The self-made millionaire's advice to a couple struggling with $65,000 in credit card debt is that it's not just about paying off the debt, but also about changing their spending habits.

Kathleen, 42, and Forest, 40, have been enjoying their lavish lifestyle in California.

The couple, with an annual income of over $286,000, should be able to live comfortably with their two children. However, years of careless spending have left them in debt, as they revealed to self-made millionaire Ramit Sethi in a podcast episode. Their names were not disclosed.

""If my income ceased, we would lose everything financially," Forest stated."

In America, a significant issue is credit card debt, with half of cardholders consistently carrying a balance, as per a recent Bankrate survey. Forest and Kathleen possess nearly 10 times more credit card debt than the typical millennial, who, according to Experian, owes approximately $6,500.

Although many Americans attribute their credit card debt to economic factors such as inflation and high interest rates, Forest and Kathleen's financial situation is different.

"I enjoy skiing and cycling, while Kathleen prefers yoga and travel. Although I recognize that these activities may be considered 'bougie,' I appreciate the adventure and enjoyment they bring to our lifestyles."

Sethi advised the couple on how to get out of debt after they accumulated tens of thousands of dollars on cards.

'It was all going to work out eventually'

The root cause of Forest and Kathleen's debt, according to Sethi, is the lack of a guiding principle for their spending, which led to expenses such as two $5,000-plus bikes, a trip to Montana, yoga classes, and skiing.

Kathleen stated that her principles were "It will all work out eventually" and "No need to worry."

Sethi explained that although it might seem like they could simply stop spending money on expensive things and solely concentrate on paying off their debt, the situation is not that simple.

"Sethi stated that it's not just about making one or two decisions, as trying to do so would be like playing whack-a-mole. Instead, it's important to go deeper and understand the underlying principle, not just the tactic."

The couple walked through a few exercises with him to assess their feelings and thoughts about money. Despite being anxious and aware of their dire financial situation, they haven't sought help because they dislike feeling bad about their choices. They desire to feel proud, empowered, and confident in their financial well-being, despite their salary and lifestyle suggesting otherwise.

Although they pledged to make the required adjustments to reach their goal, they acknowledged that it won't be simple.

Clear rules, no gimmicks

Forest and Kathleen suggested several ideas that may help ease their debt burden.

Sethi advised them to commit to a practical course of action, such as selling the expensive bikes and eating at home instead of restaurants.

Sethi advised against using balance transfer cards and 401(k) withdrawals to pay down credit card debt in the past.

He instructed the couple that they needed to establish specific guidelines, with one of those guidelines being no use of tricks.

He supports the idea of selling as many of their possessions as possible to reduce their debt balance. This includes items such as bikes, a car, a rowing machine, and potentially more, as they assess their current situation.

Kathleen stated that she anticipates resuming full-time work soon, which will boost their income. Sethi advised them to establish guidelines for managing the additional funds, such as allocating a portion towards debt reduction and another towards their emergency savings, which at the time of recording were almost non-existent.

Sethi advised Forest and Kathleen to schedule a session with a therapist who could aid them in processing their feelings about money and enhance their communication with one another.

"Sethi advised that it's okay to make mistakes and go backwards, but what's crucial is to cultivate a healthy culture of money so that when these occur, they can be recognized and corrected."

Check out the full episode here.

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