Top 5 Ways to Get Out of Debt in 2024

Debt can feel like an overwhelming mountain to climb, but with the right strategies in place, you can take control of your finances and start on the path to freedom. Whether it’s credit card debt, student loans, or unexpected expenses, there are resources in 2024 that make tackling debt more manageable than ever. Here are the top five ways to get out of debt this year, with helpful tools and services from leading financial brands to guide you.

1. Create a Detailed Budget with Rocket Money

A solid budget is the cornerstone of any debt repayment plan. By understanding where your money goes each month, you can identify areas to reduce spending and focus on paying off your debt.

How Rocket Money Can Help:
Rocket Money simplifies budgeting by categorizing your expenses and helping you track your spending habits. With its intuitive app, you can set financial goals and even negotiate bills for additional savings. Rocket Money’s subscription cancellation feature also ensures you’re not wasting money on services you no longer use.

Pro Tip: Use Rocket Money to analyze your spending and find at least three non-essential expenses to cut. Redirect those savings to your debt payments.

2. Consolidate Your Debt with SoFi

Debt consolidation is an excellent option if you have multiple high-interest loans or credit card balances. By combining them into a single loan with a lower interest rate, you can simplify your payments and save thousands per year in interest.

Why SoFi Stands Out:
SoFi offers low interest personal loans specifically designed for debt consolidation. With competitive rates, no hidden fees, and flexible repayment terms, SoFi makes it easy to streamline your debt repayment. Their tools also allow you to prequalify without affecting your credit score, making it a risk-free option to explore.

Pro Tip: Use SoFi’s loan calculator to see how much you could save by consolidating your debt. Apply those savings to accelerate your payoff timeline.

3. Negotiate Your Debt with Freedom Debt Relief

If you have over $25K in credit card debt, Freedom Debt Relief might be the best solution for you. Debt relief works by making it easier for you to reduce your debt burden. The first step is realizing that you need help with managing debts. The next step is choosing a debt relief option like Freedom.

Why Choose Freedom Debt Relief:
Freedom Debt Relief is one of the largest and most trusted debt settlement companies in the U.S. Their experienced negotiators work directly with creditors to reduce your debt, and they offer personalized programs tailored to your financial situation. While debt settlement isn’t for everyone, it can be life-changing for those with significant financial hardships.

Pro Tip: Before committing to a debt settlement program, consult with Freedom Debt Relief to understand the process and whether it’s the right fit for you.

4. Leverage Cashback and Savings Tools like Capital One Shopping

Saving money on everyday purchases might not directly reduce your debt, but it can free up extra cash to put toward payments. Smart shopping tools make this easier than ever.

The Capital One Shopping Advantage:
Capital One Shopping is a free browser extension that automatically applies coupon codes and finds better deals while you shop online. It also tracks price drops and alerts you to potential savings on the items you’re buying.

Pro Tip: Use the money you save with Capital One Shopping to make additional payments on your smallest debt (a method known as the debt snowball) or highest-interest debt (the debt avalanche).

5. Use Credit Strategically with the Citi Simplicity® Card

For those with high-interest credit card balances, transferring debt to a card with a 0% introductory APR can save you hundreds, if not thousands, in interest.

Why the Citi Simplicity® Card is Ideal:
The Citi Simplicity® Card offers a 0% introductory APR on balance transfers for 21 months—one of the longest periods in the industry. With no late fees or penalty rates, this card provides a stress-free way to pay down your balance faster.

Pro Tip: Use the Citi Simplicity® Card to transfer your highest-interest balance, and commit to paying it off within the 0% APR period to maximize your savings.

Bonus Tip: Build Financial Resilience with MoneyLion

While focusing on paying off debt, it’s also important to build financial resilience. Having an emergency fund can prevent you from falling back into debt when unexpected expenses arise.

How MoneyLion Helps:
MoneyLion combines banking, lending, and financial education into one app. Their Credit Builder Plus program is particularly useful for improving your credit score, which can lead to better loan terms and lower interest rates in the future. MoneyLion also offers personalized financial advice to keep you on track.

Pro Tip: Set up automatic transfers to a MoneyLion savings account to grow your emergency fund while paying off debt.

Final Thoughts

Getting out of debt is a journey that requires determination, planning, and the right tools. With services like Freedom Debt Relief, SoFi, Rocket Money, Capital One Shopping, the Citi Simplicity® Card, and MoneyLion, you can take meaningful steps toward financial freedom in 2024.

Remember, no single strategy works for everyone. Evaluate your financial situation and choose the methods and tools that align with your goals. By taking action today, you’ll be well on your way to a debt-free future.