For some reason, there is a belief that people who pay off their consumer debt are different or unicorns, but when you really break it down and talk to them, they are really not that different from you and I, they just wanted to pay off their debt bad enough to take action.   

Here are some of the reasons I have been given in reference to paying off debt and the reality.

I can’t pay off my debt, you’ll always have debt.   

First of all, who told you that?  A person in debt?  There are thousands of people (maybe more) who don’t have consumer debt.  Check out some here (link playlist)

You don’t have to be in debt forever, especially when it comes to your consumer debt. I want you to think about how much you pay each month for debt, so that includes, credit cards, personal loans, payday loans, car payments, etc.  Now think about what you could do with that money each month if you didn’t have to pay those bills ( and I’m not even talking about the interest yet).

You don’t have to pay off your debt in less than a year like some of the debt-free people out there but you can create a plan that will allow for you to pay off your consumer debt so you are able too to keep your money instead of making someone else rich.

I can’t stop adding new debt. 

No, you’re living above your means and you're trying to keep up the facade.   If you’re continuously adding debt, have you looked at the debt you’re adding each month to see what you're spending the money on?  Is it needs, as in you’re living expense such as, rent, utilities, food or is it wants, such as shopping, entertainment, and travel?  If it’s really for needs, then you need to think of what you can do to bring in more money to meet your needs.  Whether it’s a new job or a side hustle.  If you are buying wants, you need to control your self and develop discipline when it comes to managing your money.   You don’t have to live like a popper but you do need to be more selective about your purchases.

My friend is able to high life, why can’t I? 

Nah, you have FOMO, you know the fear of missing out.  You want to be able to attend every event, buy every new outfit and travel everywhere because YOLO right.  You think you’re going to miss out on something but the reality is your cousins FOMO & YOLO will have you broke.   I’m not saying to not have fun but you can pick and choose your fun activities based on what fits into your goals because when it’s all said and done your friends are not going to pay off your bills.

You’re keeping up with the Jones

Just because your friend or neighbor has something doesn’t mean you have to have it too and you don’t know how they purchased that new car, for example, they may have received a bonus, an inheritance or they have a side hustle that you don’t even know about.  Or it can be the flip side and they may have used debt but that doesn’t mean you should go into debt so you can be on the same level or one-up them.  One-upping them is keeping that money in your account, investing it or using it to build income.  

It’s going to take to long to pay off my debt.

So you think you’re supposed to get out of debt in one day but it took you more than one day to get into debt. It going to take time to pay off your debt but if you prioritize it by making a plan along with making adjustments to your expenses and/or by bringing in more income and to go toward paying down your debt.  You will pay off your debt faster than you think.  

Paying off your debt takes a commitment, dedication, determination, focus, and drive but once you do it will feel like a weight is lifted off of your shoulders.  You will have the freedom to go the events, shop, and travel, but most of all it gives you the freedom to pursue your dreams whether it’s working in your dream job or starting your own business.