4 Ways to Reduce Oppressive Debt
Be Wealthy & Smart
Linda P. Jones
4.8 • 883 Ratings
🗓️ 26 September 2018
⏱️ 12 minutes
🧾️ Download transcript
Summary
Learn how to reduce debt when you can barely make ends meet, answer to a listener question.
Sally asks:
Hi Linda,
I just wondered about your thoughts in my situation. I am in a lot of debt and so is my husband. We made a commitment to paying it all off in 5 years and are currently in year 3. We have twins about to turn 13. My issue is whilst we are paying the debt we are struggling to make ends meet and I feel like my wage is only lasting roughly a week every month... so whilst making all the debt payments - typically 50 pounds each debt a month... I'm struggling to enjoy things like treats/holidays and even basics - shoes etc. By the way I do everything I can on a budget and think about how to cutback everyday but it's putting me in a lack frame of mind. I feel like I'm always behind. Is there a better way to do what I'm doing? Should I pay less to my debtors for longer In order to live/ manage now?
I review 4 choices she has to move forward and reduce debt.
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Transcript
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| 0:00.0 | Be Wealthy and Smart, episode 462. |
| 0:03.0 | I'm gonna live no rich life. |
| 0:06.0 | Rich life. |
| 0:08.0 | I'm pulling that's life. |
| 0:10.0 | If y'all know what I mean, put your hands up and declare with me |
| 0:13.8 | Yeah, I'm full of back time I'm gonna live the good life I'm gonna live the good life |
| 0:21.3 | and you're gonna glorious like Step into a world of wealth and financial freedom without budgets, boredom or bosses on be wealthy and |
| 0:30.3 | bosses on be wealthy Wealthy and Smart. And now here's your host, Linda P. Jones. |
| 0:38.0 | Welcome to Be Wealthy and Smart. I'm Linda P. Jones, America's Wealth Mentor. Empowering |
| 0:42.0 | Women and Men Worldwide to financial freedom. |
| 0:45.0 | On the podcast today, we're going to take a listener question and this question is about |
| 0:51.0 | how to reduce oppressive debt. |
| 0:55.0 | And it's from Sally and she said, |
| 0:58.0 | Hi Linda, I just wondered about your thoughts in my situation. |
| 1:02.0 | I'm in a lot of debt and so is my husband. We made a |
| 1:05.5 | commitment to paying it all off in five years and are currently in year three. We |
| 1:11.4 | have twins about to turn 13. My issue is while we are paying the |
| 1:16.6 | debt we are struggling to make ends meet and I feel like my wages are only |
| 1:21.0 | lasting roughly a week every month. So while making all the debt payments, |
| 1:26.0 | typically 50 pounds of each debt a month, I'm struggling to enjoy things like treats, holidays, and even basics like shoes, etc. |
| 1:35.0 | By the way, I do everything I can on a budget and think about how to cut back every day, |
| 1:40.0 | but it's putting me in a lack frame of mind. I feel like I'm always behind. |
... |
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