Should you change careers to pay off debt faster?

Wondering if a higher-paying job could help you get out of debt faster?

If most of your salary goes towards repayments, the issue may not only be spending. Your income may no longer match the cost of your life.

Changing careers can help, but it needs a careful plan. A new role may improve your long-term income, but study costs, unpaid time, a pay cut or more debt can create extra financial stress.

Use this guide to ask better questions, understand your options and decide what support you may need before making a big career or debt decision.

Quick answer: When could changing careers help with debt?

Changing careers can help with debt if it leads to a higher, more stable income without adding major new costs or disrupting the money you rely on now.

It may be worth exploring if your current role has limited earning potential and you can move into a better-paying position without expensive study costs, a long period without income or borrowing more money.

But a career change is not always the first step. If your repayments are already unaffordable, you may need to stabilise your debt first before planning your next career move.

The goal is to make a change that gives your budget more breathing room, not one that makes your month harder to manage.

First, understand your situation

Before thinking about a new career, start with your current numbers. You may not need a full career change. You may just need a good look at your budget and consider any lifestyle changes that could help.

Work out how much your debt is costing you each month

Write down your take-home pay, essential expenses and every debt repayment you make each month. Include your rent or bond, groceries, transport, electricity, school or childcare costs, insurance, loan repayments, credit cards, store cards, arrears and any informal debt to family or friends.

Then ask: How much more would I need each month to stop falling behind?

For example, if you take home R22,000 and R11,500 goes towards debt repayments, you have R10,500 left for everything else. If your essential expenses are R13,000, you are short by R2,500 before the month has properly started.

Not all debt behaves the same when your income changes

This is worth thinking about before you make any big career decisions, because not all debt carries the same kind of risk.

A home loan or vehicle finance is different from a credit card, store account or personal loan. If you miss payments on a bond or car finance, the asset linked to that debt could eventually be at risk if the account goes through the legal process.

With credit cards, store accounts and some personal loans, there usually isn’t a specific asset attached in the same way. Missing payments can still lead to extra fees, interest, collections, legal action and a lower credit score, but the risk looks different.

So, before you resign, study full-time or take a temporary pay cut, look at what kind of debt you have. If your bond or car repayments are already stretched, it may be more important to protect your income and stability before making a big career move.

What are your options if debt repayments are putting pressure on your budget?

If debt repayments are becoming difficult to manage, changing careers is only one possible solution. Before resigning, studying or taking on more debt, it helps to understand the different ways you can improve your financial position and the trade-offs involved with each.

Option 1: Keep where you are, as you are

It may be appropriate to keep your current job and income while maintaining your current repayment arrangements if your debt repayments are manageable, you’re making progress, and your financial pressure is temporary.

The benefit is stability. You avoid the risks and costs that often come with changing jobs, studying or taking on additional commitments.

The challenge is that if your income is no longer enough to cover your expenses and repayments, doing nothing may not solve the underlying problem.

What should you check out?

Review your budget and make sure you’re clear on whether the tension you’re experiencing is temporary or ongoing.

Ask yourself:

• Are you still able to make your repayments on time?
• Are you falling behind on essentials?
• Is the pressure linked to a once-off event, or is it happening every month?
• Are you relying on credit to cover normal living costs?
• Would a small lifestyle adjustment close the gap, or is the shortfall bigger than that?

If the issue is temporary, staying where you are while you stabilise your budget may be the lower-risk option. If the issue is ongoing, you may need to look at your repayment strategy, income or both.

Option 2: Improve your debt repayment strategy

Instead of changing careers or finding additional income, you could also focus on improving how your debt is structured and repaid. This can be one of the lowest-risk ways to improve your financial position because it doesn’t require changing jobs or increasing your workload.

But it may not be enough if your income is fundamentally too low to cover your expenses and repayments.

What should you check out?

- Debt repayment strategies

A debt repayment strategy helps you decide which debts to prioritise and how to use your available money each month.

