In this episode, Brett shares a proven system to help hair salon owners get out – and stay out – of credit card debt.
Today, I want to talk about the U.S. debt crisis. Because it continues to capture headlines—and frankly, rightly so.
Servicing the nation’s $31 trillion in debt is one of the federal government’s biggest expenses, according to the Office of Management and Budget. This year’s interest payments alone are about $395 billion, which accounts for 6.8% of the federal government’s total cash outlay for the year.
Now, I don’t know about you, but even grasping those numbers is hard for me to understand.
On top of that, as the Fed raises interest rates to try and cool off the economy, the U.S. must pay even more to borrow. In fact, Pew Research reports that the average interest rate on federal debt last year ticked up to over 2.07%.
Now, many salon owner households are experiencing a debt crisis of their own. Indeed, the one-two punch of rising interest rates and inflation has led more salon owners to lean on credit cards to make ends meet.
Sound familiar? That’s what I’m going to talk about today. And why I want to give you some actionable steps you can implement right away to help you get out of debt.
Ultimately, my goal with today’s episode is to give you a system to work for. And therefore some confidence that you’re heading in the right direction towards your financial freedom.
[02:35] Why it’s so difficult to get out of credit card debt.
[06:09] Six practical tips for paying down your credit card balances.
[11:02] Should you prioritize building your savings or paying down debt?
Looking for more tips on how to grow, scale, and ultimately sell your hair salon business? Check out our other Unchained From the Chair podcast episodes.