Go Big with Gib Podcast
Go Big with Gib is a podcast for professionals, business owners and entrepreneurs to talk about their big wins.
Go Big with Gib Podcast
Ep 100. Strategies for Paying Down Debt
We break down a clear plan to tame unsecured business debt and turn cash flow stress into strategic control. From negotiation scripts to focus tactics and a durable mindset, you’ll learn how to use leverage wisely without letting it run your company.
• mapping every balance, rate and minimum payment
• choosing avalanche or snowball for momentum
• negotiating lower rates and longer terms
• consolidating high-interest debt into a single loan
• prioritizing high-margin, fast-cash offers
• cutting subscriptions and halting nonessential spend
• reframing debt as a neutral tool
• building discipline through tracking and constraints
• using stability to fuel long-term growth
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Welcome to the Go Big With Gib podcast, where we talk to professionals, business owners, and entrepreneurs about their big wins. Welcome back to Go Big With Gibb. I'm your host, Gib Irons, attorney, entrepreneur, and real estate investor. This show is about building health, wealth, and the mindset to live big. Today we're talking about a topic that hits close to home for every business owner I know. Debt. Specifically, how to pay it down, manage it wisely, and keep it from controlling your business and your peace of mind. Let's face it, debt is part of growth. When your business is scaling fast, it's easy to take on unsecured debt, credit cards, lines of credit, equipment financing, just to keep up with the opportunity. You're hiring staff, signing leases, investing in marketing, and expanding operations. And before you know it, the debt that helped you grow starts to feel like an anchor pulling you down. If that's where you are right now, you're not alone. I've been there too. Most successful entrepreneurs have. The key is not to panic, it's to get strategic. Here are a few practical steps to help you get out from under unsecured business debt and leverage the right way. Step one, organize and prioritize. List every debt, balance, interest rate, minimum payment. You can't fix what you can't see. Then decide your attack plan. The avalanche method where you pay the highest interest rate first, or the snowball method where you pay the smallest balance first. The method doesn't really matter. Momentum does. Step two, negotiate. Creditors want to get paid. If you've been a reliable customer, call them. Ask for a lower rate and longer terms. You'd be surprised how many people are willing to work with you if you're proactive. Step number three, refinance or consolidate. If your credit is solid, you can often roll high interest debt into a single lower rate loan. This simplifies your life and saves you cash flow every month. Step four, increase cash flow through focus. When you're paying down debt, this is the time to double down on your most profitable activities. Not every dollar of revenue is created equal. Focus your energy on the products and services that drive the most margin and the fastest cash return. Step five, stop new bleeding. Cut unnecessary subscriptions, delay non-essential purchases, and commit no new debt until you've stabilized. Now let's talk about mindset because eliminating debt is as much a mental game as it is a financial one. Debt can make you feel trapped or ashamed, but the truth is it's just a tool, and tools can be used well or poorly. Used wisely, debt accelerates growth, expands capacity, and creates leverage. Used carelessly, it creates a burden. So the goal isn't to avoid debt forever, it's to control it and never let it control you. Here's what I've learned from experience the same discipline that helps you pay off debt will also help you build wealth. Track every dollar, make small, consistent improvements, choosing long-term stability over short-term gratification. And when you finally hit that day where your debt is manageable, your business is steady, and your cash flow is strong again, you'll realize something powerful. The struggle made you sharper, wiser, and stronger. So if you're in that season right now, keep going. Don't quit. You can turn it around. You can gain back control. Remember, debt doesn't have to define you, it's one chapter of your story. And the next chapter, that's the one where you go big. Until next time, keep going, keep growing, and always go big. Thank you for listening to this episode of Go Big with Gib. If you haven't already, go follow us on social media at GibIons. We'll see you next time.