About eight out of 10 people in the United States have debt, whether it’s in the form of student loans, credit cards, a mortgage or unpaid bills.
So while debt itself is fairly universal, varying strategies exist for how to tackle it. Take for instance the debt snowball method lauded by radio show host Dave Ramsey that advocates tackling small debts first. The idea is that quick wins help build debt-crushing momentum. Other financial gurus scoff at that method and say bills with the highest interest rates should be attacked first.
Find this kind of stuff interesting? Trying to crawl out from your own mountain of debt? Several podcasts tackle personal finance and debt, and many are sprinkled with inspirational stories on how others have overcome massive amounts of debt.
Here are five of our favorite money podcasts that you can listen to during your next commute or while you’re getting some chores done around the house.
A financial literacy podcast, “Stacking Benjamins” takes a light-hearted approach to personal finance. The format is magazine style, meaning topics during the hour-long show are covered in 10- or 15-minute chunks. Among the show’s mantras: There’s nothing embarrassing about money, and a fun approach is far better than a preachy one. Some segments include real-life stories detailing how exactly people have gotten out of debt, including one episode featuring a family that was bogged down with maxed-out credit cards and a car repossession before springing into action and paying off $74,000 in 25 months.
‘You Need a Budget’
For some, “budget” is a scary word. It could be associated with scarcity. Or deprivation. Or bricks of Ramen noodles. “You Need a Budget,” or “YNAB,” is a podcast eager to change that kind of mindest. The podcast creed is that you won’t be spending less, you’ll be spending smarter. The podcast has easy-to-understand tips on how to save money, get out of debt and ultimately beat the cycle of living paycheck-to-paycheck. If you’re short on time, you’ll appreciate these succinct tips that are delivered in 5-minute episodes.
‘Mo’ Money Podcast’
Led by a financial counselor, Jessica Moorhouse takes a fresh approach to personal finance. In her “Mo’ Money Podcast,” which releases new episodes on a weekly basis, Moorhouse interviews not just personal finance and business experts, but also celebs, entrepreneurs, friends and family members. Episodes focus on how to better manage your money, how to become debt-free and how earn more money. Her topics prove that personal finance doesn’t need to be stuffy. Some of the on-trend episodes that will resonate with younger generation touch on no-spending challenges, how to become location independent and work abroad, and how to turn your side hustle into a main hustle.
‘Get Out of Debt’
Hosted by personal finance expert Chris Arnold, National Public Radio has released a three-part “Get Out of Debt” guide filled with actionable, concrete tips for how to get out of debt as well as strategies for staying motivated while you do so. One episode includes interviews with a family who quickly got out of $40,000 of debt (spoiler alert! It involved a pizza delivery side hustle). Another episode explores the woes of medical debt.
‘The Dream’ Podcast
From leggings to skincare products to weight-loss patches, you probably field a lot of direct sales pitches every time you log onto Facebook. If you’re tackling debt, it may be tempting to accept a friend’s invitation to “join their team” and “earn some extra income.” But before you pay for any starter sales kits, take a listen to “The Dream,” which does a deep dive into the murky world of multi-level marketing and throws up all kinds of red flags. Did you know that 47 percent of people who get involved in these types of businesses actually lose money, and 27 percent of people make no money at all? An AARP Foundation report found that half of those who made money in direct sales average less than $5,000 in profit. Oof.
So, what strategies have helped you climb out of debt?