In this episode, host Lloyd James Ross, a seasoned investor and entrepreneur, tackles the pressing issue of credit card debt and its impact on financial health. He opens with alarming statistics, revealing that the average person carries $6,400 in debt, with credit card interest rates soaring at 21%. Lloyd emphasizes the importance of understanding one’s financial situation and provides actionable strategies to break free from old money habits. He highlights the staggering fact that 50% of people are currently defaulting on their credit cards, the highest rate since the global financial recession, and discusses the implications of defaulting on credit scores. Tune in to learn how to take control of your finances, grow your wealth, and achieve financial freedom.

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Timestamps

[00:00:00 ] Introduction

[00:02:38 ] Steps to get out of debt.

[00:04:18 ] Pay off high-interest debt.

[00:08:39 ] Selling assets to pay debt.

[00:10:40 ] Emotional attachment to objects.

[00:12:35 ] Negotiating credit card debt.