The Essential Steps for Getting Out of Debt

Dec 21, 2017

Getting out of debt is one of the most common goals people set at the start of a new year. Since it seems to be one of the top financial goals at the beginning of every year, it’s a safe assumption that many of this year’s would-be debt crushers have been down this path before.

What if this is the year you actually do get out of debt, and what if you do so in a way that helps you stay out of debt forever?

I once had $20,000 of credit-card debt, so I know the pain of being buried in bills. Thankfully, I also know the joy of successfully navigating the journey out of debt. Here is a tried-and-true eight-step formula for ditching your debt once and for all.

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Written by

Matt Bell

Matt Bell

Matt Bell is Sound Mind Investing's Managing Editor. He is the author of five biblical money management books and the teacher or co-teacher on three video-based small group resources. His latest book, Trusted: Preparing Your Kids for a Lifetime of God-Honoring Money Management, will be published by Focus on the Family and its publishing partner, Tyndale House, in April 2023. Matt has spoken at churches, universities, and conferences throughout the country and has been quoted in USA TODAY, U.S. News & World Report, and many other media outlets.