How To Destroy Your Debt


This title could almost be a website on its own, so I will need to condense how to destroy your debt into just a few subjects, though I suppose that we could consider this to be part one, however we will leave that for another occasion.

Unfortunately we cannot just destroy our debt by tearing up the bank statement that says overdrawn on it, or you have exceeded your overdraft, or by destroying our credit cards by cutting them up and forgetting that they exist, or the dreaded letter from the Bank, asking you to spare five minutes to see the manager, which we deny receiving, if only!!.

It takes a lot of will power and strength to effectively destroy the debt that we have built up, I suppose that the first thing that must be considered is how did the debt occur?

  • Is it spiraling out of control, so that you are seriously struggling with what you owe? More importantly how are you going to pay it back without losing the house or car!
  • Did it occur because you failed to keep your eye on what you were spending?
  • Were you or are you living beyond your means?
  • Loss of income but carried on spending?
  • Just enjoy flashing your debit or credit card, then get a shock when the restaurant manager says sorry can you come into the office, really embarrassing if you’re treating someone to a special meal.

The above are just some of the reasons that you find yourself needing to destroy your debt.

Budget Efficiently

Do you plan your weekly or monthly budget. if you are finding yourself constantly overdrawn at the bank, or having insufficient funds to meet your usual bills, then it might be time to work out just what you do need to buy on a weekly or monthly basis.

You will need to write down just what you are spending each pay period, and then be brutal and see if you can do without some of the items, remember household bills, such as rent/mortgage, utilities and council tax are very important to ensure that you can keep your head above water. Going for a pint or out to the cinema are not.

When we lost all our money due to being scammed, one of the first things that we did, was to analyze our bank statements, non-essential direct debits and similar items were stopped. My wife worked out how much she could manage on a week, and her allowance was reduced, I did the same, sometimes living on last weeks left over bits of cash, my attitude was simple, if my wife could cut down so could I.

Something that I read a few years ago suggested that instead of going shopping on say a Monday every week, add a day but do not increase the bill. Simply put, you survive for an extra day on the same shopping and the same bill. This way every seven weeks you have saved a weeks shopping bill, this can go to paying off some of your debts! It is certainly a different idea.

Another way to save on your shopping bill is to use the vouchers that offer so much off, you can search for these online, BUT only use them for the items that you have on your shopping list, otherwise you will get into deeper debt.

Have done a little infographic to show what I consider to be essential and those items which are not really needed, in other words luxury or non-essential items.

Stop Credit Card Disaster

It is so easy to get into a mess with your credit card, you just think oh! I like that and out comes the credit card, before you know what has happened you get a letter or text telling you that you are maxed out.

Until we lost the money, if I did use the credit card, it would be because I did not have enough cash on me, even so I paid off the entire balance each month.

Now I have had to use the cards to enable us to live, with just a small repayment monthly, however as things are starting to improve try not to use them at all. Have also read a good tip that said if your minimum payment is say £50, then repay £100, it is surprising just how quickly the debt will go down. This is assuming that you can afford to do this, but a little extra would go a long way to helping as you would not have interest to pay on the extra that you have paid off.

Providing of course you do not keep adding to the bill!

Try it and see.

Control Debt with Better Money Management

This follows on from the previous section in being careful how you manage your money.

It is so easy when shopping to be tempted with those two for one offers and buy one get one free. These are great if you need what is on offer, if not, do not be tempted, they are adding to the bill and of course the debt which you have, so think very carefully when out shopping you do have to be very hard with yourself, no matter how tempting things appear to be.

A simple idea – stick to what is on the list

If you can afford to go out for the odd drink, be wary, it is so easy to get yourself in a round, which if you have a debt problem you just cannot afford. At one time I would go out on a Saturday night, friends and family would be there, we always bought a round in turn. When I got home one night it dawned on me, I was on my own buying other peoples’s wive’s drinks and spending twice as much as I would have done had I been on my own.

Guess what I no longer go out on a Saturday night, call me tight-fisted or mean, I do not care, I call it being sensible, or not spending money which I have not really got.

Do you have a car? If so is it really needed for every journey that you do? Think first before driving somewhere when you could walk or if you have a bus pass catch the bus. You will be surprised how much money you will save in not buying petrol so often. If you can walk the fresh air will do you good as will the exercise.

