I know of someone who has a good amount of credit card debt, to the tune of close to $20,000. He is working hard at paying it off but “complains” a lot at how long it is taking him to do so. He simply wants it gone now.
What I tell him is the same thing I would tell you if you are in the same boat: you didn’t get into debt overnight, so don’t expect to get out of debt overnight either. This is a learning experience, so appreciate it for what it is.
For most people in credit card debt, it didn’t happen overnight. You didn’t go out and buy $20,000 worth of stuff. Most likely, it was dinner out here, some new clothes there. It took some time for you to get yourself into that debt, you just don’t realize it. As such, it will also take you time to pay the debt off. You can speed up the process by transferring to low interest rate card or taking a second job and use that income for the debt, but it will still take some time. Accept that fact.
I know this because I experienced it myself. After graduating college, I couldn’t find a job but was spending money like I had one. Next thing I know, I was in $10,000 of credit card debt. Like most of you, it took me some time to build up that debt, but I never realized it until one day. Then it hit me. it took me a while to pay off the debt, but I learned from it.
Many people simply don’t want the debt and go through hell to pay it off quickly. A year after being debt free, many are back in debt again. Why? They never addressed the reasons as to why they got into debt in the first place. They were too focused on getting out of debt and not focused on learning as to why they allowed themselves to get into debt in the first place and set up a plan so that they never get in debt again.
This explains me. I got out of debt and found myself right back where I started. Why? I didn’t address why I got myself into debt. The second time I paid everything off, I learned that I bought things to make me feel better. But that high quickly wore off. Once I learned this, I was able to reason with myself when I would go out. I asked myself if I really needed it or if I just wanted it. I would delay a purchase and see if I still wanted it a week or two later. This helped me to stay out of debt.
I know you want to get out of debt as quick as possible. I did too. You can work as hard as you want to eliminate the debt, but make sure you take a step back and address why you are in debt to begin with. This will help you avoid repeating the same mistake over and over again.