If you are still able to make your minimum payments, you may be able to use a structured method to reduce your debt more consistently. For example, you could focus on paying off your smallest debts first to build momentum, or prioritise high-interest debts first to reduce the total cost over time.

Use Wealthbit’s Debt Freedom tool to compare repayment methods, map your monthly repayment plan and see how extra income could help you pay down debt more consistently.

- Debt consolidation

Debt consolidation means combining multiple debts into one loan or repayment. This can make your payments easier to manage and may reduce your monthly instalment, depending on the interest rate, loan term and fees.

But consolidation is not always cheaper. A lower monthly payment can sometimes mean you pay more over a longer period. It can also become risky if you consolidate your debt and then continue using credit cards or store accounts afterwards.

Before consolidating, check:

• The total cost of the new loan
• The interest rate
• The repayment term
• All fees
• Whether the monthly savings are enough to help
• Whether you can avoid taking on new debt afterwards

- Debt review

In South Africa, debt review, also called debt counselling, is a formal process under the National Credit Act for people who are struggling with repayments.

An NCR-registered debt counsellor reviews your income, expenses and debts, and may help restructure your repayments with credit providers.

It’s not the same as a casual payment arrangement or consolidation loan. It’s a formal process with protections, responsibilities and limits on taking on new credit.

If you are already missing payments or worried about losing a car or home, understand debt review before making a career change.

Option 3: Make more money

For many people, increasing income can have a bigger impact than cutting expenses alone. There are several ways to do this, each with different levels of risk, effort and potential reward.

Keep your job and do side work

A side hustle can help if you need extra income now but cannot afford to leave your job. It can also be a way to test a new career direction before making a bigger move.

For example, if you are short by R2,000 a month, weekend tutoring, admin work, freelancing, babysitting, delivery work or selling a service could help you catch up while you explore longer-term options.

But it should not leave you exhausted, cost more than you earn or make you rely on unstable income for essential repayments.

The lower-risk option is usually something with low start-up costs, clear earning potential and flexible hours.

Find a higher-paying role in your current career

You may not need a full career change to improve your debt situation. In many cases, the safer first move is to earn more using the experience you already have.

That could mean applying for a better-paying role in the same industry, asking for a raise, moving to a company with better salary bands, applying for a more senior role, changing departments internally or moving into a related field where your current experience still counts.

For example, a customer service consultant may not need to start over completely. They may be able to move into customer success, account management, sales support or operations. These roles may use similar skills but offer stronger income growth.

This kind of move can be useful because it may increase your income without forcing you to take on study debt or start from the bottom again.

Change careers

Changing careers means moving into a different profession, industry or field in the hope of improving your long-term earning potential.

A career change may help if your current role has limited income growth and your financial stress is partly linked to not earning enough. But it can also create more of a load if it reduces your income, adds study costs or pushes you to borrow before you have a clear path to earning more.

• When could a career change make your debt worse?

A career change can add more stress if it reduces your income or pushes you to borrow before you have a clear path to earning more.

Be careful if the move means quitting without another income, taking a big pay cut, paying for an expensive course, moving cities without a confirmed role or relying on irregular freelance work while your debt repayments need stability.

For example, if you already owe R90,000 and are behind on payments, taking a R40,000 study loan for a course with uncertain job outcomes could make your debt harder to manage.

A useful question to ask is: Will this choice reduce my financial stress within the next 6 to 18 months, or increase it?

What should you check out?

Before making a career change, look at the cost, the income potential and the risk to your current debt repayments. The goal is not just to earn more eventually. The goal is to make a change that improves your financial position without making the next few months harder to manage.

• How can you change careers without taking on more debt?

Before borrowing money for a course, laptop, business idea or relocation, check whether the cost is necessary, whether employers recognise it, what you could realistically earn afterwards and whether you could still repay the loan if the change takes longer than expected.

