Brian Acton

Millennials and Gen X are doing what personal finance experts recommend. They are saving regularly, but it is not keeping them out of debt, according to a recent Bestmoney.com survey.

Installment loans let you borrow a lump sum and repay it through fixed monthly payments over a set period. They offer predictable costs and can help build credit, but you risk losing collateral if you can't repay secured loans.

Debt can be a very useful strategy for reaching your financial goals. It can help you buy a home, start a business, or get an education. And you can use it to afford everyday purchases.

Whether you’re struggling with high-interest credit cards or personal loans, 2026 is the year to take control. If you're searching for how to get out of debt fast, this guide breaks down 9 powerful, expert-backed strategies — from DIY budgeting to smart consolidation. No fluff, just real solutions that work.

Credit utilization accounts for 30% of your FICO score — and debt consolidation can change it dramatically in either direction.

Home equity loans allow you to borrow money using the equity you’ve established in your home as collateral. They have fixed interest rates and monthly payments, and you pay back the loan over a set period of time – from five to 30 years

Most personal loans can be approved within minutes and funded within 1–3 business days, especially with online lenders.

Secured personal loans are usually better if you want lower interest rates or have poor credit, but they require collateral. The right option depends on your credit score, risk tolerance, and how much you need to borrow.

Most personal loans range from $1,000 to $100,000, but the amount you qualify for depends mainly on your credit score, income, and debt-to-income ratio.

A personal loan can be a smart choice if you need predictable monthly payments, want to consolidate high-interest debt, or qualify for a competitive interest rate. However, if you can’t secure a low APR, already carry significant debt, or have access to lower-cost alternatives (like a 0% balance transfer or home equity loan), a personal loan may not be the best option.