5 Things You Need to Know About Paying Off Debt This Year

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Editor’s Note: This episode initially aired on Jan. 12, 2023. It may contain some details that are out-of-date.

Well, here we are: a brand new year!

Chances are, you’re one of the 66% of Americans with a financial New Year’s resolution. The most common financial resolution this year? Like many other years, it’s paying off debt.

But how do you make it happen? Obviously, with a plan. So, in this week’s podcast, we’re going to make one!

As usual, host Stacy Johnson is joined by financial journalist Miranda Marquit. Listening in and sometimes contributing is producer Aaron Freeman. This week, John and David, the Debt Free Guys, join us to discuss the five things you need to know about creating a successful debt pay-down plan.

Remember, even though we sometimes talk about money and specific investments on this show, don’t take them as recommendations. Before investing in anything or making any other money moves, do your own research and make your own decisions.

You can watch this episode below, or if you’d prefer to listen, you can do that with the player at the top of this article or download the episode wherever you get your podcasts:

Don’t forget to check out our podcast page for more episodes designed to help you make the most of your money and our YouTube page for more videos.

Get out of debt for good

In addition to our thoughts on creating a debt pay-down plan, we have many resources on the Money Talks News website for ideas on getting out of debt. You can even check out Stacy’s book, “Life or Debt,” to help you destroy your debt and get on the path to financial freedom.

Where to find the money to pay off debt

Once you decide to pay off debt, there’s a good chance you need to find the money to make your debt pay-down plan work. This often includes a combination of strategies to save money and increase your income.

Check out these resources that can help you find money to funnel into your debt-freedom strategy. And don’t forget to check out the debt lasso method our guests use to pay off debt.

Meet this week’s guests, the Debt Free Guys

John Schneider and David Auten / Money Talks News

David and John Auten-Schneider are the Debt Free Guys and hosts of the Queer Money podcast: helping their community live fabulously, not fabulously broke.

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About the hosts

Stacy Johnson founded Money Talks News in 1991. He’s a CPA, and he has also earned licenses in stocks, commodities, options principal, mutual funds, life insurance, securities supervisor and real estate.

Miranda Marquit, MBA, is a financial expert, writer and speaker. She’s been covering personal finance and investing topics for almost 20 years. When not writing and podcasting, she enjoys travel, reading and the outdoors.

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