The magical, mystical and all-powerful credit card …
If we want something really bad but we don't have the money for it, credit cards solve our problems immediately. Don’t they? If we're jonesin' for some new threads, we want to buy a fancy dinner or even treat ourselves to a tropical vacation, we can swipe our way to happiness. Right?
Well, that quick and easy solution might cure our bad case of the “Wants”, but long-term credit card use without proper cash flow management will most definitely create infinitely more problems for us. In what seems like no time at all, we’re making payments with 18% interest on that tropical vacation we took 2 years ago! The memories of our good times on the beach don’t seem so glorious anymore.
I’m not anti-credit cards. I am anti-credit card abuse. If we don't have the ability to live on a consistent monthly budget, credit cards are not for us. When we have high interest credit cards that are eating away at our monthly earnings, we need to make a change. We simply cannot live a life of freedom, security and happiness when we have credit card debt with freakin’ 18% interest!
I had the privilege to speak with one couple that has become famous for their ability to drop their dependency on the all mighty credit card after eliminating $51,000 in debt.
David Auten and John Schneider used to live for today. Dinners, clubs, clothes … you name it, they bought it. After a while, the debt started to really pile up. Those high interest credit cards took a major toll on their financial situation. Once they realized that this debt burdened lifestyle wasn’t for them, they made a plan, partnered as a couple and clobbered their debt.
Today, David and John are better known as the Debt Free Guys. Their debt destruction story and their mission to financially empower the LGBT community has been covered in global publications like Business Insider, Forbes and Time.
What are we covering today?
John, David and I discuss:
- How they racked up $51k in credit card debt
- What motivated them to power their way out of debt
- How they are empowering the LGBT Community to take control of their finances
If you’re living with high interest credit card debt or you want to hear how this couple partnered together to change their future, listen to this inspiring conversation.
CLICK THE PLAY BUTTON ABOVE OR LISTEN ON ITUNES, GOOGLE PLAY OR STITCHER.
Show Resources
FREE Audiobook from Audible: Receive a free audiobook with your 30-day trial of Audible. You’ll be supporting this show!
Debt Free Guys: David and John's website, links to their podcast and articles.
The Four Principles of a Debt Free Life: David and John's book.
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Carpe Diem Quote
“If your actions inspire others to dream more, learn more, do more and become more, you are a leader.”
– John Quincy Adams
2 Comments
We’re battling our way out of $15k in credit card debt racked up mostly in our move across the country in 2016. I can’t imagine what the interest payments on $51k felt like; the $300+ interest on my cards hurt enough for me! The good news is we’ll have it paid off in August and can go back to just using the cards for rewards and then paying them off immediately.
August will be a sweet month for you Ryan! Congrats on making the commitment to clean it up!