Bli Kvitt Gjeld: How to Get Rid of Debt

Being in debt is not something anyone wants for themselves. Sadly, a lot of people are indebted and are confused about how to get out of it. With how easy it is to get a loan these days, more and more people are running around in an endless circle of debt.

This can take a negative toll on the person, affect their mental health, and significantly reduce their life quality. You can read this article to find out why debt is bad for anyone. What is worse is it isn’t so easy to escape this circle.

However, knowledge is power – and with the right knowledge, you can gradually get out of this issue and live a better life. There are different ways to go about becoming debt-free that won’t leave you feeling miserable. In this article, we will discuss some of these ways to set you on your path to becoming debt-free. With that being said, let’s get right into it.

Pay More than Your Required Monthly Payment

One of the best ways to become debt-free faster is to pay more than what you are supposed to pay as your monthly payment. This method requires a lot of financial discipline, but it’s among the surest and fastest ways to pay off loans. All you have to do is evaluate your budget to see how much you can afford to set aside towards paying off what you owe.

Not only will this method help you pay off your loan faster, but it will also reduce the money you’ll spend on interest. This is because when you do this, the months you spend paying off the loan will significantly reduce. Therefore, you won’t have to pay interest on the months you cut off your repayment term.


Refinancing is the process of getting a new loan to pay off a current loan. When done right, refinancing can not only help a person become debt-free faster, but it can also help them save money on interest. You can use this option to reduce your repayment term, although this would mean increasing your monthly payment. However, doing this will also help you save up a lot of money on interest, depending on the value of your loan.

You can also use this option to save money by looking for a new loan with lower interest. The good news is that any type of loan can be refinanced, from mortgages to auto loans, student loans, personal loans, etc. To refinance your loan, take your time to shop around for loans with good terms. Also, make sure you stick to the terms of the new loan and pay it off on time.

Use Windfalls to Pay off What You Owe

Use Windfalls to Pay off What You Owe

When trying to pay off your loan, you have to develop new financial habits like restraint and commitment. If you unexpectedly get some money, your first instinct might be to spend it on something you’ve always wanted to do. But you need to remember that your loan(s) won’t pay off themselves.

Decide to use your windfalls to settle your loan. There are two ways to go about this. You can decide to spend half of your windfalls on your debt and the second half on something you want to do. This second option is for those who want to get debt-free as soon as possible; in this case, you can simply commit the entire value of the windfall to settle your debts.

Windfalls can be anything from tax refunds to inheritance to cash gifts, work bonuses, and so on. Using this method can help create momentum that will encourage you to do more to get rid of your debts. Also, once you decide on the portion of the windfall to commit to your loan, make sure you pay it to your creditor immediately. This will ensure you do not get tempted into spending it.

Reevaluate Your Budget

When it comes to paying off debts faster, there are 2 sure ways of doing so. It is either you spend less or earn more money. Earning more money might not be possible; you may be too busy to get a side hustle or part-time gig. But adjusting your spending habits is always possible.

To do this, you need to sit and evaluate your budget. Figure out all the things you spend money on and then list them according to how important they are. Next, sort them into two categories: need and want. Your needs are things that you can’t make do without, while wants are things that you simply desire but can survive without.

Doing this will help you figure out the expenses that you can either cut down on or eliminate. You can then adjust your budget accordingly. The money you would save by doing this can then be added to your monthly payments.

This method involves making sacrifices, but if becoming debt-free is important to you, you can make these sacrifices. It would only be for some time until you pay off your debt, and then you can go back to your original spending habit. However, it may not be wise to revert to your old spending habit as it may have been part of the reason you were indebted to start with.

Consider Debt Settlement

Consider Debt Settlement

In some cases, you can negotiate with your creditors to reduce the amount you owe so you can pay them off. You can try to do this process yourself, but it is often wise to hire a debt settlement company to help you out with this. This option seems great, especially if you are in a situation where paying off the entire amount you owe looks impossible. However, it should only be used as a last resort.

The reason for this is that this option comes with some risks. For instance, the debt settlement company you hire may ask that you stop making your monthly payment during the time they negotiate the settlement. Unfortunately, doing this can significantly reduce your credit score.

There are so many other methods you can use to get debt-free apart from the ones we have listed so far. You can go here to see the article: to read up more about these methods. You can also do more research if you’d like to find out more methods to get rid of debt.


Being in debt can significantly affect a person’s quality of life. The best way to avoid this is to not get indebted in the first place, but it may be too late for this. This is why your best bet is to find a way to clear off your loans using any of the methods we have discussed in this article.

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