177 | How To Pay Down Debt | Strategies To Achieve A Debt Free Life

Show Summary: 

Inflation continues to hit most Americans' bottom line.  The things we use and need the most are costing more than ever.  Groceries, gas, electricity, and everything we use daily cost more than last year.  On top of that, people are losing jobs, and a recession is looming or already here.  The savings that most people collected during the pandemic shutdown have been whittled away, and many people have turned to credit and debt to make ends meet.  If this sounds like your story, you are not alone!  In today's episode of The Fat & Broke Podcast, we will help you better understand debt and give you all the tools you need to pay it down fast!

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Intro:

Peter is back from a vacation and feels full of vigor, which is not great for the rest of us. 

Headline Of The Week:

Credit card debt increased to record $931 billion: Here's how to pay debt quickly

How To Pay Down Debt:

1. Track
2. Build A Gap
3. Make A Plan
4. Execute & Automate
5. Stay The Course
6. Don’t Add More Debt

To learn more about the steps above, listen to the show!

Resources:

• Mint
• YNAB
• Undebt.it