How To Get Out of Debt Faster Than You Think (Encore)

How To!

Slate Magazine

Business, Education, How To, Self-improvement

4.4 • 1.9K Ratings

🗓️ 3 October 2023

⏱️ 34 minutes

🔗️ Recording | iTunes | RSS

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Summary

Irina and her husband are more than $100,000 in debt. They’re working to pay it off, but between monthly credit card bills, student loan payments, 401k contributions and spending on their new baby, their money is spread too thin. In this episode of How To!, Charles Duhigg bring on Rachel Cruze, a personal finance expert and author of Know Yourself, Know Your Money, to help Irina create a budget that she can actually follow. It will seem hard at first, Rachel says, but if you cut up your credit cards and pause your retirement investments, you can get out of debt much sooner. If you liked this episode, check out “How To Get That Promotion You Deserve.” Do you have a conundrum? Send us a note at [email protected] or leave us a voicemail at 646-495-4001 and we might have you on the show. Subscribe for free on Apple, Spotify or wherever you listen. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Hey there, how-to listeners. Before we start the show, I want to let you know about
0:03.7	a story coming up a little later. It's from one of our partners, SAP. Is your
0:08.8	business reaching an exciting turning point? Are you ready to seize the moment for
0:12.7	growth? When you're facing uncertainty, SAP can help you be ready for anything
0:17.3	that happens next. To learn more, head to SAP.com slash be ready and stick around to
0:23.8	hear how Ember Technologies seized the moment. It's October, which means
0:29.7	starting this month. Millions across the US will have another bill to pay as
0:33.7	federal student loan repayments resume. People are recalculating their budgets
0:38.3	and mapping out their financial futures. So honestly, it seems kind of like the
0:42.3	perfect time to dust off this gem from the archives that has some timeless
0:47.4	advice for anyone looking to get out of debt. I'm going to pass it over to our
0:51.8	previous host Charles DuHig and we'll see you back here next week. So would you
0:57.5	actually advise me to take 13 grand out of my savings like right now and just
1:02.3	pay off my car so that we don't have that anymore? Yep, I would do it tonight. Okay.
1:10.9	Welcome to How To. I'm Charles DuHig. This week we're looking at something that
1:16.5	we use every day, but which weirdly most people don't like to talk about. Money.
1:21.2	The truth is most of us have debts, whether it's student loans or car
1:26.0	payments, mortgages or credit card bills. And because of the pandemic, it's safe
1:30.5	to say that a lot of people's wallets are a little bit lighter this year. But
1:35.2	creating a budget that's realistic and actually sticking to it, that can be a
1:39.8	real challenge, particularly for a listener this week. My name is Irina and I'm an
1:44.6	editor and freelance writer based in Florida. I am also a new mom. I had a baby on
	...

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