10 Awesome Tips to Overcome Debt Payoff Discouragement

10 Awesome Tips to Overcome Debt Payoff Discouragement

The path to a debt-free life is often filled with stress and discouragement. You may doubt your abilities to get rid of debt and wonder whether the sacrifices are worth it. Know that discouragement is normal when working towards any goal. At any rate, you can follow the tips below to get over it and push forward to achieve debt elimination success.

1. Address the source of your discouragement.

Are you disappointed that you are not paying your debt fast enough? Did you miss a payment? Was your debt goal too ambitious? Understanding exactly why you are discouraged can help you come up with a way to keep going.

2. Focus on your progress.

Look at your debt from a positive angle. Focus on how much you have paid off instead of how much debt you still have left. Even if the number is not big, slow progress is better than no progress!

3. Remember your why.

Why are you paying your debt? Is it to afford a house, to pay for education, or to have a comfortable retirement? Remember that every debt payment you make brings you closer to being debt-free. Always think about what drives you to be debt-free, especially on tough days.

4. Stop comparing yourself to others.

Each person has a unique debt repayment journey. The road is different for your colleagues, friends, and family. Focus on your own action plan and take pride in the fact that you are doing your best to get rid of your own debt.

5. Recalculate your debt repayment time.

Pay more than the minimum and you are sure to shave months off your total debt repayment time. Use a debt repayment calculator to check how much time you have left and use it as an inspiration to keep moving forward.

6. Do not obsess about your debt.

Pay your bills for the month and do not dwell on how much more debt is left! Brooding on your debt problem can stress and depress you. It helps if you take a break from time to time.

7. Celebrate.

Celebrate your victories! Be happy about paying your balances on time, not accumulating anymore debt, or paying off a significant chunk of your total. It will lift your spirit!

8. Stay motivated.

Find inspiration in the world’s best thinkers and speakers. There are tons of books or quotes that you can find online to stay motivated.

9. Read success stories from people who got rid of debt.

Many people have done it. You are not the first to struggle with debt and if others managed to solve it, you can, too! Read about their stories to get inspired and find the motivation you need to pay off your debt completely.

10. Don’t give up!

Fight through the discouragement. Even if you feel low, continue acting towards reaching your goals. Your debt only defeats you when you give up!

Ian Schindler