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Looking to Get Out of Debt? It Starts With Financial Literacy

Debt. One word that sends a shiver down the spine. Most of us try to avoid debt because we’ve seen how loans cause immense stress in life. But the reality is that it’s difficult to avoid, especially if you want a higher education. Rory Douglas is a financial coach who has seen his fair share of bad money habits. What are the biggest problems Douglas sees? Lack of a strong mindset and lack of financial literacy. He says that the average American college graduate is still under student loans in their mid-40s. So, he tells Bold TV how people can be financially free.

College heaps on the most debt

Douglas says that a lot of people get into debt simply because they don’t understand financial literacy. The biggest mistake people make is with college. Well-meaning and aspirational people choose expensive colleges at the ripe age of 17 years old. And they also choose their major, which may or may not become irrelevant in the age of artificial intelligence. The average student gets out of college with about $25,000 of debt, and they may not even have a lucrative career afterward. So, many people find themselves under heavy financial pressure at a young age. What can we do?

Create better habits

Is there an easy hack for getting out of debt? It may not be easy, but your greatest asset is your mindset. “You win and lose by habit,” Douglas says. It takes about 21 days to develop a habit and the same amount of time to lose one. So the first step in getting out of debt is realizing the mental shortcomings that put you there. If you develop better money habits, you’re more likely to sustain financial freedom. The next step is to start from the basics. Get someone to help you repair your bad credit. And get educated. If you don’t understand debt, interest rates and credit scores, how will you climb your way out? Start your research, and learn how to navigate the system. You’ve got this. Just take one step in the right direction.

 

Should everyone’s student debt be forgiven? Watch this video.

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