How I Paid Off Over 44k of Debt As A Single Mom

Don’t let the debt drag you down, debt is a common struggle but you can overcome financial burdens!

This episode focuses on empowering Latinas to overcome debt and achieve financial peace. Dee emphasizes that debt is a situation, not a reflection of your worth. She shares her personal story and highlights the importance of taking control.

To relieve yourself of debt, one must let go of the feelings like shame & judgement go. Remember these things

• Debt is common, especially among Latinas.
• Talking openly about money can help break the stigma and find solutions.
• There's power in taking charge of your finances.
• Subscribe for future episodes on financial wellness for Latinas!
• Believe in yourself! You can overcome debt.
• Take control of your finances. It reduces stress and builds a brighter future.

Tune in to discover ways to create debt relief and motivation to elevate your journey to freedom from debt.

Dee understands how running a business can be super stressful, especially for moms. Her 1:1 coaching helps you juggle it all without sacrificing yourself or the things you love. Clients have reduced their stress by 50% and doubled their revenue after working with Dee. Schedule your call here to see how Dee can help you reclaim your time easily!

Grab a copy of her book [here].

Connect with Dee:

Instagram: [@deep_dives_withdee]

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**Disclaimer:** This podcast is for informational purposes only and does not substitute professional medical advice. Please consult a qualified healthcare professional for any mental health concerns.

Transcript

 Hey, have you been struggling with that? Well listen, if you are, there is no shame here, because let me tell you, you and millions of others are dealing with the same thing. And for a while, I was there too. I know what it's like to feel overwhelmed by debt, because debt used to keep me up at night. Feeling overwhelmed and stressed and stuck and powerless every time I saw my email saying that payments were due.

It seemed like my bank statements, all it was, was just a long list of making the minimum payments and then barely making ends meet. But you know what? I took control. I've paid off over 44, 000 in debt in two years. And as a single mom, and I'm here to tell you that you can too. And today we're going to explore the different debt repayment strategies that can help you break free and achieve some financial peace of mind.

So let's get into it. 

Welcome to the inhale, exhale success podcast. Where we help women entrepreneurs create a life they love, feel confident in their body, and build a business without burning out by equipping them with the best tools, strategies, and my proven formula every business woman must have. My name is Dee Medina.

Let's get started and be successful together. 

Hola, hola, and welcome back to another episode of Inhale, Exhale, Success. My dear and fellow Latinas, I came across a study by UnidosUS that shows that Latinos are struggling with high debt. So I knew I just had to talk about this with you today because that's a lot for us to manage. And being a coach for Latinas and women of color, I think it's important that we talk about debt and to normalize it.

I don't know how it was for you, but growing up in my Hispanic household, I was never really taught anything about money other than being told saving was good and debt was bad. Now, my family taught me the best they could, but unfortunately that upbringing is common in our culture. We don't like to talk about money.

We don't have a A clear education about money, but in fact, many of my clients are Latinas and women of color and have also expressed how they feel stressed about their finances. And if you're on the same boat, I just want you to take a moment to realize that debt is a circumstance in life. It has nothing to do with who you are as a person and you have the power of choice to give it the meaning that you'd like, but I just want to be able to normalize debt with you.

They are just numbers on a paper, just like there's a tree outside of my house and clear skies. It is. Those are just facts. What you tell yourself about those facts is what matters.  And if you're like my client, Teresa, who, before she started working with me on her beliefs and you're telling yourself things like, I'm irresponsible with money and I'll never get out of debt, then you are closing yourself up to the possibilities that can actually be available to you.

After we worked together, we discovered that she's actually very responsible with money. She's made all of her payments, even though it was just the minimum. And it's a big deal because there are some cases that. Can't even do that and go bankrupt. So after she began to believe that she was capable and was responsible, we then started working on effective debt repayment strategies, specifically designed to help her pay off about 5k so far.

And if you're like I was at one point in time and losing sleep at night,  I'm going to share with you the options that you have today that can empower you to take charge of your money. And build a brighter financial future and reduce your stress. Okay, first we have what's called the avalanche method.

And this strategy focuses on paying off the debt with the highest interest rate first, regardless of the balance. And this is something that I've personally done myself. I've gone through all my credit card statements, which was probably about five. And I looked at all the interest rate. I use notion to put on all in my information to get all of the data I needed to be able to see your numbers.

Don't be afraid of looking at your numbers. Get your information that will help you release stress instead of guessing what your balance is, how much you have left and just get organized. Okay? And by tackling the most expensive debt first, You save money on interest in the long run. So that is the avalanche method. 

Another option is called the snowball method. And this method focuses on paying off debt with the smaller balance first, regardless of the interest rate. So you can switch it up if you want to pay off the one with the higher interest rate or Or if you want to pay it off the one with the lowest balance, it is up to you, but those methods and options are available to you.

But the snowball method, seeing those smaller debts disappear quickly are a great motivator and can help you stay on track. And it's something that I personally done as well. And that I also use to pay off my debt. And last option that I'm going to give you that I've also personally done that has helped me pay off over 44, 000 in debt is debt consolidation.

And this just involves combining. All of your debts into one loan, which often comes with a lower interest rate. So instead of paying five different credit cards, you're just paying one payment. And it's typically less than all of your minimum payments put together. Because if you simplify your payments, it could potentially save you a lot of money. 

Now, for those of you with student loans, I have never had any, but I've heard of something called income based repayment plans, which I believe you can adjust your monthly payments based on your income. But most certainly do your research on this. And what I would like you all to know, this goes for anyone who's dealing with debt, and Debt is just a circumstance.

It's not a good thing. It's not a bad thing. It's just something in your life that you might believe is a problem. But, hey, all problems have solutions, and I hope that these options I provided you with today can be the beginning or the reminder that you needed to know that you can take control of your debt and not the other way around.

The key to reducing financial stress is to explore these debt repayment options, whether that's the avalanche method, the snowball method, debt consolidation, See which one is going to fit your needs and choose a strategy that empowers you to take control of your finances. It could be just one, it could be just two, maybe all three like I did.

You deserve financial peace of mind. Take control of your finances. Look at your numbers. It will help you reduce your stress and also pave the way to secure your future.    Well, that does it for today's episode.  Thank you so much for joining us on the Inhale Exhale Success Podcast. If you enjoyed today's topic, I'd love for you to subscribe so you don't miss out on other valuable discussions, along with answering questions directly from busy women like you who are looking for ways to make life, business, and  I I look forward to having you here with us again next week. And remember, my friend, success begins when you take a moment to breathe. Take care. Find your balance and believe in yourself.