If We Woke up in Debt | Fix Your Finances

How would we get out of debt if we woke up one day with student loans and a credit card balance? By taking extreme measures to cut spending and earn extra income.

We discuss everything from cutting up our (hypothetical) credit cards to selling our excess furniture and gadgets on craigslist. Although it’s easy to stand on the sidelines and say “that’s what I would do,” we hope this is a help to someone out there.

5 thoughts on “If We Woke up in Debt | Fix Your Finances

  1. LM

    Love the aggressiveness with which you would attack your debt!! Only thing I’d do different is not slow-down when getting to student loans. Unfortunately, that’s the debt that everyone has an excuse to keep around for a decade. I’d slow down when getting to the house to make sure I have a fully funded emergency fund, retirement savings, and sanity in my life 😀

    1. Mike And Lauren Post author

      Maybe we made that unclear in the video. We wouldn’t slow down for student loan debt either! In our minds, any debt that restricts our freedom to change jobs, travel, move, etc is “bad” debt. Since you can sell your house to pay of the mortgage, but not “sell” your education, we would pay it off just as aggressively as credit card debt.

  2. grinners

    Good video except for “absolute minimum make-up”…

    Absolute minimum is always $0 make up. Aggressive savings policy except for that dumb female logic.

    1. Elizabeth B

      You try working at a jewelry store and wearing no make up…then critique the “dumb female logic.”

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