How to Get Out of Debt With No Money

Many people feel trapped by debt because they think extra money is the only solution. It’s not true! You can start eliminating debt—even if you're living paycheck to paycheck.

Step 1: Take Inventory of Your Debts

List every debt, minimum payment, balance, and interest rate. This is your reality check.

Step 2: Lower Your Expenses

• Cut subscriptions you don’t use or need.
• Pause or cancel streaming, gyms, and deliveries.
• Shop for discounts and generic brands.
• Use community resources (food banks, charity support).

Step 3: Boost Your Income

• Sell unused items through local marketplaces.
• Take on micro-jobs (online surveys, temp gigs).
• Offer skills for cash (tutoring, cleaning, pet sitting).

Step 4: Prioritize Minimum Payments

• Always pay at least the minimum to avoid fees and credit damage.
• Contact creditors; ask about hardship plans or deferment.

Step 5: Use the Debt Avalanche or Snowball

• The avalanche method saves the most on interest.
• The snowball method gives quicker psychological wins.
• Our free calculator can model both even if you only have minimum-payment funds.

Step 6: Avoid New Debt

• Pause credit card use.
• Consider a prepaid card for daily expenses.

Key Takeaways

• Action > Amount: Consistency trumps large payments.
• Even small side earnings or expense cuts speed up progress.
• Use our free calculator to plan every possible scenario.