• There are benefits to getting out of debt fast. High debts equal higher interest rates on loans and credit cards, and people with high credit card balances may have lower credit scores. Eliminating debts can give you a measure of peace and ease financial stresses. With a self-sacrificing attitude and persistence, you can achieve a debt-free life.
  
  

Curtail or Eliminate Credit Card Use

• Continuing to use credit cards and buying items you don't need will not help you eliminate debt. Getting out of debt fast entails curtailing your shopping and putting away your credit cards. Buying items with cash (if you can afford them) stops the accumulation of debt. Closing your credit card accounts can hurt your credit rating because it reduces the length of your credit history. Storing your credit cards in a lock box or safe, or cutting the cards in half eliminates the temptation to spend, and you're more apt to reduce your balances.
  
  

Pay More Than the Minimum

• Credit cards typically feature low minimum monthly payments, which doesn't help you eliminate debt fast. And often, the minimum payment on your credit card is only enough to pay off the interest incurred during the billing cycle. Eliminating debt fast calls for putting a lump of sum of money towards your debt every month until the balance is gone. Start by paying double or triple the minimum, and as your finances improve, consistently submit higher payments.
  
  

Get a Debt-Consolidation Loan

• A debt consolidation doesn't eliminate debts completely. However, this method quickly eliminates high-interest credit card debt. Using your home's equity or other collateral (car title or boat title), apply for a loan to pay off your outstanding credit card balances. After erasing credit card debt, pay back the lender that issued the debt-consolidation loan. Because these loans have lower, fixed rates, you can eliminate the debt within a specified time period.