Podcast: Get A Grip On Your Money with Damon Carr

Episode: Drowning in debt? Stop borrowing.

Date: October 27, 2025
Host: Damon Carr

Episode Overview

In this focused episode, Damon Carr dives into the harsh realities of living with debt and the behavioral shifts required to escape it. Drawing from his columns (“The Carr Report”) and his personal finance coaching experience, Damon examines the common traps that keep people borrowing and expands on the essential first step to getting out of debt: stop borrowing. Blending practical advice, real-world anecdotes, and direct language, he empowers listeners to confront debt head-on and shift their money mindset.

Key Discussion Points & Insights

The Core Message: Stop Borrowing to Escape Debt

• Damon opens the episode emphatically:
  “Drowning in debt. Stop borrowing. You can’t borrow your way out of debt.” (00:00)
• He underscores that continuing to borrow—whether through credit cards, payday loans, or refinancing—actually deepens the debt trap rather than providing relief.
• Damon likens borrowing while in debt to “pouring gasoline on a fire,” insistently calling for a radical break from the habit.

The Debt Cycle & Emotional Toll

• Psychology of Borrowing: Many borrowers convince themselves that one more loan or credit card will be the solution, but Damon counters that this only delays the reckoning.
  • “The fix isn’t found in a new loan, it’s found in stopping the behaviors that led to borrowing in the first place.” (approx. 01:15)
• Shame and Denial: He addresses how debt can bring feelings of shame, causing people to hide their financial issues and further isolate themselves.
  • Damon emphasizes empathy: “It’s not about beating yourself up; it’s about breaking the cycle.” (approx. 02:30)

Practical Strategies for Stopping the Debt Spiral

• Change Your Mindset: Damon advocates for a clear decision point—committing to not take on new debt going forward, no matter the temptation.
• Build a Cash Buffer: He recommends focusing on building a small emergency fund as quickly as possible to eliminate reliance on borrowing for small crises.
• Accountability: Telling a trusted person about your decision to stop borrowing and asking them to check in brings an added layer of discipline and support.
  • “Accountability is the missing ingredient for most people trying to change. Tell someone you trust.” (approx. 05:05)

Alternatives to Borrowing

• Damon highlights practical steps for surviving without new debt:
  • Cutting non-essential expenses
  • Selling unused items for quick cash
  • Negotiating with creditors for payment plans
• He stresses that these steps, while uncomfortable, are far less damaging—and far more empowering—than continuing to borrow.

Success Stories & Encouragement

• Damon shares brief anecdotes of clients who turned their financial lives around by “locking up the credit cards and refusing to borrow another dime”—not just through grand gestures but through small, consistent shifts.
  • “You don’t escape the swamp by digging deeper. You build a ladder, one rung at a time, by changing what you do with your next dollar.” (approx. 11:45)

Notable Quotes & Memorable Moments

• “Drowning in debt. Stop borrowing. You can’t borrow your way out of debt.” — Damon Carr (00:00)
• “The fix isn’t found in a new loan, it’s found in stopping the behaviors that led to borrowing in the first place.” (01:15)
• “It’s not about beating yourself up; it’s about breaking the cycle.” (02:30)
• “Accountability is the missing ingredient for most people trying to change. Tell someone you trust.” (05:05)
• “You don’t escape the swamp by digging deeper. You build a ladder, one rung at a time, by changing what you do with your next dollar.” (11:45)

Important Timestamps

• 00:00 — Opening message: “Drowning in debt. Stop borrowing…”
• 01:15 — The real problem is behavior, not access to more credit.
• 02:30 — Addressing the shame and psychological impact of debt.
• 05:05 — The role of accountability in changing debt habits.
• 11:45 — Real-life turnarounds and hopeful encouragement.

Summary

Damon Carr’s “Drowning in debt? Stop borrowing.” episode delivers a direct but empathetic push for anyone seeking to break free from debt. By hammering home the futility of chronic borrowing and offering honest, actionable steps, Damon arms listeners with both the mindset and practical advice needed to finally “get a grip” on their money. This episode is a rallying cry to break the habit, commit to change, and claim a fresh start—one dollar at a time.