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Financial advisor offers 3 tips on getting out of debt

Posted at 3:00 AM, May 04, 2022
and last updated 2022-05-04 12:04:09-04

PHOENIX — Gas, groceries, getaways - it seems like prices on everything are going up, up, up, and away!

If you feel like you are burning through money right now, you are not alone. But that doesn't mean your financial goals have to go up in flames as well.

"If you are looking to earn income in order to pay off debt, the answer is yes, you can!" explained Chris Peach, founder of and OneAZ Credit Union blogger.

Chris offers financial advice, tools, and even hosts a podcast and creates YouTube videos about how to improve your finances. But like many of us, Chris says he had to learn the hard way.

"By 2011, we had gone broke. We maxed out credit cards, we were $52,000 in debt... being at the rock bottom anywhere in life is the hardest thing you can go through. And the reason why is money touches every single aspect of our lives. You can't think of anything where money isn't attached to it," Chris said.

That's when he and his family took action. They knew it wouldn't be easy, they knew it would require a lot of sacrifices, but they got busy, looking for any way to earn some extra dough.

"We sold our cars, we sold our furniture, we sold the pictures on our wall, we sold clothes, I picked up overtime, I created my own pool route in my neighborhood. Anything I could do to generate income," Chris said.

Within seven months, Chris and his family had paid off their consumer debt, and the best news is, he says the rest of us can do it too!

His three steps for getting out of debt include:

  1. Make a budget
  2. Figure out what you owe and who you owe
  3. Create a game plan

Part of that game plan may be figuring out how to trim some costs from your budget; another part may be figuring out ways to generate more income. For Chris, it was a combination of both.

"Everywhere you go, there is a 'Now Hiring' sign out there, so if you're willing to roll up your sleeves just for the short-term to get out of debt, go pick up extra work and you can knock out this debt right now," Chris added.

If you'd like to see more about Chris' story and to get more tips, head to