5 Proven Ways to Get Out of Debt for Good

Retirement account

If you have a considerable sum of money saved up in your 401(k) or IRA account, you can use it to pay off your debts. You can borrow up to 50% of the money in your retirement account, but will have to be paid back with interest.

This strategy, however, generally not advisable, as it can seriously jeopardize your retirement plans. You should consider it only after you have exhausted all of the other options mentioned above.