are still used in making purchases. By destroying the credit cards, the temptation of charging things again on the cards are completely gone.


No matter the amount of debt a person has, there’s always a way to pay them off. By using the methods discussed in this article, they’ll be able to take back control of their life and secure a better future. Getting out of debt will not occur overnight but if one has a plan and adhere to it until they’re out of debt, they’ll be debt-free faster. The tools on how to get out of debt fast with no money are already here, all it takes is to use them.