Look for lower-risk options first, such as free courses, employer-funded training, mentorship, portfolio projects, part-time study or applying for roles before paying for a course.

The aim is to increase your earning power without creating a bigger repayment problem.

• How do you compare the cost of a career change with the possible income increase?

A career change often has costs, even when it looks simple. Add up the full cost first, including course fees, transport, equipment, software, childcare, time away from paid work, a lower starting salary or any new debt.

Then compare that cost with the extra income you realistically expect to earn.

A simple break-even calculation can help:

Career change cost ÷ extra monthly income available for debt = break-even point

For example, if a course costs R18,000 and the move gives you an extra R3,000 a month for debt repayment:

R18,000 ÷ R3,000 = 6 months

That means it would take about six months for the extra repayment capacity to cover the cost of the course.

If a course costs R60,000 and only gives you an extra R2,000 a month for debt, the break-even point is 30 months. That may be too risky if you are already under debt pressure.

What should you do before resigning to change careers?

If debt is part of the reason you want to change careers, avoid making a sudden move that removes your income before your next step is clear.

Before resigning, check:

• Your exact monthly debt repayments
• Whether any accounts are already in arrears
• Whether any debt is secured, such as a bond or vehicle finance
• Your monthly shortfall
• Whether you have an emergency buffer
• Realistic salaries in the new field
• The real cost of any training
• Whether you can apply for roles while still employed
• Whether you can use transferable skills instead of starting over
• Whether you have a clear plan for using extra income to reduce debt

If your repayments are already unaffordable, consider getting debt advice before leaving a stable income.

Have a debt repayment plan before the income increase arrives

A higher salary can help you pay off debt faster, but only if you have a plan for the extra money.

Without a repayment system, a bigger salary can easily disappear into higher expenses or more credit. Before making a big move, know how much you owe, which debts cost you the most, how much extra you need each month and which repayment method you will use.

If you don’t have a repayment plan, a higher salary may not sustainably help you.

Use the Wealthbit Debt Freedom tool to compare repayment methods and turn extra income into a clear monthly repayment plan.

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Tools that might be helpful:

Debt Freedom Tool - shows what your debt costs, the best repayment strategy, and your debt-free date

Debt repayments email course: take control of your debt in 4 days

Debt Repayment Strategies workbook - a practical tool to build a system that works for you

Other resources to explore:

Debt review in South Africa: what it means and how it works

How do I check my credit score for free in South Africa?

What does “blacklisted” really mean in South Africa?

Is it okay to handle debt on your own without telling your partner?

How to get a good credit score in South Africa and why it matters

Should I use my savings to pay off my credit card debt, or continue saving?

Is it bad to only pay the minimum on my credit card?

Snowball vs avalanche: Choosing a debt repayment strategy that fits your personality

Why we fall into debt: the most common causes and how to spot the early signs

FAQs

Can changing jobs help me get out of debt?

Yes, a higher-paying job can help if the extra income goes towards your repayments. It will not help as much if your expenses rise at the same time or if the job change creates new costs.

Should I quit my job to change careers if I’m in debt?

It’s usually safer to keep earning while you plan the change. If your repayments are already unaffordable, or if you have secured debt such as a bond or vehicle finance under pressure, consider getting debt guidance before leaving stable income.

Is it worth studying to get a better-paying job?

It can be worth considering if the course has clear job outcomes, employers recognise it, and the cost is manageable. Before taking on study debt, compare the cost with the realistic income increase and work out how long it may take to break even.

Should I start a side hustle to pay off debt?

A side hustle can help if it has low start-up costs and fits around your current job. Be careful of side hustles that require expensive stock, equipment or training before you earn.

What should I do if I can’t afford my debt repayments now?

Start by listing your income, essentials, secured debts and unsecured debts. If your repayments are no longer affordable, speak to your creditors early or contact an NCR-registered debt counsellor to understand whether debt review or another debt support option may be suitable for your situation.