Want to Get Out of Debt? Focus on This Number First
- 82% of people who asked for a pay raise at work received a raise.
- A weekly 10 hours of part-time work or side hustle income at $10 per hour could help you pay off an extra $4,800 of debt in one year.
- Earning more money is always a good idea, whether you’re up to date on your bills or if you need to save cash for debt settlement offers.
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Most personal finance advice tells you to cut your spending if you want to get out of debt faster. But what if there’s another way to get debt relief? The truth is, your monthly spending is only one part of your budget. Sometimes an even more important number is the one on the other side of the ledger: your income. The money you earn at your job and from other sources plays a big part when your goal is getting out of debt faster.
Sure, cutting expenses is worth doing. But if you’re serious about getting out of debt faster, you might want to focus on increasing your income.
Let’s look at how to boost your income—even if it’s temporary—to help get out of debt.
1. Ask for a Pay Raise at Your Job
Many people struggle asking for a pay raise. You might worry that your boss will say no. Some people don’t feel confident about their job security and fear that asking for a raise could hurt their standing at work.
But asking for a pay raise often gets good results. Most people (82%) who ask for a pay raise…get a raise! According to a recent survey, men are more likely than women to ask for a raise: Nearly half of men asked for a pay increase in the past year, compared to about a third of women.
You always have the power to negotiate your pay, even when you have a full-time job. Your employer needs you more than you might expect—and they’ll often pay you more money if you ask for it.
2. Get a Part-Time Job
How about turning your after-work hours into extra cash? If you’ve got the time and energy to make it happen, you might want to get a part-time job to help pay off debt faster. Working an extra 10 hours a week, even for a lower wage than your usual job, could put a big dent in your debt.
For example, if you could earn $10 an hour working part-time, for 10 hours each week, suddenly you’ve got an extra $100 per week. That’s about $400 per month or $4,800 a year.
3. Start a Side Hustle
A part-time job isn’t always the right fit for your schedule if you want to get out of debt fast. You can turn your spare time into extra cash. In most cities, there are easy opportunities to start side hustles like rideshare driving, takeout food or grocery delivery, and dog-walking. And online side hustles are flexible, so you don’t have to worry about showing up for fixed hours at a part-time job.
You might find that your side hustle is fun and fulfilling. It feels good to make extra money. It can help you watch your bank account balance go up and feel more in control of your budget. Earning just a small amount of extra income from a side hustle can help motivate you to build a brighter financial future.
Working Harder Doesn’t Have to Last Forever
Many people aren’t eager to sign up for extra hours of work. If you’re already tired from your full-time job, or if you work irregular shifts at your regular job, you might not feel fired up to go work harder in your spare time. If you’re struggling to pay bills and falling deeper into debt, it might be time to dig deep and take on a bit extra—just for a short while. Working extra hours can be temporary.
Cutting expenses is only part of the puzzle to get out of debt. Many people will be better off if they can figure out how to raise their income, too. And whether you’re paying off your own debts without outside help or looking for debt relief solutions like a debt settlement program, earning extra money will brighten your situation. Saving up extra money from a part-time job or side hustle can also help you build up your cash savings to make successful debt settlement offers.
Insights into debt relief demographics
We looked at a sample of data from Freedom Debt Relief of people seeking debt relief during October 2025. The data provides insights about key characteristics of debt relief seekers.
Credit utilization and debt relief
How are people using their credit before seeking help? Credit utilization measures how much of a credit line is being used. For example, if you have a credit line of $10,000 and your balance is $3,000, that is a credit utilization of 30%. High credit utilization often signals financial stress. We have looked at people who are seeking debt relief and their credit utilization. (Low credit utilization is 30% or less, medium is between 31% and 50%, high is between 51% and 75%, very high is between 76% to 100%, and over-utilized over 100%). In October 2025, people seeking debt relief had an average of 74% credit utilization.
Here are some interesting numbers:
| Credit utilization bucket | Percent of debt relief seekers |
|---|---|
| Over utilized | 30% |
| Very high | 32% |
| High | 19% |
| Medium | 10% |
| Low | 9% |
The statistics refer to people who had a credit card balance greater than $0.
You don't have to have high credit utilization to look for a debt relief solution. There are a number of solutions for people, whether they have maxed out their credit cards or still have a significant part available.
Personal loan balances – average debt by selected states
Personal loans are one type of installment loans. Generally you borrow at a fixed rate with a fixed monthly payment.
In October 2025, 44% of the debt relief seekers had a personal loan. The average personal loan was $10,718, and the average monthly payment was $362.
Here's a quick look at the top five states by average personal loan balance.
| State | % with personal loan | Avg personal loan balance | Average personal loan original amount | Avg personal loan monthly payment |
|---|---|---|---|---|
| Massachusetts | 42% | $14,653 | $21,431 | $474 |
| Connecticut | 44% | $13,546 | $21,163 | $475 |
| New York | 37% | $13,499 | $20,464 | $447 |
| New Hampshire | 49% | $13,206 | $18,625 | $410 |
| Minnesota | 44% | $12,944 | $18,836 | $470 |
Personal loans are an important financial tool. You can use them for debt consolidation. You can also use them to make large purchases, do home improvements, or for other purposes.
Support for a Brighter Future
No matter your age, FICO score, or debt level, seeking debt relief can provide the support you need. Take control of your financial future by taking the first step today.
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Author Information
Written by
Ben Gran
Ben Gran is a personal finance writer with years of experience in banking, investing and financial services. A graduate of Rice University, Ben has written financial education content for Business Insider, The Motley Fool, Forbes Advisor, Prudential, Lending Tree, fintech companies, and regional banks like First Horizon.
Reviewed by
Kimberly Rotter
Kimberly Rotter is a financial counselor and consumer credit expert who helps people with average or low incomes discover how to create wealth and opportunities. She’s a veteran writer and editor who has spent more than 30 years creating thousands of hours of educational content in every possible format.
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