Getting Out of Debt • July 21, 2026 • 9 Min Read
How to Get Out of Debt When You Feel Completely Trapped
Let’s get one crucial thing out of the way before we look at any numbers: Your debt is not a reflection of your character.
We live in a culture that attaches deep moral failure to carrying debt. If you have credit card balances, student loans, or personal debts, you’ve likely felt the weight of secret shame. You compare your balance to what you think other women have saved, and you feel like you’ve failed before you even start.
But debt is just math. It represents a history of decisions made under specific circumstances—sometimes in survival mode. It does not dictate who you are today, and it certainly does not define what you deserve.
Here is a practical, shame-free blueprint to start paying down debt, even if your balances feel completely insurmountable.
Step 1: Face the Monster (List Everything)
We tend to hide our bills in drawers and avoid looking at statements. To beat debt, you must know exactly what you are fighting. Get a blank sheet of paper or a simple document, and list every debt you owe. For each entry, write:
- The name of the creditor (e.g., Chase Visa, SoFi Loan)
- The total balance currently owed
- The annual interest rate (APR)
- The minimum monthly payment required
Add up the total balance. If that total makes you want to cry, let it out. Take a deep breath. You have faced the hardest part: knowing the truth.
Step 2: Choose Your Weapon (Snowball vs. Avalanche)
There are two popular methodologies to pay down debt. Both work, but they target different styles of thinking:
The Debt Snowball Method
With this method, you pay off your debts from smallest balance to largest balance, regardless of the interest rates. You pay the minimum on everything, and put any extra cash toward that smallest debt.
Why it works: It gives you fast psychological wins. When you wipe out a $200 store card in month one, it builds confidence. You feel like you are actually winning, and that momentum carries you through larger balances.
The Debt Avalanche Method
With this method, you pay off your debts from highest interest rate to lowest interest rate, regardless of the balances. You pay minimums on everything, and target the highest interest rate account first.
Why it works: It saves you the most money in interest charges. Mathematically, it is the most efficient payoff path.
Our Recommendation: If you get discouraged easily, use the Debt Snowball. The emotional wins are far more valuable than a few dollars saved in interest. If you are highly motivated by math, use the Debt Avalanche.
Our Recommended Tool: If you are carrying high-interest credit card debt, consolidating it into a single low-rate personal loan with SoFi can save you thousands of dollars in interest and give you one simple, fixed monthly payment.
Step 3: Negotiate Your Current Interest Rates
Did you know you can call your credit card companies and ask for a lower rate? If you have a solid payment history, call the number on the back of your card and say: “I’ve been a customer for X years, and I’d like to request a temporary reduction in my interest rate to help me pay off my balance faster.”
You might be surprised by how often they say yes. Even a temporary drop from 24% to 18% can save you hundreds of dollars in interest, putting more money directly toward your principal balance.
Step 4: Find Your Payoff Margin
To pay off debt faster, you need a margin—extra money left over to throw at your target account. You can create this margin in two ways:
- Reduce Variable Spending: Cut back temporarily on wants (like subscription services, clothing, or target runs). Remember, this restriction is temporary. You are buying your future peace of mind.
- Increase Earnings: Pick up a side hustle or sell items you no longer use. Every dollar from a side hustle should go straight onto your debt balance.
Start your debt payoff buffer today
Download the 30 Day Savings Challenge workbook and build a safety margin of $500.
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