At some point or another, we have all racked up debt. Some debts are small, some rather large. While some people get on track and find their financial foothold, others find difficulty. When the debt becomes so overwhelming, it causes stress. That stressful response leads to us ignoring our debt problems. While I know large debt can be crippling, changing your mindset on debt can help you tackle it faster than you ever have before.
Taking On Small Tasks
If your debt comes from multiple sources, do not take them on all at once. Start small. Figure out which debt has the lowest balance, highest interest rate, and pay it off first. You will feel a sense of accomplishment even if it’s a bill worth $100. After you tackle that debt, go up the ladder until you reach the top.
Set Realistic Goals
When you’re changing your mindset on debt, you have to be real with yourself. You have to break down your debt into small tasks and set realistic goals. Goals need to be simple. They need to be specific, have a realistic time frame for accomplishment, and need to be easily completed. A first goal may include, I will pay $100 a month towards my debt for one year. As you met your goals, set up new ones. Be sure to consult your budget and see how much you have to put towards debt.
Focusing on the Positives
When it comes to debt, we can be hard on ourselves. It’s that constant “how did I get myself into this mess” that drags us down. Let that go. Be kind to yourself. Speak positivity into your situation and know things are going to work out if you believe in yourself and your goals. Think about why you are tackling your debt, and let that be your motivation to move forward, and don’t forget to celebrate your accomplishments on this journey, no matter how small. You deserve to be debt-free, and changing your mindset of debt will help you get there sooner.
Shatel Huntley has a Bachelor’s degree in Criminal Justice from Georgia State University. In her spare time, she works with special needs adults and travels the world. Her interests include traveling to off the beaten path destinations, shopping, couponing, and saving.