Ever since we paid off all of our credit card debt in 9 months, I constantly get the same question.
“Wow! How did you pay off that much so quickly?”
This is the fun part where I am always tempted to make up some fun side hustle and tell them I made an extra $100,000 from my idea.
“Well Jane, I figured out the hot selling item in China right now is dog poop shaped like celebrities so I started a webpage reselling my dog’s poop!”
The confused look on their faces are worth it.
Unfortunately, the real answer isn’t that exciting and it’s what no one wants to hear because it means they can do it too but it does take effort and time.
Are you ready?
We focused and we were committed. That’s it! Simple!
Honestly, no one likes that answer and sometimes they think I’m still hiding something.
Nope, sorry. There isn’t any magic to this and if anyone says otherwise, they have something to sell you.
So, here’s the two main reasons you will never dig out of your debt.
1. Your spouse isn’t committed
If your spouse isn’t going to commit to paying off the debt then you are fighting a pointless battle. There’s little point in paying an extra $100/month on a credit card your spouse is adding $200/month.
They need to be as motivated as you are, otherwise they’re just going to keep using credit cards while you’re trying to pay them off.
Sit down and explain your goals. Explain how important becoming debt-free is to you and how much it will help the family. Show that it’s only a short term sacrifice and the payoff will be amazing!
2. You aren’t committed
This is more serious. No one is going to hold your hand through this. No one cares if you get out of debt.
Actually, there’s more people rooting for you to fail.
No, really. All of your creditors want you to continue on this downward spiral. Your friends and family in the same financial position find more peace in their situation because you’re there with them.
So, are you going to commit?
In the end, only you and your significant other can start digging out of this hole.
There isn’t going to be someone standing next to you telling you not to splurge on the new Starbuck’s drink.
There’s a reason up to 80% of Americans are in debt and die with an average $62,000 of debt.
You are choosing to be the anomaly. You are choosing to make some sacrifices today in order to live debt-free the rest of your life.
You can do this! You have to do this! Be different!
Best of luck on your debt-free journey.