At the start of The Debt Movement, we introduced the topic of mental barriers that prevent us from paying off debt. Why? Because even the best-laid plans can fail and, when that happens, we’re left to wonder what to do about it. The fact is, good intentions and solid planning are important but they won’t move us forward without self-awareness. So for the rest of The Debt Movement, we’re going to talk about each mental barrier that prevents us from paying off debt so they can be conquered once and for all. Remember, there’s a lot more to securing a solid financial future than simply crunching numbers in an Excel spreadsheet!
Mental Barrier Number Ten: You Don’t See the Point in Asking for Help
Do you ever think you might tell a friend about your debt and then think, “What’s the point. They won’t even understand”? What about the idea of seeking help? Have you ever gotten close but then thought, “there’s nothing anyone can do to help me”? If yes, then you’re encountering a mental barrier which could actually prevent you from reaching your debt payoff goals.
I completely understand how you feel. Admitting to debt can feel embarrassing, shameful even. And we often feel that, because we got ourselves into this situation, we should also get ourselves out of it. But forget all of that! Debt has unfortunately become a way of life for many – before they even realized it was happening. There’s no reason to feel shame and no reason to isolate yourself. Now, let’s talk about how sharing your debt story can actually help you pay off your debt.
Why You Should Seek Help: Support
The first reason sharing your debt story can help you reach your debt payoff goals is because of the fact that you will inevitably receive emotional support from your loved ones. Sometimes we hold on to our debt secret for so long that we forget how much of a burden it became. Then, when we tell people we are usually met with an outpouring of support and a feeling of weight lifted off our shoulders.
I can speak from experience on this one. The minute I told my friends I had debt, everything changed. Gone were the days of them being frustrated if I would say no to dinner out. They suddenly had an intimate understanding of my financial standing and did everything they could to help me strategize ways to pay it off and help me stay motivated along the way. The funny thing is, other friends with debt would even start asking me for help too.
It’s true. When you admit to your own debt, you will find that your loved ones quickly share their own debt stories. It’s almost as if we’re all just waiting for someone to come out with it first so we can all feel comfortable talking about it. And just like other goals such as eating healthier or becoming more active, the more you talk about it with your loved ones, the more you can all help each other reach success.
Why You Should Seek Help: Strategy
The second reason sharing your debt story can help you reach your debt payoff goals is because it allows you to have more people to help you strategize. There are many ways to pay off debt and there may even be some strategies you’ve never heard of!
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For example, you could try the debt avalanche method, in which you pay off your highest interest rate accounts first, the debt snowball method, in which you pay off the smallest amounts first, or some combination of the two. You could also try biweekly payments, which would allow you to split your monthly payments in half and could take years off the life of a long-term loan.
The point is, with so many methods to paying off debt, it’s not always easy to know where to start. But you don’t need to have a financial planner to figure it out. Share your story with others to find out what worked for them, what didn’t work, and gather both practical information and emotional perception to choose the best strategy for you. Two heads are better than one!
At the end of the day, admitting to debt and even asking for help can be the hardest steps to take. But the emotional support you’re bound to receive, combined with the help you can seek in strategizing debt payoff methods, will allow you to view your situation in a totally different light. It’s like taking a step back and seeing your situation for the first time – giving you a clearer vision and renewed motivation. So tear down that emotional wall and share your debt story – your future self will thank you!
This is the conclusion of our 10-part series on The Mental Barriers to Paying Off Debt, created to help participants of The Debt Movement, the ReadyForZero Community, and YOU reach your debt payoff goals. Visit this post to view all ten mental barriers and what you can do to break them down.