One of the hardest aspects of paying down debt is staying motivated. It’s hard to stay enthusiastic when you can’t see the end game. That’s why, when you sign up for ReadyForZero, we show you when you can expect to make your last debt payment. As you see the date getting closer, you are inspired to keep plugging along and making progress.
What you want to avoid is the thought of being in debt continuously. Such pessimistic thoughts can be discouraging and can stall your progress. To overcome these types of thoughts, run the numbers and figure out when you will be finished with your debt! Having a plan, and an end in sight, can be a powerful motivator to help you keep going.
How Quickly Can You Become Debt Free?
One of the first things to do is to run the numbers to figure out how quickly you can pay off your credit card debt. For example, what happens if you only pay the minimum payment? While you might see that your progress will be slow, just remember that any progress is good and as long as you’re moving forward you’ll reach your destination eventually.
You should also see what would happen if you make a plan that involves capturing more money in your monthly budget and applying that to your debt payment efforts. You can run the numbers again, and see how much quicker you can pay off your debt with the help of a plan. You can always adjust your ReadyForZero plan to help you understand how you can get out of debt as soon as possible.
Once you look at how quickly you can make progress you will be far more likely to stick with your debt reduction plan. And it helps that you have a hard deadline for being out of debt. You can make some short-term sacrifices, knowing that you only have to do it for a limited time period.
And that’s the key: knowing when you’ll be done provides you with something to look forward to. It’s an assurance that things won’t be like this forever, and that you can be out of debt within a specific time.
See How Much You Can Save
Part of running the numbers for inspiration is so that you can see how much you will save in interest over time. In your ReadyForZero account, you can see this number – based on your own plan. If you’re not a ReadyForZero user yet (try it here), you can use other calculators to determine how much you will pay interest during the life of your credit card whether you stick with the minimum payments or not. You might be surprised at the amount of money you can save when you have a solid plan and a hard deadline for being out of debt.
Credit card debt is one of the hardest things to overcome. Interest rates are high, and it’s difficult to see your progress. While you might feel as though you are depriving yourself in the name of debt pay down, just keep going! You will get there, and faster than you’d think. With the help of a good plan, and the tools to see how much money you can save with that plan, it’s a little easier to stay motivated. Paying off that last credit card is a great feeling – and you can get there. With the right motivational tools, it’s possible. Run the numbers, pinpoint your debt-free date, and get ready to reach zero.
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Image credit: Dave Dugdale