The Personal Finance Podcast How to Get Out Of Debt The FAST WAY (The 7-0 Method)
May 19, 2025
Discover the powerful 7-0 method designed to wipe out high-interest debt quickly. Learn how mindset shifts and practical expense reduction can lead you to a $0 balance. The podcast compares the debt avalanche and snowball methods, emphasizing how the snowball approach can boost motivation as you tackle your debts. Tune in for essential tips on prioritizing your payments and achieving financial freedom in less time!
AI Snips
Chapters
Transcript
Episode notes
Stop Borrowing Immediately
- Stop borrowing immediately to prevent your debt from growing worse.
- Cut up credit cards and avoid buy now, pay later options to prevent new debt.
List All Debts Clearly
- List every debt with name, balance, minimum payment, and interest rate.
- This clarity converts overwhelming debt into manageable steps.
Cut Big Expenses First
- Aggressively cut major expenses like housing, food, and transportation to free cash.
- Make temporary sacrifices for lasting debt freedom and prioritize big cuts over minor savings.