So what is the best way to reduce the mountain of debt?

Studies show that a large majority of people with good salaries get themselves into deep debt simply by overspending on plastic, and FOMO mixed with YOLO can be a dangerous combination.

This lifestyle brought in huge bills for Ryan Masajo, but he managed to pay off $85,000 in debt in just 3 1/2 years.

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First, buzzing his own hair saved him $720 last year, while ironing his own shirts reduced spending by $30 a month.

“I know it’s not a big deal, but I don’t like ironing,” he said.

What the self-proclaimed Michelin-starred jet set diva loved best was the good life.

“$85,000 in debt took time, travel, good food, student loans, shopping and YOLO,” he said. “Why should I save money? i work hard now It wasn’t the best choice. When I travel there is no budget, but I’ve always said ‘yes’ so as not to be left out.”

He said things quickly got out of hand.

“I got to a point where I had nine credit cards,” he said. “Six of them were maxed out, up to 25% interest.”

Like many wealthy people, he was inundated with offers of credit and debt settlement. He randomly chose SoFi.

“SoFi is a one-stop shop for personal finance through a digital platform,” said Brian Walsh, senior manager of financial planning.

He said Masajo is the typical member of SoFi.

“A large part of our population that’s ignored by the financial industry, high achievers in education and careers who don’t have a lot of money,” he said. “They were largely ignored.”

Free financial planners helped Masajo create—and stick to—a daily budget while consolidating his credit card payments into a lower-interest personal loan.

“Four or five versus 9% to 25%, so that was a big money saver on interest as well,” he said. “And my credit score shot up because on a personal loan, it’s better for your credit score to have one credit card full than six.”

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But SoFi says loans aren’t the solution for everyone. You must commit to stopping spending on your credit cards and changing your financial habits.

“Really make sure you can stop the behavior that got you into debt before you even think about getting out of debt,” Walsh said.

Masajo and his partner created a video blog to share the journey from $85,000 to zero debt in less than four years.

The big advantage is that you should watch out for sharks when it comes to loan consolidation offers. If an offer sounds too good to be true, it probably is.

Other red flags are promises with guaranteed approval, not going through the traditional lending process, and no verifications related to the offer.

Finally, always research the reputation and read the fine print before signing up.

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