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Stay Positive When Paying Off Debt

By Erik Folgate

After reading a few of my posts, you’ll soon realize that I HATE BEING IN DEBT. I’m doing everything that I can to get out of it, and I can’t stand it when I hear people say, “Why bother paying off my debt, when I can invest it and make more on the interest than I owe”. Borrowing against my own money doesn’t sound like a plan to become wealthy. I’m a big believer in the psychology of money and how to handle it. You have to master the mental part of handling money before you can master the mathematical and logical part of it. And that means being sold out on getting out of debt. You can’t be on the fence, or else you’ll stay in debt the rest of your life.

Part of getting out of debt is having the passion and drive to get out of it. Although, it’s very easy to be discouraged about paying it off. The debt seems too large, emergencies keep popping up, and it seems like you don’t make enough money to pay off your debts. I want to encourage you to keep going, even if you end up having to pay for a neccesity such as a health-related expense on credit. I strongly encourage you to do everything that you can to pay cash for everything while you are trying to pay off debt, but if necessary, don’t let it get you down.

Once you have a clear, focused plan for getting out of debt, stick to it, and don’t let anything stop you from accomplishing your goal. You may have to pay for something on credit while you are paying off debt, but just add it to your total and keep going. The idea of saving up $1,000 or $2,000 before you start paying off your debt will help prevent you from paying for something on credit.

If you are looking for a plan for getting out of debt, consider looking into my Debt Elimination Plan. This plan will give you a clear direction for getting and staying out of debt.

Erik Folgate
Erik and his wife, Lindzee, live in Orlando, Florida with a baby boy on the way. Erik works as an account manager for a marketing company, and considers counseling friends, family and the readers of Money Crashers his personal ministry to others. Erik became passionate about personal finance and helping others make wise financial decisions after racking up over $20k in credit card and student loan debt within the first two years of college.

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  • Jacquelyn Hart-McCoy

    Are you trying to elimate ALL debt? Even your mortgage?

  • author

    We don’t have a mortgage anymore. When we moved to Jacksonville, we sold the condo and we’re renting right now.

    I think all debt is bad, but when I say “eliminate your debt”, I’m talking more about student loans, credit cards, car payments, and all of that stuff. Real Estate goes up in value, so you can save paying that off for later on down the line.

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