This is a guest post written by Eliza Collins, a professional writer specialized in the personal finance space. Eliza’s experience includes working for financial institutions, private debt relief companies as well as years of balancing the family budget. You can read more of her articles at the debt settlement blog.

Paying off debt would be no problem if it didn’t mean major sacrifice for several months, or even years. It’s easy to “fall off the wagon” so to speak when you can’t see even a hint of light at the end of the tunnel. Keeping yourself motivated is crucial to keeping up the momentum and pushing yourself to continue even when you long to quit.

Keep Your Expectations Real

It can take anywhere from 3 to 20 years to pay off a $10,000 credit card balance with a 15% interest rate and it all depends on how much you’re able to pay each month. You can use an online credit card repayment calculator to figure out exactly how long it’s going to take you to pay off your credit card debt assuming you can keep up your current payment amount. Knowing how long it’s gong to take to pay off your debt can relieve some of the frustration you feel about how long it’s taken already.

Think About How Far You’ve Come

Instead of being depressed about how much further you have to go, celebrate what you’ve already done. Keep record of how much you pay on your debt each month and how your balances decline so you can easily look back and see the amount of debt you’ve already paid. Let your progress inspire you.

Reflect On Your Original Motivation

What was it that inspired you to get out of debt in the first place? Was it your family? Wanting to save for your child’s college? The desire to build a better retirement fund? Freedom from creditors and lenders? There are dozens of excellent reasons to pay off debt. Focusing on the thing that gave you the motivation to get started in the first place will help you keep going even when you most feel like giving up.

If you haven’t already, make a list of reasons that you want to be debt-free. Then you can refer back to the list during those moments where you’re struggling to remember why you decided to take on such a huge goal.

Read Success Stories

You’re not alone in your attempt to get out of debt. Do a search for “debt success story” and you’ll see millions of results from people who’ve worked to pay off tens of thousands of dollars in debt. People with debt just like yours have gone through the same struggle and made it out successfully.

Try Not to Compare

While it’s good to get motivated by others’ success, you have to be careful not to make direct comparisons between your circumstances and that of another family. Getting caught on the specifics of someone’s story might lead to more discouragement. Circumstances are different, but what you should glean from success stories is that it’s possible to overcome even the most difficult obstacles to reach your goal.

Don’t Let Discouragement Get You Down

You’re bound to get discouraged when you’re trying to reach a goal of any kind. Prepare yourself for these feelings by coming up with a few things to inspire you during the rough times.

 

 

 

The following is a guest post.

I have recently become completely credit card debt free. It wasn’t easy, and it took quite a long time (5 years) but I’m glad that I did it. When I look at my list of bills, it’s a relief to not have any credit card payments. I know that I can’t be trusted with them but sometimes, I do contemplating using my card to automate my bills.

Despite great reader feedback and extensive discussions with my husband, I still haven’t made a decision as to what I want to do. I’m much more comfortable with paying cash but it does get to be a pain to remember all the logins. And when I go shopping, it would be nice to not have to remember cash all the time (especially when I go to stores like Target where I buy a bunch of items in different budget categories).  I’m also not convinced I have the best credit card.

The cards that I have are cards that I’ve had for 10+ years. I stay with them because I know the limit, I know the interest rate and quite frankly, I’m too lazy to look for new ones. However, should I get to that point, it’s probably a good idea for me to compare credit cards so I know that I’m getting the best one for my spending habits. I’m not a huge fan of reward cards but it’s probably a good idea to know what the different programs are (not to mention understanding the different terms of each program).

I don’t believe that credit cards are inherently evil. I think a lot of the evil lies in the spending habits and conscientiousness of the user. If someone uses credit responsibly, and pays it in full and on time every month, credit cards can be an effective way to make purchases. Sadly for me, I have a demonstrated history of not being able to use credit cards responsibly; hence my dilemma with automating.

Please don’t misunderstand. I do think that there are some unfair practices that occur in credit card companies, and that they do take advantage of a lot of their customers. That’s why we, as customers, need to be as informed as possible.  So if you’re in the market for a new card, make sure you do your research. Information is key.