"It's not worth it," Stowe said. "Save your money and finance yourself. Do your own credit. Be your own creditor. We don't need to be a slave to anybody and certainly not to credit card companies," he said.

Concerns about cutting up credit cards revolve around one's Fico score. Isn't it necessary?

According to Stowe and the Morrow's, that's an old state of mind.

"You're still thinking in a debt-minded mindset that I've got to have a Fico score so that I can go finance something," said Steve Morrow.

Here are some simple steps to get started:

1. Simple stop creating more debt.

2. Get on a budget so you know exactly where your money is going.

3. Start saving so emergencies can be handled without too much stress.

How is life now for these "debt demolishers?"

"We don't think about money all the time," said Renee Morrow. "And we were thinking about money all the time."

"I'm free," said Stowe. "I'm a debt-wrecker and I'm not going back into debt."