All morning I’ve been thinking about debt, and how it drags us down.
Debt is a drag on our financial health — not only the interest we pay for things we bought in the past, but the outpouring of money it takes each month to make more than the minimum payment and eliminate the debt.
Debt is a drag on our energy. The Bible describes debt as a millstone around the neck, and I can remember feeling that way when my credit card balances were over $12,000. I thought I would never be free of the heavy feeling.
Debt is a drag on our relationships. Money is the #1 thing couples fight about, and being deep in debt just adds more conflict, pressure and stress.
Debt is a drag on our future. We can’t plan vacations, save for emergencies, or make improvements because we’re spending all our time and resources paying off those old balances.
A Ten Month Challenge
Today is February 23, and we have about ten months until Christmas. You deserve a wonderful present this holiday. I want you to experience the joy and freedom of paying off debt.
Could you divide your outstanding balances by 10, commit to paying 1/10 of the amount plus interest every month, and eliminate that debt altogether?
Could you put the card in a safety deposit box or under your mattress or somewhere where you won’t be tempted to use it at all in the next ten months?
If you owe on more than one credit card, could you get the scissors and cut up one of two of those cards? That’s what I had to do; I destroyed the cards so I couldn’t use them any more, which forced me to be good.
If your balance is too high to completely pay it off in ten months or if you owe money on several cards, could you commit to paying $200 a month or even $100 a month to eliminate a significant chunk of one of those balances?
I know that once I set a monthly goal for myself, I was better able to focus and commit to paying the monthly amount. $100 isn’t too much to scrape together each month, but paying down $1000 on a debt in ten months is a significant step forward.
I dug out of debt, and so can you. Step by step, you can become debt free and enjoy financial freedom.
How about you?
If you’re dealing with debt, what could you do about it in the next ten months? I challenge you to e-mail me at elizagcross(at)gmail(dot)com and state your 10-month plan. Our words and affirmations have power, and I will stand with you in your commitment!
If this is a problem area for you, I want you to vividly imagine waking up on Christmas morning and feeling proud that you made significant progress paying off debt this year.
If you formerly owed a lot of money and paid it off, will you share with us how you did it? I always love hearing your comments and strategies around this very important concept.
Here’s to getting rid of that heavy millstone, once and for all.
You deserve this.
Photo: Eric Magnuson