If you’re struggling with debt, you’re not alone — and you’re not failing. Many people find themselves asking the same question: how do I get out of debt?
The good news is that getting out of debt is possible, even if it feels overwhelming right now. With the right steps, support and plan, you can regain control of your finances and move towards a more stable future.
This guide explains how to get out of debt, step by step.
Understand exactly how much debt you have
The first step in getting out of debt is knowing where you stand.
Write down:
- Who you owe money to
- How much you owe each creditor
- Interest rates
- Minimum monthly payments
This can feel uncomfortable, but clarity is powerful. Once everything is in one place, you can make informed decisions rather than guessing.
Create a realistic budget you can stick to
A budget isn’t about punishment — it’s about control.
Start by listing:
- Your monthly income
- Essential expenses (rent, bills, food, travel)
- Debt repayments
Whatever money is left can be used to:
- Increase repayments
- Build a small emergency buffer
- Cover essentials without borrowing
A simple budget helps stop debts from growing while you work on reducing them.
Stop adding to your debt
It’s very difficult to get out of debt while still borrowing.
If possible:
- Stop using credit cards
- Avoid overdrafts and buy-now-pay-later services
- Pause unnecessary spending
Using an account without overdraft or credit facilities can help you avoid slipping further into debt while you focus on repayments.
Prioritise your debts
Not all debts are equal.
Priority debts include:
- Rent or mortgage
- Council tax
- Energy bills
- Court fines
These should be dealt with first to avoid serious consequences.
Non-priority debts include:
- Credit cards
- Personal loans
- Store cards
Once priority debts are under control, you can focus on reducing non-priority debts more strategically.
Choose a debt repayment strategy
If you can’t afford your repayments, there are formal and informal options that may help, such as:
- Debt management plans
- Breathing Space schemes
- Individual Voluntary Arrangements (IVAs)
- Bankruptcy (as a last resort)
Free, independent debt advice can help you decide which option is right for your situation.
Increase your income where possible
Even a small boost to your income can speed up how quickly you get out of debt.
You could:
- Check you’re receiving all benefits you’re entitled to
- Take on overtime or flexible work
- Sell unused items
- Ask creditors for reduced payments or interest freezes
Every extra pound can make a difference.
Build better money habits for the future
Getting out of debt isn’t just about paying it off — it’s also about avoiding it in future.
Helpful habits include:
- Tracking spending regularly
- Setting realistic savings goals
- Using budgeting tools or apps
- Keeping spending and bills organised
Over time, these habits help rebuild confidence with money.
Be patient and kind to yourself
Debt doesn’t disappear overnight. Progress can feel slow — but every payment moves you closer to being debt-free.
Celebrate small wins:
- Clearing a balance
- Sticking to your budget
- Avoiding new borrowing
Consistency matters more than perfection.
Getting out of debt is about building better habits, staying organised and having the right tools to support you along the way. A Suits Me® account can help by giving you a simple, safe way to manage your money while you work towards becoming debt-free. With no overdraft or credit facilities and easy budgeting through the app, it helps you stay in control and avoid slipping further into debt. It’s quick to open, even if you’ve struggled to get a bank account before — so you can focus on moving forward with confidence.
