One of the most anxiety-triggering factors that stress an individual is paying off massive debts. Some people who are in this dilemma might lose hope or might get depressed thinking that being stuck means unable to recover. But, think about it closely, debt does not really hurt at all. It is the shame that people might cause you if you won’t be able to pay your debt, most likely if it is borrowed from a person. How bad as it may seem, is there any way to treat this seemingly failure into something good? This article finds a way to share with some important insights on how to stay positive amidst paying off massive debt.
Check your Credit Report
In order to stay positive, you have to see reality first. People are usually mistaken to only focus on the delusional zero debt without doing something. To see the reality means you see your credit report which contains your good and bad records of your financial history. If you don’t have a copy then order your report first. In the report, check if your standing is good as presented by the credit rating and good remarks. Likewise, see also if there are missed payments and negative remarks. Pay close attention to the terms of payment and the amount assigned. In doing this, you are practically dissecting your debt in bits making it more possible to pay-off.
Obviously, if your debt is massive then you also need a massive source of income. If your current job doesn’t make you earn that can pay off your debt, then add a sideline or sell something. In this area, you may prefer to maximize your hobbies or interest. More than that, you can save something from your salary and allocate it in an investment facility that has the capacity to make your money grow. What you earn from this is called a passive income. It is passive because it is the money that is working for you. Hence, by having more than one source of income adds to your confidence and makes you stay positive.
To double the effort, spend less than what you can. Some people have a bad habit when they earn big they also spend big. Worse, some earn only a little but spends big. If you are like this, then it becomes problematic. However, when you increase your income and lessen your expenditures it gives you more sources to allocate in paying off your debt. As
Aim for the Goal
Most people paying off debt are only focused on the debt. Meaning they work only to pay their debts and this is something to regret if you are in this position. But, to stay positive, instead of focusing on paying a debt, why not focus on achieving goals. These goals maybe some of your ambitions or dreams like travel or house or something to look forward. Consequently, you make yourself feeling excited and motivated rather than become anxious about your debt. Besides, it is happier to work hard for something you like, than work out something so that you can escape.
Develop a Growth Mindset
Debts could be devastating but it’s all in the mind. Most people are preconditioned that you have loans then you are doomed already. However, debts are just like roads wherein you will just pass by it and it will be over. Meaning to say, you may treat your debts as part of the hurdles for you to pass on and become victorious in the end. By overcoming this, it will contribute a significant level of change and maturity. So develop a growth mindset and aim for continuous development.
Debts may not be detrimental by far because we can still stay positive despite it. Being positive means choosing to be one. It is not something that you feel out of experiencing something. You can stay positive by focusing on reality, adding something valuable, and lessen the cause of the problem. Just like happiness, it is always a choice. Everyone can choose to be happy. That’s why even in debt, you can still enjoy life.
Dennis Martin Eivan is a graduate student currently in his thesis writing phase finishing a Master’s Degree Major in Clinical Psychology. His research and writing interests are in education, entrepreneurship, finance, motivation, nutrition, psychology, and social sciences.