There are clear, practical steps you can take now to get rid of your debt and regain control of your finances.
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Americans are facing significant debt issues right now, and the current economic landscape is only adding to the pressure. Not only are high credit card interest rates pushing up borrowers' balances, but more people are tapping into these high-rate, short-term borrowing options to afford higher-priced groceries and essentials, too. In turn, credit card debt alone has climbed to a record of over $1.28 trillion and delinquencies are trending upward — a sign that borrowers are no longer just feeling stretched but are starting to fall behind.
That combination of high rates, elevated prices and other economic woes has made the idea of getting out of debt feel more urgent than ever. But urgency can also lead to confusion, and there are lots of routes you can take to try to get rid of your debt. Between consolidation offers, settlement programs, balance transfer cards, and budgeting strategies, though, it's not always clear which ones actually work and which can make your situation worse.
The reality is that there isn't a single solution that fits everyone. The right path depends on how much you owe, how far behind you are and how quickly you need relief. There are clear, practical steps you can take right now to regain control, though, so how can you do that? That's what we'll detail below.
Find out how to get rid of your high-rate debt for less today.
How do I get out of debt right now?
If you need to make progress quickly, you'll want to match your strategy to your situation — not rely on generic advice. Here's how to approach that process:
Assess how urgent your situation is
Before choosing any strategy, you need to understand where you stand financially. Most borrowers fall into one of three categories: current but not making progress, struggling to keep up with payments or already severely delinquent. That distinction shapes almost everything that comes next. After all, someone who's still making minimum payments on time likely has far more flexibility in terms of solutions than someone who has already fallen behind or has accounts in collections.
Learn more about the debt relief options you qualify for now.
Stop adding to the balance
Regardless of where you fall, the first move is the same: Stop adding to the problem. That means identifying which expenses are still being charged to credit cards and finding ways to cover them with your income instead. Even a temporary pause on discretionary spending can free up cash to redirect toward existing balances. It's not a lifestyle overhaul. It's a short-term stabilization move.
Cut expenses — but focus on what actually moves the needle
Budgeting plays a role no matter which route you take, but meaningful progress typically comes from larger cuts — renegotiating recurring bills, canceling subscriptions and reducing non-essential spending — rather than trimming small discretionary purchases. The goal is to create enough consistent breathing room to put more money toward debt every month.
Set a clear, short-term goal
Getting out of debt doesn't happen overnight, but defining what near-term success looks like makes it easier to stay focused. That might mean becoming current on all accounts within a few months, reducing your total balance by a specific amount or enrolling in a structured repayment program. Creating a defined milestone with a timeline to match gives you something concrete to measure against.
If you're current, try to lower your interest rate
If your accounts are still in good standing, your biggest opportunity may be to reduce what borrowing is costing you. High interest rates are what typically keep many borrowers stuck, even when they're making consistent, on-time payments. Options like balance transfer cards, debt consolidation loans or home equity borrowing for consolidation purposes can significantly lower that rate, meaning more of each payment goes toward principal instead of interest, and makes faster progress without dramatically increasing your monthly obligation.
If you're falling behind, explore structured debt relief
Once you start missing payments, simply lowering your interest rate may not provide enough relief. At that point, structured debt relief becomes a more relevant topic. For example, enrolling in a debt management plan may help reduce your interest rates and consolidate payments into a single monthly amount. A debt settlement program takes a different approach, negotiating with your creditors to try to settle for less than the full balance. Some lenders also offer hardship programs that temporarily reduce or pause payments for borrowers who qualify.
Consider bankruptcy as a last resort
For situations where debt has become genuinely unmanageable, Chapter 7 and Chapter 13 bankruptcy are legal options worth understanding. Chapter 7 discharges most unsecured debt within a few months; Chapter 13 restructures it into a three- to five-year repayment plan. Both carry long-term credit consequences, but if you're already in financial freefall, bankruptcy can provide a legally protected fresh start.
The bottom line
Getting out of debt right now is less about finding a single perfect solution and more about taking targeted, realistic action based on your current situation. For some borrowers, that means lowering interest rates and accelerating payments. For others — particularly those already behind — it may involve structured debt relief or settlement strategies that reduce what's owed and make repayment manageable again. Waiting, on the other hand, can make the problem more expensive.
Edited by Matt Richardson
