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

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4 • 1.1K Ratings

🗓️ 3 October 2023

⏱️ 27 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	It's October, which means starting this month, millions across the US will have another
0:05.1	bill to pay as federal student loan repayments resume.
0:09.2	People are recalculating their budgets and mapping out their financial futures, so honestly
0:13.5	it seems kind of like the perfect time to dust off this gem from the archives that has
0:18.9	some timeless advice for anyone looking to get out of debt.
0:23.0	I'm going to pass it over to our previous host Charles DuHig and we'll see you back here
0:27.4	next week.
0:29.4	So would you actually advise me to take 13 grand out of my savings right now and just
0:34.5	pay off my car so that we don't have that anymore?
0:36.8	Yep, I would do it tonight.
0:38.5	Okay.
0:43.8	Welcome to How To.
0:45.0	I'm Charles DuHig.
0:47.7	This week we're looking at something that we use every day, but which weirdly most people
0:51.5	don't like to talk about.
0:53.4	Money.
0:54.5	The truth is most of us have debts, whether it's student loans or car payments, mortgages
0:59.5	or credit card bills, and because of the pandemic, it's safe to say that a lot of people's
1:03.9	wallets are a little bit lighter this year.
1:07.4	But creating a budget that's realistic and actually sticking to it, that can be a real
1:12.2	challenge, particularly for a listener this week.
1:15.4	My name is Irina and I'm an editor and freelance writer based in Florida.
	...

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