Break the Chains of Debt: 4 Steps to Dealing With Debt

Debt is a common source of financial stress for many Americans. Job losses, medical expenses, and even impulsive purchases can lead to insurmountable debt and get in the way of your financial goals.

If you’re in a financial hole due to debt, the only real solution is to change your debt mindset and start digging your way out, one step at a time.

In this episode of Fiscally Savage, Dylan talks about the debt equation, why people go into debt, and how we can deal with debt problems.

Show Highlights:

• [04:36] What is debt?
• [06:08] The true cost of debt
• [07:37] How debt fools us
• [10:17] Why credit card companies hide their interest rates
• [12:38] Why it’s easy to go into debt
• [13:51] Average American household debt in 2022
• [17:45] The importance of cost-benefit analysis
• [21:39] The four steps to dealing with debt
• [27:22] How Dylan applied those steps to get around his debt situation

Links and Resources:

• Episode 6: Understanding Your Needs and How to Fulfill Them
• Fiscally Savage
• Fiscally Savage Tools
• Fiscally Savage on Instagram
• Fiscally Savage on Facebook
• Fiscally Savage on Twitter