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How to get out of debt on a low income

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Chances are that you can pay your debts off much faster than you are right now — even on a low income. 

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Debt can be challenging, regardless of how much money you have. On the other hand, if you’re earning a relatively low income, that challenge can seem more like a debt trap that lasts forever. And, that’s especially true when you consider the fact that interest rates have been on the rise for a couple of years. 

So, what do you do if you’re living on a low income and struggling with debt? Are you destined to wade through the waters of debt forever or is there a lifesaver that can help you find your way out?

Don’t worry. You don’t have to drown in debt forever. There are things you can do to pay your debts off faster than you would by simply making minimum payments — even on a low income. 

Find out how quickly you can get out of debt now.

How to get out of debt on a low income

“If you’re in debt and have a low income, it’s important you have a plan to get out of it,” says Steve Azoury, ChFC® and owner of Azoury Financial. Here are a few things to consider as you develop your plan: 

Sign up for a debt relief program

“Your plan should include debt consolidation options,” says Azoury. Those options usually include: 

  • Debt consolidation loan: You may qualify for a debt consolidation loan that comes with a lower interest rate than you’re currently paying. These loans also typically offer fixed payment plans and a clear path to debt payoff. 
  • Debt consolidation programs: Debt relief experts use the details of your financial hardship to negotiate lower interest rates with your lenders. They also put together a payment plan that’s designed to get you out of debt as fast as possible. You make your payments to the debt consolidation company and the company pays your lenders individually on your behalf. 

If debt consolidation doesn’t provide enough relief, consider debt settlement. As part of these programs, debt relief experts negotiate the principal balance of your debt with your lenders. You make your payments to the debt settlement company, which pays your creditors once a settlement is reached. 

Because lenders typically go months or years without a payment, this can have a detrimental impact on your credit. Nonetheless, debt settlement could be a wise idea if you’re struggling to make ends meet.    

Sign up for a debt relief program today to save money and get out of debt faster.

Cut expenses to free up extra cash

One of the best ways to pay debt off quickly is to make more than minimum payments. That can be a challenge on a low income. However, you may be able to free up some extra cash to help you pay your debts off faster. Here are some common ways to do so: 

  • Make your morning coffee at home. 
  • Cut the cable cord and opt for streaming services. 
  • Bring your lunch to work instead of eating out. 
  • Carpool to save on your commute. 
  • Cancel unused subscriptions. 

These are just a few ways to save. Chances are you’ll be able to find plenty more ways to put money back into your budget with a little brainstorming. 

Take advantage of opportunities to earn more money

A low income can be challenging — especially if you’re trying to pay off debt. Why not take a few steps to make more money? For example: 

  • Freelance: Are you a strong writer? Do you love photography? There are likely plenty of brands willing to pay you for your talent. Look for ways to get paid doing something you love and you might be surprised at the side gig opportunities you find. 
  • Go back to school: You could further your education to work your way into a higher-paying career. 
  • Talk to your manager: Have you asked for a raise recently? If you’ve been working for the same employer for a while, asking for a raise could result in an immediate increase in your income. 
  • Start a business: Chances are that you have a business idea or two you just haven’t pulled the trigger on. Start your business now to boost your income.     

Use financial windfalls to your advantage

Just about everyone has a financial windfall from time to time. More than seven out of 10 people receive a refund when they file their annual taxes — and those refunds are typically thousands of dollars each. What should you do with these financial windfalls? “You should also be allocating a percentage of bonuses, tax refunds or cash gifts toward your debt,” explains Azoury.  

The bottom line

The only thing exciting about debt is finally being able to pay it off. Although it may seem impossible to escape your debt if you earn a low income, there are things you can do to speed up the payoff process. Use the tips above to help you get out of debt faster. 



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Jim Donovan, Cleveland Browns play-by-play announcer and TV sports anchor, dies of cancer at 68

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Jim Donovan, the beloved radio play-by-play announcer for the Cleveland Browns and a TV sports fixture for more than four decades, died Saturday. He was 68.

Donovan retired from his broadcast career earlier this year and stepped away from his game-day duties with the team before this season while battling cancer. Donovan announced his retirement from WKYC on May 30 and worked his final broadcast as a sports anchor on June 10. He had called Cleveland’s games since the team’s expansion rebirth in 1999.

