What Are Smart Ways To Pay Off All Your Debts?

Feeling crushed under the weight of debt? You're not alone. The burden of financial obligations keeps countless Americans awake at night, affecting everything from their mental health to their family relationships. But there's a path forward that combines practical wisdom with spiritual guidance.
In this enlightening conversation, Cody Stansell breaks down a systematic approach to eliminating debt while honoring faith-based principles. The journey begins with establishing a proper emergency fund before tackling consumer debt – credit cards, student loans, car payments, and personal loans. Only after these are addressed should you focus on your mortgage, which comes as step six in the financial freedom journey.
The podcast explores two primary debt elimination strategies: the avalanche method (paying highest interest rates first) and the snowball method (tackling smallest balances first). Rather than declaring one superior, Cody emphasizes choosing the approach that resonates with your personal convictions. "Getting into debt wasn't a numbers issue; it was a spending issue," he reminds listeners. The spiritual dimension receives equal attention as Cody references Proverbs 22:7 – "the debtor is slave to the lender" – highlighting how financial freedom aligns with biblical teachings.
For practical application, Cody recommends a specific debt payoff sequence based on his extensive financial advising experience: first credit cards (with their shocking 23.9% average interest rate), then personal loans, followed by auto loans (to avoid being "upside down"), and finally student loans.

Throughout the episode, the message remains clear: freedom from debt isn't just about mathematical optimization; it's about creating a life where you "owe nobody nothing" and can live with purpose rather than obligation. Ready to break free from financial bondage? This episode provides your roadmap to debt freedom with faith as your foundation.

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Steadfast Wealth Planning
5550 Granite Pkwy, STE 270
Plano, TX 75024
469-606-2040