15 Ways to Get Out of Debt Even If You Can’t Afford Extra Payments

Debt doesn’t have to be a four-letter word. In fact, carrying a small amount of debt is better than not having any credit history at all. They key to success is keeping your debt to income ratio under control.

If you have a lot of debt and you don’t have enough income to cover the payments, it’s easy to become stressed and overwhelmed. But there are some ways you can work on reducing your total amount of debt without making a payment.

Ahead, check out a few ways you can reduce your debt even if you don’t have extra money.

1. Work on your credit score

credit score

Credit score | scyther5/iStock/Getty Images

The better your credit score, the better rates and promotions you’ll qualify for, which will help you spend less overall during your debt payoff strategy.

Even if you don’t put a penny toward your debt, you can start by looking into everything that’s on your credit report and ensuring all the information is accurate. Also, paying the minimum payments on time will help your credit score stay solid until you have the extra funds to start paying off your debt.

Next: This will save you hundreds if not thousands.

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