In the prior post, we talked about debt being a four letter word. Before we get into the methods of eliminating debt, let’s find out about debt fatigue. Debt fatigue occurs when you have been debt for so long that you are simply worn-out. You have lost all hope of getting out from under the mountain of debt. You have become so overwhelmed with your debt that you feel you’ll never be debt-free. So instead of buckling down and getting yourself in a different mindset, you cave-in. You go out and shop and spend tomorrow’s unearned money on today’s wants. You do it simply because of debt-fatigue.
When people experience debt fatigue, they tend to stay in debt longer. They become overwhelmed with the sense that they are never going to get out from under. In order to avoid debt fatigue, you need to have hope.
If you are in this situation, don’t worry. You CAN get out of that mountain of debt. Your very first step is believe that with God’s help you can and will do it.
“I can do all things through Christ which strengtheneth me.” (Philippians 4:13)
Your goal, to eliminate debt fatigue, is to get out of debt within three years. Yes, three years and no later than five years. Why? The reason you want to get out in that time frame is to keep yourself from sinking further into debt fatigue.
You decide how long you are prepared to live in misery. You need to “bite the bullet” and do what it takes to reclaim your life. Alternatively, you can just keep whining about how hard it is to break even. During the time that you are whimpering away and whining and complaining because of all of your mistakes and overspending you’ve done, you will be paying a TON of interest too. This is money that would better used doing something nice for you, such as making you money. Don’t forget about the power of Compound Interest.
Take a close look at all your debt and see how much money you are wasting away in interest every month. Then, decide if this is how you want to keep going or if you want to attack your debt.