Over a third of Americans (38%) are prioritizing financial stability in 2025, according to an Allianz survey from December 2024.
John and David Auten-Schneider, hosts of Yahoo Finance's Living Not So Fabulously podcast, sit down in-studio with Wealth host Brad Smith to share their five-step approach to clearing debt.
“The first step is to commit,” David advises. “Commit to a specific amount that you're sending to your credit cards to pay them off every single month.” He follows with explaining to “not add any more balance” to your cards, because that “makes it harder to pay them off.”
John elaborates on their "debt lasso" method, which helps control debt more effectively: "What the debt lasso method helps you do... is rein in that debt so it's easier to pay off more quickly."
Watch the video above to hear all five steps given by John and David Auten-Schneider, sharing methods for tackling debt faster and fostering long-term financial habits to build wealth.
Related Videos
Catch more of John and David and the latest episodes of Yahoo Finance's Living Not So Fabulously podcast by clicking here.
To watch more expert insights and analysis on the latest market action, check out more Wealth here.
This post was written by Josh Lynch