Caitlyn Moorhead

Sun, Jun 22, 2025, 7:05 AM4 min read

One of the biggest risks with debt is that it’s easy to get into, but quickly paying it off seems next to impossible. That’s why, if you have found yourself in a cycle of owing rather than saving, it’s important to put together a plan as soon as possible. In a world where it seems the highest interest rates, lowest credit scores and all the personal loans in between are out to get you, putting your best financial foot forward is paramount.

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There’s no single right strategy for getting your debt under control, whether it’s the avalanche or snowball method. There are a lot of factors involved, like your age and the type and amount of debt you have, so everyone’s situation is unique when it comes to repayment plans.

However, before you let multiple credit card balances put you in a panic, here are some positive steps everyone can take — and the sooner you get started, the better. Your long-term financial planning should include trying these things you can do this very week to pay off debt faster or even eliminate it.

This often overlooked strategy involves enlisting a company to negotiate with your creditors so you can pay what’s known as a debt settlement, or a lump sum of money that’s less than what you owe. Debt settlement can be an effective option because you are ridding yourself of debt rather than simply restructuring it.

If you have high levels of unsecured debt and are struggling to keep up with your minimum payments, it could be a good idea to contact financial advisors or debt settlement platforms to help you get your payments down sooner rather than later. The first step is to set up a free, no-obligation call with an expert to see how much you could save, along with learning all of the terms and conditions.

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Credit counseling services are an option if you need expert advice on managing your money and debts. According to the Federal Trade Commission, credit counseling companies and organizations can assist with developing a budget, provide free educational materials and workshops, and help you make a plan to repay your debt. Many counselors are certified and trained in areas having to do with budgeting and money or debt management.

As the FTC noted, the best credit counseling services spend time discussing your entire financial situation before coming up with a personalized plan to solve your money problems. It can help you strategize in ways such as paying down debt with the highest interest rates first or working with balance transfer credit cards. Your financial situation is as unique as your debt repayment plan will be.