by Clever Dudette
“I am never going to get out of debt. Why should I even bother?”
Have you ever thought that you will never get out of debt or that your financial troubles will always bring you down, that you are going to be haunted by your past mistakes forever?
Besides all of the practical information that you may read on Cleverdude and other personal finance sites, there is one thing for certain: You must have the right ATTITUDE for getting out of debt.
Now, before you think I’m crazy, there IS some credit to the thought about having the right attitude for success. When you think that you will succeed and when you can mentally picture yourself succeeding, you are more likely to take steps to do so.
Let me give you an example:
Alex thinks that he will get out of debt. He made so many mistakes in college, and now he is stuck with $20,000 on his credit cards.
He runs by a TV store and decides to stop in for a break (aka “just to browse”). He sees a 60 inch TV. “Wow, I need that”, he thinks. He then thinks of his debt and says to himself, “I’m never going to get rid of this debt, so what’s more debt?”.
He doubts his ability to succeed in what he wants (to be debt-free!) so, he makes a silly decision to continue that debt and continue, in his mind, to fail. He buys the TV. And with the surround-sound stereo system. Yes, it’s beautiful. Yes, it looks wonderful on his wall. Yes, the upcoming football season will be so much better now that he has that TV. But wait, his new credit card balance is WHAT?!? His monthly payment is THAT! How much of his salary?!!? Oops….He thinks he failed…and he starts the debt cycle again.
Let’s change that scenario:
Alex goes running. He goes into a TV store and sees a beautiful 60 inch LED TV. Wow, look at that picture! Then, he remembers his dream of being debt-free. He sees himself with no credit card debt, buying the TV (even cheaper because as it won’t be as new, the cost will have decreased), with CASH because he saved up for it. He decides to wait on buying the TV because he is in the midst of a plan to reduce his debt. Yes, he will wait on that instant gratification of the new TV and he will buy it when he is financially ready. He walks out of the store with a smile on his face. The TV will be his, in due time, because he will buy it when it is right for him financially.
So, the moral of this story:
Visualize yourself debt-free. Come back to this thought any time you are feeling doubtful of your ability to reduce that debt. If you can visualize it, you can achieve it!
Stay positive about your accomplishments, no matter how small, in reducing that debt. And, if you are just starting out trying to manage and reduce your debt, remember, you realized your debt! That’s step number one. Good job! Now, go do something about it.
Stay focused! You are on a path to reduce your debt!
Everything happens in due time. You don’t need that shiny new object now. Plan for it and you will feel better about it when you purchase it on the right timeline for your budget.