In today’s episode, you’ll learn how to break the credit card debt cycle. I've been there myself, spending most of my 20s and early 30s in credit card debt. But now, I want to teach you how to break free from this cycle for good. If you're tired of running a balance on your credit cards and not making the progress you want, this episode is for you. I'll walk you through the mindset issues that keep you stuck in credit card debt and give you a step-by-step process to break the cycle and use credit cards in a way that actually improves your financial situation. Let's get started on your journey to financial freedom.

Key Highlights

[00:00:00] Introduction to debt cycle and personal experience with credit card debt 

[00:01:50] Mindset issues that keep people stuck in credit card debt 

[00:02:04] Believing that you don't make enough money to support the life you want to live

[00:03:29] Thinking that you'll worry about paying off debt later

[00:04:38] Believing that living within your means will make your life miserable

[ 00:06:45] Step-by-step process to break the debt cycle and get out of credit card debt

[00:06:45] Stop using credit cards completely

[00:08:44] Make minimum payments on your credit card until you have $1,000 to $5,000 in an emergency fund

[00:10:12] Create a sustainable debt payoff plan by allocating money for bills and monthly spending, and focusing on paying off the highest interest card first

[00:12:51] Get creative and find ways to make additional debt payments, such as selling unused items or adding extra income streams

Notable Quotes

• You get to decide what is enough for your lifestyle and adjust accordingly. So this thinking that you're not making enough is just simply keeping you on the overspending cycle. 
• The moment the money is in there, your brain just goes to, how should I spend this? And what should I buy? Because you're not used to actually having money. I want you to learn how to have money in your bank account.
• Start looking at some of the benefits that you will truly experience in your life when you learn how to get your debt paid off and begin to live within your means.
• There are so many additional benefits to debt payoff that extends so much further than just a zero credit card balance. It is actually learning how to be the person that you want to be with money, how to make more money and how to use money more intentionally for your life.
• The outcome of [continuously carrying credit card debt] is so much more negative than just learning how to create a life that you live within your means
• Your stress will go down. Your quality of living will go up. You'll begin to trust yourself more.

Apply here to be featured on the "Behind Closed Wallets" Series of the Holistic Money Podcast

Listen on Apple Podcast

Start your “No Budget” Money Plan

Learn more about our signature Program: Holistic Money Program

Connect with Whitney:

LinkedIn: LinkedIn

Instagram: @holisticmoney

Email: [email protected]