“Success is a state of mind. If you want success, start thinking of yourself as a success”- Joyce Brothers

Have you ever wondered why so many fail to get out of debt even after giving their best efforts? So many people start a debt payoff plan, but after a few months, they lose patience and give up hope for attaining financial freedom. Why does it happen like that? Why do people lose motivation to pay off debts?

Potential reasons

  • Debtors fail to change their spending habits
  • Debtors fail to follow the debt repayment plan
  • Debtors incur fresh debts
  • Debtors lose motivation to pay off debts

A lot of things have already been said about the first 3 points in several articles across the web. So today, I’m going to talk about the fourth point in detail.

Debtors may lose motivation to pay off debt since:

It takes a long time to get rid of debts. Unless you file Chapter 7 bankruptcy, it will take several months or years to pay back your creditors. Debtors often fail to keep patience for such a long period.

So what’s the solution? Should debtors give up all their efforts for paying off debt?

Never. Rather, they should try to keep themselves motivated for getting out of debt in the following ways.

1. Think how life will become better once you’re debt free

Just think how you’ll enjoy life to the fullest once you have settled or consolidated your debts. You can enjoy a lovely vacation with your loved ones. You can do a job you love. You can relax on the weekends instead of doing online jobs for making extra money. You can sleep without any stress. You can spend your days peacefully. No more haggling with debt collectors.

Your credit score will increase gradually as you keep on adding positive payment history on your credit report. Lenders will give you loans at low-interest rates. Your credit card applications won’t be rejected anymore. Plus, girls will be dying to get your attention.

Yup. I’m not joking. Girls are smart nowadays. They prefer to date men with good credit score. You can check survey reports if required.

2. Read more articles so that you can learn more about saving

There are a plethora of blogs on money saving tips and get out of debt tricks. Follow those blogs regularly. You’ll get tons of tips on saving money. Remember, the more you know about the tricks, the more you’ll save. This will help you get rid of debt quickly.

3. Daydream a little bit. Don’t be obsessed with debts

Don’t be so obsessed with debts that you forget to enjoy all the pleasures of life. Think about the vacation you have planned next year. Think about it and smile. It’ll help to realize what being debt free means to you.

Dream about mental peace and freedom you’ll be enjoying when you’ll be debt-free or on a vacation. This will help you pass another day.

4. Connect with people outside your network

It is important to get moral support when you’re trying to get out of debt. But in most cases, it has been seen that closest people react negatively.

It’s okay.

You’re trying hard to make your life better. Others aren’t trying to do so. They don’t have the drive to prosper.

So what if your friends aren’t encouraging you. You can get support from people who are outside your network. It’s strange but true. For instance, Twitter chats, Facebook groups, financial blogs, etc.

You can also join debt forums. You can share your story with other debtors sailing on the same boat. You can read inspiring stories from there too. The best part is you can find an accountability partner in forums. You can give your updates and know about the progress of forum members. This will help you stay on track.

You’ll feel like, “what will I say to Becky if I don’t make any progress in next 30 days?”

5. Pay off little bit every day to stay motivated

Make good decisions and keep chipping away every day. This will motivate you. Just keep reminding yourself that it is impossible to be out of debt in one day. You don’t have a magic wand that will help to wipe away debts in one second.

6. Be patient because you have no other option

You’re not Bill Gates that you’ll pay off debts in a month. You have acquired debts over the years. It will take years to pay them off. You have to take right steps to get out of debt gradually.

If you have a huge amount of debt and low income, then it’ll take time. If your debt amount is less and income is good, then you can pay back your creditors quickly.


Record your progress every month. If you have paid off a credit card, write it on a piece of paper and paste it on refrigerator. Look at that paper every day. It’ll act as a great motivator.

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