I know myself, and freezing my credit cards in the freezer wasn't going to cut it. Some people choose to put their credit cards in a cup of water in the freezer, making them harder to access.
You really have to know yourself to be successful with this step. Not having my credit cards on me, forced me to just say “no.” I didn't have a choice. It comes back to the mentality of just “paying for it later.” There is only one solution to this problem, if you don't have the cash to pay for it, don't buy it. I know this may sound strange, but it made me feel better knowing that I had a way to pay for something that I might want, even though my bank account couldn't afford it. One of the things that made this step really hard for me was giving up the security of having my credit cards in my wallet. Nothing makes the problem worse than adding more debt to an even bigger debt pile.
BUY YOU NEED A BUDGET 4 HOW TO
Read: How to Create a Plan to Pay Off Debt. It gives you a picture, though not easy to look at, it's a picture of what you need to accomplish to reach your end goal – being debt free. It allows you to know where you need to go and what you need to do to achieve your goals. It's a way for you to overcome your fear, and accept your situation.Ĭlarity is critical when you decide to tackle your debt. This first step is meant for you to see the overall picture. Make sure to write down the total balance that you owe.įor now, don't focus on the interest rate or the minimum payment. Credit cards, personal loans, car loans, mortgage, EVERYTHING. So first thing first, make a list of ALL debt that you have. The truth, I was too scared to add up how much debt I was actually in. My mindset was focused on making the minimum payment, not tackling the real problem at hand. I always made the minimum payment and paid less attention to my balance or interest rate. When I first started paying down debt, I was terrified to know the truth. Ignoring your debt will never make it go away. Here are four things you need to do immediately if you are serious about tackling your debt. But before you can come up with a major debt repayment plan, there are some small steps you need to complete first. The key to lessening stress caused by debt is having a plan to pay it off. It could also be causing you a lot of extra stress as well. If your debt burden is keeping you up at night, it's likely causing you more than just sleep. Student loans, credit cards, car payments, personal loans or any other type of debt can be a significant burden, and cost you tons of money in interest. Do you have debt hanging over your head? Does it feel like a huge weight that you're lugging around that you just can't seem to get rid of?
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