Being in debt can be a stressful experience. No matter what your circumstance is, if you signed for a loan, you are obligated to pay it back even if you have a life-altering experience like losing a job, getting into an accident, or even if you have increased expenses due to having a child.

Sometimes debt can just be an unintended consequence of too much holiday spending — or overspending any time of year. Many people try to get out of debt, but life slaps them in the face hard enough that they give up. But that doesn’t have to be the case. There are so many people who are getting out of debt every single day, and not only that, but they are getting out of debt in a short period of time.

Here are 3 baby steps to help you get started.

1.List all of your debts.

From the smallest to largest based on payoff balance, not the interest rate.

2.Start to pay off debt using the debt snowball method.

Focus on the first little debt and attack it with intensity!Pay minimum payment on all your debt except for that one. Throw every Ringgit you can until it is out of your life forever. Then cross it off the list and start the next one.

This is behavior modification.You need some quick wins or you will lose steam and get discouraged. Every time you cross a debt off the list, you will see, that you are actually going somewhere!

While you are working to pay off your debt, unplugged all your retirement savings (6 to 12 months). This will give you more money to use to get out of debts and motivation to get back to your long-term investment plan and add fire to your get-out-of-debt-fast plan.

Unless you are in an extremely deep hole that will take you years and years to climb out off, shutting down the retirement saving for short term is a good plan.

3. Quit borrowing more money!

You can’t get out of the hole if you keep digging out the bottom! Stop the bleeding!

Have more questions? Click on the questions to know where you stand now in 60 seconds:-

How long will it take to pay off my credit card(s)?

How long until my loan is paid off?