312: Ways to Reduce Monthly Debt Payments

So let's be honest.

I mean, I'm sure we sit down in meetings with people that struggle with debt frequently and you can tell that it truly squeezes the life out of their budget.

And I would go as far as to say it squeezes the life out of them.

Yeah.

The desire to do things, the vibrancy of life just gets dimmed when you're struggling with debt.

I mean, what if it's it could be a job loss, medical bills, credit card payments.

It could be as simple as inflation and lifestyle creep where we get the debt just squeezes us.

So the natural question arises.

how do i lower my monthly debt payments because you might be at this point where you're you're building out your budget and you're seeing your required minimum monthly payments are just a little bit too high to handle it's a hard pill to swallow so how do we realistically what what options are there for lowering your monthly debt payments that's what we're going to talk about today and we're going to walk through some pros and cons of each option because We'll be honest with you, there are some uglier options than others, but we want you to be informed so that you can take the next step that might make sense to you.

And after we get through the options, we're going to give you what we think is the best option.

So when we think about this debt squeeze that we're having and the challenges, I think a Why is this happening? What caused all this? Tyler broached on a few of these at the beginning.

It could be a job loss.

It could be a job change because you're maybe going for that job you want and it's a reduced salary at the beginning until you can get to where you want to be or need to be.

Medical expenses, definitely a challenge, especially today.

Inflation.

That's that silent tax that happens on us that everything just keeps on inching up, inching up.

Think about gas prices today.

That's one of those things.

The lifestyle creep.

You're looking around and you're seeing other people.

You're seeing what other people are driving.

You're looking across the fence and you're thinking, why don't I? And then you wind up doing.

And that now creates more of a challenge financially for you.

And that leans into that too much borrowing.

You already got four credit cards.