Debt elimination isn’t just about numbers—it’s about freedom.
But here’s the painful reality: most people trying to get out of debt are playing a game they were never meant to win.
In the latest episode of The Get Out of Debt Guy Podcast, I pull back the curtain on what debt elimination really takes. Spoiler alert: it’s not about making minimum payments forever and hoping for the best.
Why is Debt Elimination Important? Is It?
We dive into the emotional toll of debt—the anxiety, shame, and silent stress that even the most responsible people feel. Through the story of Jason, a hard-working dad who looks fine on the outside but is crumbling under financial pressure, we explore how common and invisible this battle really is.
Then, I break down the three real paths to debt elimination:
- Bankruptcy – the taboo topic that might actually save your finances.
- Snowball or Avalanche Method – slow, steady, and satisfying progress.
- Debt Coaching and Settlement – personalized plans that cut through chaos.
You’ll also hear why minimum payments are not a victory, and why shifting your mindset could be the first real step toward financial freedom.
🎧 Listen now and take the first step toward real debt elimination.
👉 GetOutOfDebt.org has everything you need—from resources to guidance, and even direct access to trusted debt experts like Damon Day.
Transcript
[0:00] Hey there, friends, it’s Steve here, the old Get Out of Deck Guy.
[0:05] Now, if you’re a returning listener, welcome back. You know the drill. Grab your coffee, settle in, and if this is your first time joining the Get Out of Deck Guy family, go ahead. Don’t be afraid. Boop that like button, subscribe, and ring that little bell so you never miss an episode. Hey, you’re in the right place if you’re tired of feeling stuck and ready to start breathing again. And don’t forget, if you’ve got a question, you can always reach me at getoutofdebt.org slash question. That’s me. So let’s talk about a little magic trick you didn’t sign up for. Debt can make you feel like you’re working harder than ever, but going nowhere. It’s like running full speed on a treadmill. It just won’t slow down.
[0:53] Here’s the part that nobody tells you. You can make every payment on time for years and still not be any closer to freedom. That’s because the system was built for payments, not payoff. And yet here’s the twist. People who throw out the old rule book and eliminate their debt completely, they don’t just feel better. They build wealth faster, sleep deeper, and live freer than they ever thought possible. So today, we’re pulling back the curtain. No more juggling bills, no more minimum payment traps.
[1:29] So let’s talk about real, honest-to-goodness debt elimination and how you can make it happen.
[1:37] Now, this is why it hurts so much, because let me ask you something. Why is it that even when we’re doing everything right, we still feel like we’re failing? Because debt isn’t just a number. It’s emotional. It’s math wrapped in emotion. Meet Jason. He’s got a good job, two kids, drives a decent car. On paper, he’s doing fine, but inside, Jason’s drowning.
[2:06] His nights are sleepless, his marriage is strained, he snaps at the kids, all because of five little words. I can’t make it stop.
[2:17] Jason’s not lazy, he’s not irresponsible, he’s trapped in a system designed to keep him paying and not progressing. And if you feel like Jason, I promise you, you’re not alone. And more importantly, you’re not stuck.
[2:35] Now there are three paths to debt elimination Let’s cut through the noise.
[2:41] The explosive exit, bankruptcy I know, I know, Nobody wants to talk about this one But here’s the truth Studies show that people who file for bankruptcy Do better financially than those who don’t I’ll put a link to this study in the show description, so bankruptcy is like pressing a giant reset button it stops the bleeding kills collection calls and gives you breathing room it’s not the end of the world in fact it might be the start of your freedom don’t be afraid of it look into it and understand that it is the fastest way out of debt in the shortest period of time now you got the brick by brick method you know snowball or avalanche. This is for the folks who want to roll up their sleeves. You list your debts organized by balance or interest and attack them with everything you’ve got. Is it slower? Yeah. Does it hurt your future finances in retirement? Yeah. If you’re directing all your money towards paying down your debt rather than saving at the same time, well, that’s not good.
Do You Have a Question You'd Like Help With? Contact Debt Coach Damon Day. Click here to reach Damon.
[3:51] There’s an easy way to save while you’re getting out of debt. I really like the app Acorns, and we’ve talked about it on a previous podcast. Again, I’ll put a link to that in the description for you as well. I use it. I think it’s pretty slick. It just rounds up your change. It doesn’t hurt at all and yet can leave you much more well off in retirement than you are doing what you’re doing right now. But the emotional payoff of watching each debt vanish is powerful. The trick is momentum. If you’re using the snowball or avalanche method, make celebrating small wins part of your plan. If you want to see progress sooner, start paying off the lowest debts first. If you want to be a math wizard and you love spreadsheets and details, focus on the highest interest rate.
[4:49] Then you got the negotiator’s route, settlements and coaching. This is where someone like my co-host and friend, Damon Day, really comes in. He’s the best debt coach I know, and he helps people settle debts for less, build custom plans, and avoid scams. You can reach him at DamonDay, D-A-M-O-N-D-A-Y.com. He’s really needed because, you know what? There’s a lot of scams out there. This route isn’t for everyone, but it could be a game changer if you feel overwhelmed
[5:24] and you don’t know where to start. So let’s break the myths and break free. This one myth that really drives me nuts, the idea that you have to pay your debts no matter what or you’re a bad person. Let me tell you something. You are not your credit score. You are not your debt. And you are not a failure. You are a person who got caught in a system that was never built to help you win. But now, now I’m helping you to write your new story.
[5:59] So here’s some action steps I want you to take in the next few days. Let’s make it real. Here’s what I want you to do after this episode. Don’t procrastinate. Number one, I want you to list every single debt you owe. Yes, even that one you’ve been avoiding. Just a piece of paper. Don’t make it complicated. Just write them down. Number two, look at your options. Don’t guess. Learn what bankruptcy actually means. Explore settlements. Talk to a pro like Damon Day. Number three, visit my website, getoutofdebt.org. I’ve got thousands of free posts that walk you through every step. And if you’re serious, take some time to search and read. Remember, information kills panic, options kill fear, and you’ve got more power than you think.
[6:53] All right, it’s time to wrap it up. So what did we learn today? Making minimum payments forever, it’s not a win. Debt freedom is possible, but only when you face it head on. And the system might be stacked, but you can flip the table. You don’t need to be perfect. You just need to take the first step. Hey, drop a comment below. Have you ever struggled with this? Let’s talk about it. And before you go, boop that like button,
[7:24] subscribe, and check out getoutofdebt.org for free resources. And until next time, stay awesome, be kind to each other, and remember to do good things. See ya.
[7:41] Got a money question keeping you up at night? Well, don’t just Google it. Get real answers from real people who actually know what they’re talking about. Head to getoutofdebt.org slash podcast to ask your question and you might hear it on an upcoming episode. But hey, if you’d rather keep it private, Damon Day has your back. Visit d-a-m-o-n-d-a-y dot com because getting out of debt is easier with the right help. That’s getoutofdebt.org slash podcast, where smart money questions lead to smarter money moves.
