My conversation with Award Winning Podcast Host and Best Selling Author, Marcus Garrett, inspired this blog. It includes various perspectives and some of his story.
A huge number of Americans are in debt and paying off interest on it. The credit card syndrome has hooked them into never ending debt but there are more than one ways to rack up debt.
How Marcus Garrett found himself in $30,000 of debt
Marcus Garrett racked up his debt through credit cards and personal loans. After graduating college in 2005 with $9000 in debt, he got a consolidation loan of $10,000 and he spent it, bought a car of $13,000, a flat screen of $300 bought a couple of bottles alongside other things.
Within one weekend, Marcus had accumulated $30,000 of debt.
At the age of 27, he hit rock bottom and this is when he decided to put together his first budget and built a 4-step system to reach debt freedom.
Marcus formulated the D.E.B.T formula which stands for:
He had definitely lived through each step of the formula as he was well aware of his debt, made plans to overcome it, wrote out a budget and was determined to maintain his course towards debt freedom.
Achieving Debt Freedom
In order to do so, Marcus negotiated a salary increment at his job and this enabled him to settle off his debt within 36 months.
He used one of the many ways to come out of debt, increase his income. There are a number of ways to do get rid of debt gradually like;
The road to debt freedom is not a straight path, it is a couple of hills and valleys. However, if done properly, you can execute it with a smooth landing. Marcus was able to do so and you too can.
Listen to how Marcus Garrett did it in the latest episode of the Money Exchange Podcast.
If you are in need financial resources to help you on your financial journey, check out It$ My Money here.
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