Couples’ Plan for Tackling Debt Faster
On Wall Street, I built businesses by cutting leverage quickly before it cut us. Couples face the same challenge: debt erodes wealth if left unchecked. With the average U.S. household carrying $101,915 in debt (Experian, 2023), speed matters.
1. Align on the Debt Strategy
- Avalanche method: pay high-interest debts first (credit cards avg. 20.6% APR).
- Snowball method: pay smallest balances first for motivation.
- Pick one, stay consistent.
2. Combine Incomes for Power
- Pool resources instead of splitting payments.
- Two incomes attacking one balance accelerates payoff.
3. Cut Lifestyle Costs Together
- Cook at home, pause subscriptions, trim travel.
- Savings of $300–$500/month can go directly to debt.
4. Use Windfalls Wisely
- Tax refunds, bonuses, or side hustle cash.
- Apply 80% to debt, 20% to savings to stay balanced.
5. Refinance or Consolidate Smartly
- Lower-interest personal loans or balance transfers.
- ROI: reduces interest burden, speeds principal reduction.
6. Track Progress Monthly
- Shared spreadsheets or apps.
- Seeing balances drop keeps motivation high.
Final Word
On Wall Street, survival meant eliminating expensive liabilities quickly. For couples, the same law applies: align strategies, pool resources, and attack debt with discipline. The faster you clear it, the sooner you can redirect capital to building wealth together.
