Never Plan to Ignore Your Debt

Most people can relate to the shame of debt.

There is a stigma that comes with debt that often makes those suffering under its burden choose to ignore the problem rather than confront and deal with it. The path towards financial freedom can seem unclear and yet be filled with steps that can be awkward, frustrating, time-consuming, and in some cases, even painful. For those reasons, a lot of people think it is more comfortable to avoid debt rather than take it on as a challenge that can be met and overcome.  

Not to oversimplify the issue, but the difficulty in facing our debt is often one of perspective. We look at the debt that lies before us and we see it as a mountain that we can never hope to climb instead a series of steps, a path that if we consistently and continually walk along will lead us to the summit of victory. That being said, this dream of conquering our debt is not an easy one to achieve, and only comes with sacrifice, hard work, and perseverance. Burying our heads in the sand like the proverbial ostrich will never get us where we want to go. Then how do we get from the base of the mountain to the peak of achievement? The answer is simple: we need a plan.

Famous British Prime Minister Winston Churchill once said, “He who fails to plan, plans to fail.” Any amount of excitement and motivation we have about eradicating our debt will soon be eroded by the friction of the process if we do not see the light at the end of the tunnel. That is why creating a plan with realistic, achievable, and measurable actions steps is of the utmost importance. Without it, we will soon give in to despair and find ourselves right back where we started from.

So how do we start to make a plan? Think of your plan as each individual step you need to complete this journey. You can start with items like totaling your debt so you know what you’re dealing with and evaluating your monthly income versus spending so you know how much you can put towards debt right now. Next you can put down steps like selling any valuable items you have as well as looking to see if you have monthly recurring expenses you can do away with. Also, see if there is a side-hustle you can start that can add further funds to fuel the fire of fiscal independence.

And finally, is there a better job out there for you? A job that will provide you with better income to empower you to slay the dragon of debt? If not, are there classes you can take at a community college that can help you land that job? Put each of these points down. No action is too small. Put it somewhere you can reference often to see the progress you’ve made. 

Journeys can be daunting. They can be greuling. They can be frustrating. But they can also be completed. With a proper plan and careful, consistent execution, you can one day arrive at your desired destination of financial freedom. So take that first step today. Make a plan and then stick to it. You’ll soon see your already further along than you thought.

Additional Resources:

Credit Card Balance Transfer Calculator

National Foundation for Credit Counseling

How to Strategically Manage Your Debt

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