How to Get Out of Debt: Five Steps to Regain Financial Control

Send us Fan MailDebt is rarely only a numbers problem.It is also influenced by behaviour, discipline, earning capacity and the decisions you make with money.In this solo episode, Peter Boolkah shares five elements that helped him change his own relationship with debt and take greater control of his personal finances.Peter reflects on getting his first credit card at a young age, watching the balance grow and eventually recognising that the habits that created the debt also had to change.He also shares how his first job at McDonald’s taught him that increasing your skills and responsibilities can increase the value you provide—and potentially increase what you earn.You’ll discover:How your relationship with money influences financial decisionsThe difference Peter sees between saver and spender behavioursWhy controlling impulse purchases requires disciplineHow improving your skills can increase your earning capacityWhy you need an honest picture of what comes in and goes outHow a personal budget supports better decisionsWhy expensive credit-card debt may require particular attentionHow an additional income stream could accelerate your progressThe five elements covered are:MindsetDisciplineIncreasing your valueBudgeting and debt repaymentDeveloping an additional source of incomeFor business owners, personal financial pressure can easily become business pressure. It can encourage excessive drawings, short-term decisions and continued dependence on the founder’s personal output.Building a business that creates freedom is much harder when your personal finances leave you with no room to make considered decisions.IMPORTANT INFORMATIONThis episode provides general educational commentary and is not personalised financial advice.Debt priorities depend on individual circumstances. Essential and priority commitments—including housing, council tax and utilities—may need attention before debts carrying higher interest rates. Mortgage overpayments and balance transfers can also involve fees, restrictions or other consequences.If you are struggling with debt in the UK, free and confidential support is available through MoneyHelper:https://www.moneyhelper.org.uk/en/money-troubles/dealing-with-debt/debt-advice-locatorCONNECT WITH PETER BOOLKAHWebsite: https://www.boolkah.comLinkedIn: https://www.linkedin.com/in/boolkahInstagram: https://www.instagram.com/pboolkah/Facebook: https://www.facebook.com/BoolkahX: https://twitter.com/boolkahABOUT PETER BOOLKAHPeter Boolkah is a business coach, author and speaker who has spent more than 20 years helping business owners build stronger, more valuable businesses that do not depend on them for everything.He is the creator of The Hamster Wheel Trap® and author of Your Business Sucks: Build a Business That Works Without Destroying Your Life.Peter works with founders and leadership teams on the issues that ultimately determine whether a business creates freedom or becomes another job: leadership, founder dependency, people, profit, execution, scaling, exit readiness and enterprise value.His approach is direct, practical and built around one simple question:Do you own the business, or does the business own you?Learn more at https://www.boolkah.com