Getting Out of Debt, Part 2: Accrue No New Debt
As Paul Roldan and Jason Martin answer questions about how to get out of debt, this next step was short and direct – accrue no new debt! It can feel as if you’re digging out of a hole when you are working your way out of debt. Adding new debt during the process is like pouring water into that whole; it certainly doesn’t make things any easier and may cause a landslide!
Shocking and exciting highlights from this golden nugget of financial wisdom:
- Paul references an old SNL skit! Check out “Don’t Buy Stuff” here.
- Jason talks about cutting up credit cards (the last time he used one was 2009!).
- Jason discusses the psychological and behavioral shift that must occur when you’re working your way out of debt.
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