The Mindset of Millionaires

Have you ever thought about the way millionaires think? They ensure that they mix with people of a similar ilk, not all of them were born rich, many are self-made. They think in a very defined way, they are rich, they have made themselves rich, usually by hard work, and guess what they intend to stay rich.

Mixing with those that are less successful could drag them down, they cannot and will not let that happen. The reverse effect can work if you apply yourself in the right manner. You need to have the positive mindset that says to yourself, I will succeed, I will earn mega bucks. Doing this as often as you can impress it on your mind and mixing with those who are of that frame, can set you on the path of not only good fortune, but riches as well.


As always do so hope that you enjoyed this article, if you have a money problem that some of the ideas may be of use. Please leave your comments in the box below, your feedback is very much appreciated as is the time that you take in making them.

The next article will be “What you should avoid”

Stay Happy, Healthy and Wealthy.

Stuart (aka Edwin)

10 thoughts on “How To Destroy Your Debt”

  1. Hi 

    Great Information on How to destroy your Debt.

    Unfortunately, debt is something that is very common amongst anybody with a credit card. Paying off a debt can be frustrating.

    One of the simplest ways as you have mentioned is to budget and make sure we know where we are spending our money.

    Having a saving strategy will also help with reducing debt.

    I look forward to some of your future posts.


  2. Hi Edwin

    I like your post, it’s very truthful. It may seem impossible for lot of people but these are things that we don’t always need. Many people will be tempted to say, if you don’t go out, you are not sociable and it’s not good. What I do to stay sociable is to create meetings with my friends at home, where we can put some money to cook together and have a great time, without breaking the bank. It’s something that we do once or twice a month. It’s cheaper than going out to a restaurant or bars, and it can also be healthier.

    There are many things that we can give up and get better financial situation and destroy the life of debt we are in. We just need to understand that they are not compulsory to our wellbeing and happiness.

    Thanks for sharing.

  3. Hi Edwin,  Wow, the headline HOW TO DESTROY DEBT made me excited!  Unfortunately, your true and tried suggestions are wise and required.  Do you know, I dislike having an attitude of scarcity.  I believe it brings me down, makes me feel miserable and down.  However, I need to keep control of my budget and reduce debt.  I agree whole heartedly with shop from a list and only buy what’s on the list.  Another suggestion for consideration is, don’t go shopping when you feel hungry!  When hungry I want everything my eyes see and I want it now!

    I am an avid supporter of developing millionaire habits, setting goals, focusing only on what will move the needle to bring in more cash etc.  I find this attitude keeps me feeling brighter and happier, even while reducing debt.  To focus on “I can’t afford or I’m so broke” brings morbid helpless feelings into our lives.  A wise old man said:  “When you are broke, put on your best suit and walk tall.  Have you heard of that?

    So Be bright, Be happy, Be grateful for what we do have and the debt will vanish providing we use some of your strategies  in our plan to destroy debt.

    Thanks for a great article full of great ideas.  Cheers

    1. Hi Jill,

      Many thanks for your comments, think that we both sing from the same book when it comes to debt.

      Again many thanks


  4. Wow… yes, this title could be a site on its own indeed.

    A couple of years ago, my dad died and left us with a huge amount of debt – or at least that was what it seemed like. I was just out of college and I had to work not only for me but to support my whole family. I’ll never forget how it felt like and that was when I promised myself that I’ll never use credit cards. I’ll never live on money I don’t have.

    I have to say that it wasn’t so hard to keep a tight budget. I usually don’t go out for drinks and you don’t buy rounds when you get out for a coffee. 🙂

  5. You know what? I have spent almost 30 minutes reading this article about destroying debt. This interests me much as debts especially bad debts have caused so much trouble in me. I have got to the point where I need to borrow money just to pay existing debt and it really feels bad. If you are in my case, what solutions will you apply? I appreciate the suggestions you have here in your article, but I think I need a piece of advice that’s tougher than that.

    1. Many thanks for commenting, you ask for tougher advice, without seeing a detailed breakdown of your problem this is difficult, but suggest really have to very hard on cutting out not only what you do not need but can totally get rid off.  Constantly borrowing to pay off debts will not help, but only you can do that.  Hope this helps.


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