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The fastest ways to get out of debt are: (1) debt settlement if you’re behind on payments, (2) balance transfer to 0% APR if you have good credit, (3) debt consolidation loan at a lower rate, (4) the debt avalanche method for DIY payoff, and (5) increasing income with a side hustle. The right method depends on your credit score, debt amount, and how far behind you are.
Why Minimum Payments Keep You in Debt Forever
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According to the Federal Reserve’s November 2025 Consumer Credit Report, Americans carry $1.25 trillion in revolving credit card debt at an average APR of 21.52%. At the typical minimum payment of 2% of the balance, a $6,580 debt would take over 17 years to pay off and cost more than $9,000 in interest — nearly doubling the original debt.
The math is brutal. But changing just one variable — the strategy you use — can cut that timeline from 17 years to 2–4 years, or even less.
Source: Federal Reserve G.19 Consumer Credit Report, November 2025; CFPB Consumer Credit Card Market Report 2024.
The 7 Fastest Ways to Get Out of Debt
Which Method Is Right for You?
| Your Situation | Best Method | Timeline | Credit Impact |
|---|---|---|---|
| Good credit (670+), $5K–$20K debt | Balance Transfer | 12–21 months | Minimal |
| Fair credit (580+), multiple debts | Consolidation Loan | 24–60 months | Minimal |
| Behind on payments, $10K+ debt | Debt Settlement | 24–48 months | Significant |
| Steady income, multiple cards | DMP | 36–60 months | Neutral |
| Self-motivated, any situation | Avalanche/Snowball + Side Hustle | 12–48 months | None |
Not Sure Which Method Fits Your Situation?
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Frequently Asked Questions
How fast can I realistically get out of debt?
With an aggressive strategy — balance transfer, consolidation loan, or debt settlement — most people with $10,000–$30,000 in unsecured debt can resolve it in 2–4 years. The minimum payment approach takes 10–20 years for the same amount.
Should I use savings to pay off debt?
The CFPB recommends keeping at least 1 month of expenses in an emergency fund before aggressively paying down debt. Beyond that emergency buffer, using savings to pay off 21%+ APR debt is almost always mathematically superior to keeping the money in a savings account earning 4–5%.
Does getting out of debt hurt your credit score?
It depends on the method. Balance transfers and consolidation loans have minimal credit impact. Debt settlement causes significant short-term damage (accounts go delinquent). DMPs are generally credit-neutral. Paying off debt through avalanche/snowball improves your score over time by lowering your credit utilization ratio.
What’s the difference between debt relief and debt consolidation?
Debt relief (settlement) reduces the total amount you owe — you pay less than the full balance. Debt consolidation combines debts into a single loan but you still pay the full amount, just at a lower interest rate. See our full comparison: Debt Relief vs Debt Consolidation.
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⚠ Important Risks to Understand
Debt settlement and consolidation strategies can affect your credit score, and creditors may still pursue legal action while you negotiate. Forgiven debt over $600 may be reported to the IRS as taxable income (Form 1099-C). This article is for educational purposes and is not legal, tax, or financial advice — consult a licensed professional for guidance specific to your situation. Learn more from the CFPB’s guidance on debt settlement.