Practical strategies and mindset shifts on how to pay down credit card debt, break free from shame, and build lasting financial confidence.
When Jamie Feldman checked her bank account one sunny day in Prospect Park, she wasn’t expecting her stomach to drop. But with her $16,000 credit card nearly maxed out, no jobs lined up after a layoff, and no plan, she knew she couldn’t ignore her debt any longer.
That moment sparked a transformation; not just in her finances, but in her mental health, relationships, and self-worth. On this week’s episode of the HerMoney Podcast, Jamie opens up about how she tackled $18,000 in consumer debt, the creative strategies that worked for her, and why paying down debt isn’t just about numbers on a spreadsheet.
The Shame That Comes With Debt
Jean Chatzky: Before we get to what you did to sort of turn the corner, you mentioned how when you had that panic attack, it wasn’t just about your money, it was about a lot of different aspects of your mental health that were tied up in a knot, maybe because of your money. Could you talk about that a little more?
Jamie Feldman: For most of my life, I thought that I had money problems and I had mental health problems, and that they were two completely different things that were not connected in any way. I’m sure I worried about money, but I didn’t think about that as having an effect on my day-to-day life.
And it suddenly became clear to me that all of the issues that I had not been attributing to my money health, but attributing to a mental health issue, were so directly correlated. And that was the first time I ever connected the dots on that. Since confronting the money, I’ve also been able to confront a lot of other painful things that I never really talked about.
Creative Challenges That Changed Her Spending
Jean Chatzky: You set up something called the Money Saving March and No Restaurants July, and Cash Only November. Tell me about these challenges.
Jamie Feldman: Yeah, I think doing these challenges and implementing these ways of trying to find creative solutions completely changed my brain chemistry. I think capitalism allows us not to be creative. Capitalism says, do you want to catch up with your friend? Well, here’s a restaurant where you could go buy a meal, pay $20 for a cocktail, and it’s so easy. Look, it’s right here. You can do it.
But if you’re not spending that money and you’re not going to restaurants, suddenly you have to use your brain a little bit and say, well, how can I catch up with this person in a way that feels good and connective without doing the thing that I’ve been brought up to do socially? And I think that it changed me forever because not only did I start to understand my role and my value in my relationships, but I actually found that the people who were excited about doing these things with me and excited about finding these new ways to connect, those are my people.
Why Learning How To Pay Down Credit Card Debt Is About More Than Money
Jean Chatzky: I know that today you’re still navigating how to pay down your credit card debt, but you’ve also said that you are happier than you’ve ever been. So, fast forward to where you are now.
Jamie Feldman: I think if you ask someone, they would tell you that I am a happy person, and they probably would’ve said that 10 years ago, but I was sort of putting on a show without even realizing it because I was not tackling these larger issues. It was avoiding, avoiding, avoiding. And so I was just fun. I was gonna come to your party, and I was gonna crack jokes, and I was gonna be the life of the party.
And I still do that, but I know myself way more. I have much more meaningful relationships with my family and my friends. I’m much more honest. I’m not trying to be happy all the time, which is an impossibility, and I’m feeling my feelings and working through them as opposed to making them a problem for future me. And while there is pain involved with that, and it’s not always easy, ultimately, I am actually happier.
… Does more financial confidence sound good to you? We thought so! We’d love for you to join us at our two all-star hands-on financial wellness programs:
🚀 FinanceFixx – HerMoney’s 4 or 8-week Money Makeover financial coaching program that will help you get your finances on track!
📈 InvestingFixx – HerMoney’s investing club for women who are ready to learn market lingo, and grow their wealth. Your first month with us is completely free!
MORE ON HERMONEY:
More money news when you need it! Get the latest and greatest updates on all things investing, budgeting, and making money. Subscribe to the HerMoney newsletter at Hermoney.com/subscribe!