Steps for Getting Out of Debt

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In my series on getting out of debt, I have outlined some steps to help you figure out how to pay down your debt and get back on track. While I hope this is a good starting place for you, it is only a starting place. There are many resources available if you need further assistance.

Recognize the Problem

Most people are comfortable with having some debt (like a mortgage, for example). But how much is too much?

Assess Your Situation

Make a list of all your debt and figure out where your money is going every month.

Make a Plan

To get out of debt, you need an emergency cushion, a budget, and a plan of attack.

Implement Your Plan

Now that you know where you are headed and the steps you want to take to get out of debt, it is time to take action!

Monitor and Adjust

Real life rarely goes according to plan. Set aside time periodically to assess your progress.


You have laid a good foundation: you are out of debt (or out of bad debt) and you’re ready for a clean start. Commit to keeping your financial life that way.

Summary of How to Get Out of Debt

This is a visual summary of the process of getting out of debt.

Bankruptcy Is Sometimes the Best Option

Most people want to honor their debt. But many families have allowed their debt to spiral out of control, and they feel helpless, ashamed, and at a loss to know what to do. While bankruptcy isn’t anyone’s first choice, sometimes it is an important choice to consider.

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Wealth Manager

Austin Fey is a Wealth Manager at Marotta Wealth Management, specializing in charitable giving and asset allocations. She is a regular contributor to our Marotta On Money articles, often giving advice to those just getting started in finance.

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