When asked how they racked up so much debt, the couple mentioned emergencies like a flood, a car accident and other unexpected costs.
They could feasibly tap their savings and investments to wipe out their credit card debt almost immediately.
Yet they also owe $40,000 in credit card debt, they told self-made millionaire and money expert Ramit Sethi on a recent episode of his "Money for Couples" podcast.
Even high earners can find themselves under a mountain of credit card debt if they let their spending go unchecked.
Then, they can institute a standard operating procedure with rules, such as putting cash windfalls toward their credit card debt or discussing purchases over a certain price.
Persons:
Sethi, Megan, Ramit Sethi, Jason, You've, Jason wasn't, it's
Organizations:
Formula, CNBC