Baby Stepping Out of Debt

Debt is a drag on your finances now and in the future. For many military families, debt is one of the top stressors. When your credit is maxed out, it can make extra expenses that are molehills seem like mountains you have to climb. When you’re in the thick of debt, it can seem impossible to overcome, but great news, there are steps you can take to get out of debt. In this episode, I talk to George Kamel about the steps you can take to get out of debt, the difference between the debt snowball and avalanche, and balancing your quality of life through the process. George is a personal finance expert with a countercultural approach to money. He’s a cohost of The Ramsey Show and host of The Fine Print and The EntreLeadership Podcast—all available on the Ramsey Network. Since 2013, George has served at Ramsey Solutions, where his goal is to help people spend less, save more, and avoid consumer traps so they can make the most of their money. George also shares his experience with personally using the baby steps to get out of debt.

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Baby Stepping Out of Debt Episode Details

  • Why so many people have debt
  • The baby steps you can take to get out of debt
  • The difference between a debt snowball and a debt avalanche?
  • Why you may want to use a snowball instead of an avalanche
  • Things George struggled with getting out of debt
  • George’s advice for people worried that taking baby steps is going to ruin their quality of life
Related: Why Military Families Should Use 529 Plans

Baby Stepping Out of Debt Resources

More podcasts: Tips for Developing Financial Wellness

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Disclosure These notes may contain links to our affiliate products or services, which means I might get compensation when you click or buy. That said, I will only put affiliate links that align with our podcast discussion. If you want to “kickstart” your finances in the military, you can get access to my free Financial Kickstart Kit here.