Transcript for How these newlyweds paid off $75,000 in debt in 10 months
We thank rob for that our money smart series and the newlyweds would paid off $75,000 in debt to during the pandemic in less than a year. Deirdre Bolton joins us with their secret to success. Deirdre, good morning. Reporter: Good morning, Tom. This couple made some small changes and some big ones to meet their this morning, Barkley and George are using their newfound superpower. How they became debt-free. I was ashamed. I knew we were in so much debt. Reporter: A huge move. They sold both of their fancy cars. The big thing was we started off by getting rid of her car. Which was painful. I did not want to do it then I was like but if I'm going to sell my car, then, you're going to volunteer to sell your truck. Roughly the average payment on a car is about $400. I mean, and a lot of people are paying 5, 550, stuff like that. So you take 550 a month, yeah, 550 a month. That's, heck, that's 6,000 a year. Yeah. Reporter: The Lyles ended up buying a used car from a family member. For cash for under $10,000. They also embraced a strategy known as debt snowball paying off their smallest debt first. Financial expert Chris hogan guided them. If have you those two credit card, one 2,000 and one 5,000 you'd make the minimum payment on the 5,000, but all extra money coming in is going to go toward that $2,000 credit card. And once you pay that off, you're going to take what you were paying toward the $2,000 credit card and now pay all of that toward the next credit card of 5,000. Reporter: To do it, they said good-bye to credit. We cut those credit cards up and it was like -- Made me want to vomit. Immediate Mae want to throw up. Reporter: People will tell me I'll wait till I get more serious. No, you won't. If you won't get serious right where you are right now, when you start making more, all you're going to do is spend more. Reporter: In addition to being disciplinednd having long-term focus they say it's important to have some flexibility. We still went out and enjoyed time with our friends. We budgeted for a puppy and people thought we were crazy, but we did it smart. We budgeted because you still have to enjoy your life and budget for things that will bring you fulfillment. Reporter: Most of all, have hope. You've got to budget and you've got to believe that you'll do it. One final tip from the Lyles, everybody makes mistakes. If you do, forgive yourself and get back on track. Tom. Great advice, Deirdre, before you go we know this is your first time joining us on weekday "Gma." We know you from "World news tonight" but welcome to "Gma." Thank you. Thank you so much. Delighted to be here. All right. Whoo. Welcome, Deirdre. Hope to see more of you. Nice to have you in the family. We turn now for day two of
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