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How can I get out of debt fast?

Last updated 8 years ago First published 13 March, 2016

Would you like to get out of debt fast?

Follow these easy steps from the famous Ramit Sethi (the creator of “I Will Teach You To Be Rich” method website) and you’ll not only reduce your debt, but also earn more money and live happier.

This decision tree is based on his blog post where we have concentrated his pearl of wisdom.

English Rating: ALL ages Shortest path: 3 nodes Longest path: 17 nodes Possible solutions: 7
Ana M. Martín I love fashion and technology. Because of that I've created two startups: and
  • Do you know how much debt you have? No. Yes.
  • Ok, you must write down all the debts you have (credit
    card, student loan, etc.). Follow the link here to use a prefilled spreadsheet (and repeat this decision tree).
  • Perfect. Do you have credit cards? No. Yes.
  • Ok, you have to forget about all of them. Lock them in the
    fridge, under your bed or in a safebox (and repeat this decision tree).
  • Ok. Do you know the annual interest rates of your bills? Yes. No.
  • Find it and write it down
    in the Excel sheet in this link (after that repeat this decision tree).
  • Ok, order your bills from higher interest rate to lower. Ok, done, now I know which one has the highest interest rate.
  • Do you have bills on credit cards (where you didn't try to reduce the interest rate)? Yes. No.
  • Ok, contact each of those credit cards and ask them (example in this link) for a reduction of your interest or you will take those debts
    to another credit card which gives you lower interest rate (even if it's not true yet). After that, repeat this decision tree.
  • Ok, now you have your bills
    ordered from highest to lowest interest rate. Use all the money you can to pay the highest interest rate bill at first, and leave the rest of the bills to pay the bare minimums. Ok, but I don't have enough money to pay it all, I will need a lot of time.
  • Try to reduce your everyday expenses (mobile, Internet provider, etc.). Ok, done.
  • Now try to increase your income (it's easier that reducing your expenses). Ok, I will ask for a salary increase. Ok, I will provide some paid services during my spare time. Ok, I will start an online business.
  • Great! Follow this link for some advice. You're in the right path!.
  • That's the idea! Follow this link for some advice. You're in the right path!.
  • Well done! Follow this link for some advice. Your online growth can be unlimited!.