Christmas is coming. Unfortunately, you may still be paying for the last one. And the one before that.
Steve, the original Get Out of Debt Guy, and Damon Day, the new Get Out of Debt Guy, tackle holiday spending, credit card debt, and why a debt consolidation loan can leave you with another payment and a fresh batch of credit card bills.
Steve wants you to draw a line in the sand before buying another gift. Damon understands the “one last Christmas, then I’ll fix it” approach. We debate both, talk about making a realistic holiday budget, and revisit the year Steve gave people soup beans for Christmas. It tasted like affordability.
Along the way, we get into:
Why cash flow matters when trying to get out of debt, and why moving balances around doesn’t fix the underlying problem.
Debt consolidation advertising, debt settlement sales pitches, and the appeal of being “one payment plan away from happiness.”
Buy now, pay later plans, including Klarna and Affirm, and using installment payments for groceries.
Planning ahead, buying gifts throughout the year, setting expectations, and the pressure to spend money you don’t have.
AI financial advice, the Ask Steve chatbot, and Steve’s videos grading ChatGPT’s answers about credit repair and bankruptcy.
An Apple iPhone class-action settlement discussion and Steve’s experience submitting a claim.
Making extra money with gig apps and Damon’s Giggleicious show on the Penny Stupid YouTube channel.
Why looking wealthy and building wealth can be two very different things, with a nod to The Millionaire Next Door.
There are also Halloween candy stories, questionable dad jokes, and a rescue dog who may have already picked Steve. We even preview the conversation we keep meaning to have: helping adult children pay for college without sacrificing your own retirement. Maybe next time we’ll actually get to it.
If you’re juggling minimum payments, holiday expectations, and the hope that January will somehow fix everything, you’ll recognize yourself in this one.
Find more help and the Ask Steve chatbot at GetOutOfDebt.org. Damon can be reached at DamonDay.com, where you can schedule a free consultation.
