How to Get Rid of Debt Exhaustion
Let me inform you, it was a wonderful feeling making my final student loan payment. In just over 3 years, I was capable of paying off $400k in debt. Even though I had a good job and a good salary, it’s still a struggle. Having to put all of my salary toward the loans meant that we were practically living on half our household income. Truthfully, I succumbed to a little of debt weariness during my journey. That’s what I’m going to discuss in this essay. On the basis of my own experience, I’ll also provide some suggestions to help you get past this typical roadblock.
What Is Debt Fatigue, Anyway?
Debt fatigue, in my perspective, is the feeling that you’ve “hit a wall” in your debt repayment. You’re worn out from making so many payments, but the amount owed on your debts doesn’t appear to be decreasing. Anxiety and a lack of enthusiasm set in as soon as you begin to pay off your debt.
Debt weariness can force you to quit making extra payments if things get bad enough. Even worse, it might lead to more debt and a larger hole in your finances.
After a while, I ran into a brick wall when it came to repaying my school loans. There were no new debts added, but I felt like I would never ever be capable of paying these all off. That said, here are a few suggestions to assist you get in your current funk with debt repayment. Pay Attention To Why You’re Doing It.
As a way to get motivated to pay off debt, focus on why you’re doing it. To what end are you aiming to repay your debts? What are your motivations for paying off your debt? What ever the cause, think of it when you’re feeling low and could do with a small lift.
My entire life has been consumed by debt. When I was a freshman in college, I made the mistake of applying for a credit card. As a result of this, I’ve been bearing a financial burden. A recurring credit card balance, an automobile loan, or student loans were all examples. There was no shortage of whatever I could get my hands on. A debt-free life appealed to me because I was tired of carrying such a heavy load. I kept that feeling in a bottle and recalled it whenever I felt stuck. Get clear on why you’re doing this.
Convey Your Feelings to Others
During my residency, I discovered that sadness enjoys company. Being at the hospital for a full 30 hours was a pain, but the company of others made it bearable. We would offer words of support to one another, and sometimes that was all it took to get through the final hours of a race.
Paying down a large amount of debt is indeed a chore in the same way. The company of those who are going through or have gone through something similar might be reassuring when you’re feeling down. There are a number of sites and blogs dedicated to helping you get out of debt thanks to the internet’s magic (including this one). Reading about other people’s successful debt repayment efforts has been incredibly energising and inspiring for me. So much the better if you stumble onto a blog that has an interesting tale to tell.
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Keeping Tabs on Your Assets
If you’re paying off debt and saving for retirement at the same time, this is a terrific method to keep track of the progress and stay motivated. When you have “tunnel vision,” you only think about how much money you have left to pay off your debt. This could make you feel like you’re not making any major progress when it comes to hefty debts.
On the other hand, keeping tabs on your net worth can give you a new perspective on things. To better understand your financial situation, don’t focus solely on your debts. However, your net worth is affected by the amount of money you’re saving for retirement, whereas your debt isn’t. Viewing things from a new perspective sometimes be enough to offer you a new lease of life.
Treat Yourself to a little little extra
Rewarding oneself for reaching key debt repayment milestones can be beneficial on occasion. You may, for example, set a date for a pleasurable outing once you’ve paid off specific obligations. The other option is to pre-schedule the incentives.
Getting rid of debt can be an incentive in itself, and that’s the basic idea behind the Debt Snowball strategy. Getting little debts paid off first gives you a feeling of accomplishment, which in turn spurs you to keep pushing forward. This is kind of like a “feedback loop”
In my effort to pay out my college loans, I didn’t treat myself excessively. For me, the sight of the balance dwindling was enough of a motivator. Nonetheless, my wife so I had a good time when I finally paid off the debts. We ate a delicious lunch before watching a movie.
Whatever you decide to give yourself as a reward, be sure to set aside money for and pay for it in full. And don’t overdo it with the festivities! Ultimately, the goal is to get out of debt, not add to it.
Finally, don’t forget that debt is not a permanent thing. There will be an end. Even if you only make the bare minimal payments (which I strongly advise against), you’ll arrive. Keep in mind that each transaction you make brings you closer to the finish line, even if it doesn’t feel like it at the time.
In summation
It’s not a race to get out of debt… You could say it’s a race to the finish line. A lot of work goes into it. If you’re starting to get a case of the debt blues, keep these pointers in mind. Hopefully they’ll give you the drive you need to keep going on your debt-free quest.
