For Anyone Wanting to Pay Off Debt But Struggling to Get Started
How many times this week have you said I’m going to pay off debt starting today? How many times have you put it off until tomorrow? And how many times have you actually started the process only to quit soon after?
Unfortunately, this is a common problem for someone in debt. Many people have a hard time getting started and sticking to it.
Research shows the reason for this is because of the mental barriers people create for themselves. They construct a negative image around their chances of succeeding. And that makes it tougher to do the job.
So if you were able to get past those mental barriers, then you would be in a much better position to start the process and follow through to the end… success would be within reach.
But what are those mental obstacles holding you back?
And more importantly, how can you get past them once and for all?
This article gives you the answers to those questions. You’ll learn about the mentality you need to pay off debt and how to defeat the negative mindset that keeps people in debt.
If you are looking for technical info like how to budget, how to find a debt program, and what the best way to pay off the debt is, then you can go to our total debt guide.
1) Stop Thinking About the Worst-Case Scenarios
Do you find yourself always thinking about what could go wrong? Do you play out in your mind the worst thing that could happen to you if you don’t get something done? Or if you don’t do it right?
That’s what many people in debt do and it’s why they never get started on such an important task. They are afraid to fail.
Research has shown that’s a form of self-sabotage and it’s a big problem for people that are trying to get something important done like paying off debt. In addition, research shows that focusing on the negatives and worst-case scenarios is one of the biggest causes of mental health problems.
For many people dealing with debt, they are their own worst enemy.
But how can you combat this?
The first thing you need to do is recognize when you’re having these types of thoughts. Then, you need to tune them out before they let your mind run away with the negativity.
The minute you sense yourself thinking negatively about your credit card debt, you need to slam on the breaks and stop doing it immediately.
Don’t even give yourself a chance to let the pessimist inside you take over. Shut those thoughts down right away before they intensify into full blown self-doubt. This is the best way to deal with it according to countless studies from researchers around the world.
Stop that little inner-voice inside you from escalating the negative opinions about you and the situation you’re currently dealing with.
2) Be Realistic About How You Will Pay Off Debt
Some people are able to start the process of reducing debt. Then they wind up quitting. Why? For many, when they first embark on this journey, they try doing too much… too fast.
Their expectations are way too high. And because of this, even when they have some success, it never seems like enough.
In fact, for many people that have set their expectations too high, progress may seem like a failure.
But completely eliminating your debt can’t be accomplished overnight. As with many things in life, it takes time, dedication, and perseverance.
You need to keep chipping away at it day-by-day. You won’t wipe it out in a week or even a month. And that’s something you need to keep reminding yourself as you progress through this journey.
You may feel frustrated at times, but as long as you keep chipping away at it, your chances for seeing it through to the end improve dramatically. So be realistic about what you can and can’t get done in a certain timeframe.
3) Make Time Every Day to Accomplish a Debt Task
This is another aspect to debt reduction that people don’t plan for. Setting some time aside every day to tackle this problem is one of the smartest things you can do. Yet many people try to do it willy-nilly.
Then they find themselves scrambling around from day to day trying to get something done that they kept pushing off until a later time.
Don’t let this happen to you. Time management is important if you want to succeed in life. But it’s even more important when your financial health and well-being is on the line.
You know better than anyone else what time of day you will be free to do a task related to reducing debt. Use a calendar and/or an alert on your smart phone to remind you that it’s time to perform whatever task needs to be done.
And make sure you have a nice quiet place to perform the task. If not, the distractions around you will make the job that much harder.
4) Don’t Dwell on Every Little Setback
Yes, you will have days where you stumble and run into obstacles. And you’ll have days that are just awful as far as getting things done in regards to reducing your debt.
Sadly, many people think about giving up when they encounter their first major disappointment. That’s because their goal of getting out of debt seems so much further out of reach. They start feeling like they aren’t in control of their destiny any more.
But that’s not the case at all. It’s just one setback. And the worst thing you can do is dwell on it. Keep in mind that everyone facing the same situation as you have struggled at times.
You’re not alone in that regard.
You just have to learn from it and keep pushing forward. Understand what went wrong and know that you are still in control. You are the one that possesses the power to fix this problem.
5) Score Some Small Victories First
Having a strong desire and motivation to reduce debt as fast as possible is not a bad thing. But if you’re already having a hard time meeting your monthly obligations and you try to pay off your biggest debts first, you might be setting yourself up for an even bigger failure.
When that happens, everything starts to snowball in the wrong direction. And that’s when those negative thoughts take over.
So one of the best things you can do is to score a quick win by paying off one of your smaller debts first. That will boost your confidence and keep you motivated to continue with your goals.
That one small success might not mean much in your overall financial situation, but it will inspire and encourage you to do more. It helps you keep your eye on the prize.
Compare that to an unsuccessful attempt to pay off you biggest debt. When you don’t succeed, you get discouraged and your doubts kick in to overdrive. And you’re back to beating yourself up mentally which doesn’t lead to anything good.
Pay Off Debt by Taking Charge
You can take charge by completely eliminating those mental barriers. And once you do that, paying off debt becomes so much easier.
You’ll have more confidence about what you’re doing. You’ll know what to do every day to get yourself motivated. And you’ll be prepared to manage your finances now and well into the future.
But it all starts with defeating the negative mentality that holds so many people back. If you follow the steps mentioned above, you can do just that. And nothing will stand in your way. No obstacle will seem too big to overcome. It’s liberating financially and mentally.
You can make positive changes in your life and be the person you’ve always wanted to become. Stop hesitating and do something about it.
You’ll have good days and bad days, but once you reach your goal, you’ll feel like a huge weight has been lifted off your shoulders.
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