Getting into a debt is super easy, but getting out of it can be extremely hard. Debt is generally known to have a huge impact on human´s behavior and mind. People tend to get very stressful and get feelings of anxiety, shame or even guilt. If they have been in a debt for a longer period of time, they start feeling trapped, hopeless and alone.
All of these feelings can influence their mental health in a very bad way, which do not have to be visible at the beginning, but can start showing up in a later stage. Unfortunately, there is no instant solution for it and it requires more time to work on it. However, we have a few tricks how to change it if you work hard and change your point of perspective. It may vary from person to person, but most of them should work. Just give it a try.
One of the main factors that people do not realize is attitude. If you think that you are never getting out of it, you won’t. You have to believe in yourself and be persistent. Do not give up after first try, but stand up, try to figure out what you did wrong and try to find a way how to solve it. Try to work on yourself, why did you end up where you did and don’t blame others for your mistakes. If you think positively, work hard and think smart, it´s all going to be okay, sooner or later.
Don’t forget to overcome the fear of your debt. The fear of your debt can create a block on the way of paying back your debt. So do not stress out too much about it and rather find a solution for your problem.
Apparently, you are not able to pay all your debt back, but you have to start somewhere and pay it back somehow. A good way to start with, is to pay back all your small debts. It´s definitely gonna help you with financing of your total debt and motivate you in paying off the rest. Consider a snowball method, which is basically paying off small debts, to build a momentum.
Track your progress
Keeping track of your debts keeps you motivated and up to date, so you know how your finances are and how much you have paid at all times. You should also identify the milestones you want to reach throughout your debt repayment journey to track your progress/success.
Find a buddy
Ask a friend, family member or girlfriend/boyfriend for a help with debt repayment process. It will help you maintain the accountability and stay more motivated. Obviously, you should find a person who will help you and motivate you, not the other way around. It´s super easy to get pulled down by someone, so choose wisely. People tend to give up more easily when doing it on their own.
Paying by cash
You are probably thinking it´s a bit weird, but paying by cash could help you actually see how much you spend. Basically, we loose track of our spendings by just swiping credit cards. We see the amount of money on the screen, but it´s hard to understand/realize how much it is, until you have it in your hand. Try to pay everything by cash for some period of time, for instance 2-4 weeks and write down how much you spent and what for. It has helped many people before and it might help you as well. Just try it out. It´s not gonna cost you anything.
Hopefully, you liked our blog post and are going to benefit from it while paying off your debt. Do you need money now? Don’t forget to check out our blog posts and articles to get more knowledge regarding financing.