34. Getting Out of Debt – Actionable Tips Everyone Can Use

Today we’re talking about real-life tips to get out of debt and before we get into that, first let us say another HUGE thanks for the awesome support rolling in on Patreon. In a world where not only can you choose from a billion shows on Netflix, but there are also more than 700,000 podcasts vying for your attention, we are so humbled that you spend a little time listening to us each week, and even MORE humbled that you find it worth contributing your hard-earned dollars to support. If you want to join others who are helping make this podcast possible, please go to patreon.com/BelleCurvePod and choose a support level, they range from just $3 a month and go up from there. Y’all are the best and THANK YOU!

State of U.S. debt

 So, It’s 2020, y’all, and at the time of this recording, in the United States, there are great things to celebrate financially — wages are going up, the stock market is doing great, job growth is good, and unemployment is really low.

 However, when it comes to debt, there are a few downer statistics to report.

 According to The Motley Fool, in 2019, “The overall credit card debt of the United States increased for its sixth straight year, which is an all-time high, and is greater than the pre-financial-crisis peak.” Also, Americans had an average of four credit cards per person last year.

 And According to Nerdwallet statistics, “The Average U.S. household has nearly $7,000 in revolving credit card debt, about $28,000 in auto loan debt, about $47,000 in student loan debt, and about $190,000 in mortgage debt.”

According to experts who watch generational trends, finances really do look very different depending on your generation.

 According to a recent Merrill Lynch Wealth Management report, only 19% of millennials and Gen Zers define financial success as being rich — 60% define it as being debt-free.

 That may seem like a very low bar … but to younger millennials, who make on average about $35,592 a year,and are carrying an average student-loan debt of about $30,000, not to mention credit card debt, being out of debt may seem like the ultimate high prize that may feel elusive.

 SO—against that backdrop, today we want to give you Mary Scott, Rachel, and Liz’s hard-won, real-life tips that have helped each of us – a Gen-Xer, an older Millennial, and a younger Millenial. And of course, we caveat that we are not financial advisors, just real people trying to be good stewards of our finances.

 And we’re going to frame our tips around 2 Key Steps:

1      – Get in the Right Mindset

2      – Make a Plan & Execute It

The next book we’re reading for Belle Curve Book Club!


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