How To Pay Off $30,000 In Debt In 2 Years

If you're struggling with debt, it can be difficult to know where to start. You might be considering filing bankruptcy or trying a debt settlement program, but those options aren't always an option.

In this article, we'll talk about how you can eliminate $30,000 worth of credit card and other loans in just two years.

How To Pay Off $30,000 In Debt In 2 Years

Make A Debt Payoff Plan.

A debt payoff plan is a written document that outlines your goals, the steps needed to meet those goals and how you will track your progress. This can include:

• How much money do I need to put toward debt repayment each month?

• What is my goal for paying off my debts (such as reducing interest rates or paying off all of my debts)?

• What is the ideal time frame for completing this task? How many years should it take me to pay off my loans in full?

Put All Your Plastic In A Jar.

If you have a lot of plastic, put it all in a jar. If you have a lot of credit cards, put them all in the same jar. If you have a lot of debit cards, put those too.

If all those plastic things can fit inside one jar and if it's not too big then consider putting some other things into it as well: gift cards from stores that don't take checks (or at least don't want to) like Target or Starbucks; membership cards from gyms or fitness centers; membership club cards such as Costco's "VIP" program...and so on.

Create A Monthly Budget.

• Track your spending. This is a simple step, but it's one that can help you get an idea of where your money is going. If you're not sure how much money is being spent on certain things like entertainment or food, it can be hard to figure out where else those costs could be reallocated.

• Create a monthly budget. Once you've tracked your spending for a few months and noticed patterns that might indicate areas for improvement (e.g., "I spend $500 each month on Netflix"), it's time to create a budget that outlines all of the necessary categories in order to reach your goal—in this case: paying off debt within two years

Look For Small Ways To Cut Spending.

• Look for free things to do.

• Look for free activities online.

• Look for free activities in your community and around town, such as a local library or theater group that offers classes on how to save money. You can also ask friends about what kinds of things they've done that helped them save money, too.

• Start by paying down your smallest debts first. Then work your way up in order of size until all are gone! This way, you'll know exactly how much money you've saved by becoming more responsible with your spending habits (and avoiding credit cards)

Put Every Extra Dollar Toward Debt.

I would put every extra dollar toward debt.

First, pay off your smallest debt first, because it has the highest interest rate and will cost you more in the long run.

If you have $50 in credit card debt and one of those cards charges you 6%, then it's going to take longer for that loan to be paid off than if there were two smaller loans with lower rates.

Second, prioritize paying down balances with high interest rates first so that when they are paid off (and they will be), then take some time to refinance or reduce other debts as well.

Sell Your Stuff.

Selling your stuff is the best way to pay off a debt, but it's not easy. If you want to do this right, you need to be prepared for an emotional and logistical roller coaster of a ride.

Here's what I mean:

• Don't sell anything that will make you regret selling it later on down the road (like your car). You can always get another one later, so there's no reason why now isn't good enough.

• Don't sell anything that'll break up with friends or family members due to money issues—they may not even know about them yet anyway.

• Don't sell anything valuable like artwork or antiques unless they're worth at least $1k each (even then maybe wait until after college graduation). That way if something happens where I'm unable to afford payments for awhile then we'll still have something left over for other expenses instead of having nothing left over after paying off my debts...

Use Your Tax Refund To Pay Down Credit Cards.

If you're fortunate enough to get a tax refund, use it to pay down your credit cards. That's right, use that money instead of spending it on a vacation or other luxury item.

If you have $1 million in your bank account and want to put 20% towards paying off debt and 80% towards saving for retirement, then don't waste a cent on something frivolous like buying a new car or going on vacation!

If you're currently in debt and need help getting out of it fast (and not just by making minimum payments), then this is exactly where I recommend using part of your refund: paying down any high interest debts like mortgages.

Increase Income.

Another way to increase your income is by getting a second job. This can be difficult, as you may have to work long hours at the first job and then commute back and forth between the two locations. If this sounds like something that would work for you, then it's definitely worth considering.

If increasing your income isn't an option, there are other ways to get more money in your pocket.

Start a side business or find another way to earn more money on top of what you already make from one job. You can also try looking for promotions within your company (and even try applying for one). If all else fails, consider asking for a raise.

Calculate How Long It Will Take To Pay Off Your Debt.

To calculate how long it will take to pay off your debt, use a debt payoff calculator. A debt payoff calculator is a tool that helps you estimate the total cost of repaying your debts and shows how much time it would take to pay them off. The most famous example is [this one](https://www.creditkarma.com/blog/how-to-calculate-your-debt-payoff), which estimates how long you'll need to work at a given interest rate in order to cover all of your obligations by paying off one loan at a time or how many years away from retirement someone needs before they can comfortably afford their home mortgage payment alone (which happens if they have enough cash saved up).

Some people prefer other calculators because they're more specific or include more features than others; however, there aren't any differences between them when it comes down  to finding out what kind of progress we've made toward our goals so far.

Use The Right Credit Card For Debt Elimination Strategy You Choose.

When choosing a credit card for debt elimination, it’s important to consider the type of rewards program offered by your chosen credit card. Some cards offer cash back or points that can be redeemed for cash or merchandise. 

Others may offer airline miles or hotel points in exchange for spending money on their cards.

The best way to get rid of your debt is by paying off all of those bills at once so you have nothing left that needs paying off.

If this sounds like an impossible task and all you want is just one thing done right now because "it's only $5!" then don't worry; we've got some tips here that will help get started on making some progress toward paying off $30,000 in less than two years.

With Patience And Discipline, You Can Eliminate A Lot Of Debt Within Two Years

The key to getting rid of debt is patience and discipline. You need to stay focused on your goal, which will require you to be disciplined about paying off the debt each month.

But if you're ready for this challenge, take a few steps toward it:

Start by paying down your smallest debts first. Then work your way up in order of size until all are gone! This way, you'll know exactly how much money you've saved by becoming more responsible with your spending habits (and avoiding credit cards).

Conclusion

Congratulations! You’ve made it. If you can stick to the plan, you’ll be debt-free in no time. Remember, if you work hard and make smart choices about how to pay off your debts, then you will be debt-free much sooner than two years from now.