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Cleveland Browns radio broadcaster Jim Donovan stands on the field prior to an NFL football game against the Buffalo Bills on Thursday, Oct. 3, 2013 in Cleveland. The Browns won 37-24.

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“This is an incredibly difficult day for us and the entire Cleveland Browns organization,” Browns owners Dee and Jimmy Haslam said in a statement. “His impact as the Voice of the Browns for 25 years is immeasurable as he touched the lives of our fans each and every Sunday with his love for the Browns and his brilliance at his craft.

“He will be greatly missed, but he cemented a legacy that will live on forever. The only thing that outweighed his love for this city and this team was the love he had for his family. Our thoughts and prayers are with his wife, Cheryl, his daughter, Meghan, and everyone who was fortunate enough to call Jimmy family or friend.”

A Boston native known to everyone as “Jimmy,” Donovan endeared himself to Cleveland fans with his passion, sense of humor and professionalism. He was a stickler for detail, spending countless hours preparing for game broadcasts.

Donovan had recently been inducted into the Browns’ Legends Club and the Greater Cleveland Sports Hall of Fame. He had been too ill to attend the events.

When he was forced to step down in August, Donovan wrote a letter to Browns fans expressing his gratitude for their support.

“I have called Browns games for 25 years. Not a day has gone by when I haven’t paused and been so proud to be ‘The Voice of the Browns,'” he wrote. “Cheryl, Meghan and I thank you for all the love, support and prayers during my rough patches. It’s like having a huge family around us. And that’s what makes the Cleveland Browns so special. You do.”

Donovan had to step away as sports director at WKYC-TV last fall for several months to undergo treatment for leukemia. He returned to the broadcast booth in time to call the team’s late-season run to the playoffs.

Donovan was first diagnosed with chronic lymphocytic leukemia, a strain of the disease that starts in white blood cells and affects bone marrow, in 2000. He underwent a bone marrow surgery in 2011.

A graduate of Boston University, Donovan got to Cleveland in 1985. Along with doing local reporting of the city’s three professional sports franchises, Donovan also had several national network assignments and was part of NBC’s coverage team at the 1992 and 1996 Summer Olympics.



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DJ Clark Kent, influential hip hop producer, reportedly dies after battle with colon cancer

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NEW YORK – Hip hop producer DJ Clark Kent has died after a battle with colon cancer, according to a post on his official social media account. He was 58. 

“It is with deep sadness we share the passing of the beloved Rodolfo A. Franklin, known to the world as DJ Clark Kent. Clark passed away Thursday evening surrounded by his devoted wife Kesha, daughter Kabriah, and son Antonio,” they wrote. “Clark quietly and valiantly fought a three year battle with colon cancer, while continuing to share his gifts with the world. The family is grateful for everyone’s love, support and prayers during this time and ask for privacy as they process this immense loss.” 

Tributes poured in. 

“I have know you since I was 13. Taking the train all the way to Brooklyn just to come practice and DJ with you… I knew you was the right person to be around if I wanted to sharpen my skills,” Pete Rock wrote. 

“The first man that believed in my voice,” MC Lyte wrote.

“My brother is gone, it has been an honor to know him, our talks I will cherish forever, he was one of a kind, and the world has lost a great one,” Kid Capri wrote. 

“God bless our hero and deepest condolences,” wrote Killer Mike. 

“The world was just better with u in it,” Angie Martinez, who was working on a documentary about Franklin, wrote. “You were not like everyone. Your cloth was richer, your pedigree more solid, the love u put into everything and everyone you touched… just hit harder. And I promis you and Kesh that I will not sleep til we share your story.” 

New York City Mayor Eric Adams also paid tribute. 

“DJ Clark Kent solidified his legacy in the world of hip hop. He worked with the greats, and become [sic] one of them. Heartbroken to hear of his passing. Sending my prayers to his family and loved ones as he joins his mother Cynthia, who was a dear friend of mine,” Adams wrote on social media

Franklin got his start in the 1980s, working as Dana Dane’s DJ in various New York City clubs. He went on to produce numerous hits, including Junior M.A.F.I.A.’s “Players Anthem,” Jay-Z’s “Brookyln’s Finest,” as well as “Loverboy” by Mariah Carey. 

Other artists he worked with include Queen Latifah, Doug E. Fresh, the Fugees, Rakim, Ice Cube and many more. 





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