Are you debt-free?
According to the Federal Reserve, American household debt has hit $14.6 trillion in the spring of 2021. That debt is spread out across 340 million people.
But when discussing debt, it's not only important to note that every American has debt for different reasons--whether it's student loans or credit card debt--but also there's varying degrees of financial literacy as well.
And then there's also the issue of how minority groups are being reached either with education around financial literacy, or access to people within financial institutions.
However, for the LGBTQ community, that's where The Debt Free Guys come in.
David and John started Debt Free Guys because both of them were in over their heads in debt. And they realized that they were both in debt after they started seeing each other.
Watch the full episode with the Debt Free Guys below:
"We realized that for the past few years, we were spending beyond our means to make ourselves feel better, in part, to make up for being bullied and picked on for being gay when we were younger," they say on their website.
So, how did they go from being $51,000 in debt to "living fabulously?"
They tell their story and give viewers--specifically those in the LGBTQ community--advice and tips for managing their finances in this episode of Coffee With Katherine.
This episode was filmed in late June, right as Pride month was coming to a close. So, as a member of the community myself, I had to ask them what they make of corporate America jumping in on Pride. Is corporate America doing more than just changing their logos to bright rainbows?
Watch the full interview above for more.