Want to pay off your debt? Why a Little Means a Lot!


Being in debt is one of the most stressful things you will ever deal with in your life. When things get really bad it can often seem like an impossible task to even begin to think about repaying it! How do we end up in so much debt & How can we change our attitude to overcome it?

Debt Problems Don’t Happen Overnight!

In the majority of cases people don’t end up with severe debt problems overnight. It can take years to build up debts and it’s usually small purchases, not large ones that cause the problem. If you’re about to spend £15,000 on a new car most people will likely give it a lot of consideration, first asking themselves if they can really afford it! If you want a new pair of shoes for £50 though, you’ll likely give it less thought before pulling out the credit card. It’s so easy to think with a small purchase such as clothing “It’s only £50, I’ll pay it back next month!”. The problem is most people never do and the next month they see some other small item they want to buy and use the same crazy reasoning. It’s years of this kind of mentality that leads to big debt problems. It can then easily become a debt spiral because we become used to spending this way and also have to pay interest on the debts we’re accumulating!

Why Do We Spend But Not Repay Small Amounts?

One of the most simple facts about debt is that you’ll never get out of it unless you start to pay your debt off!

If you think about that small purchase spending mentality we just discussed, do you find it difficult to apply the same reasoning when it comes to paying your debts off?

It’s hard to look at your £20000 worth of credit card debt and see how paying £30 a month off it is ever going to sort the problem out, and lets be honest, if you’re in debt £30 may be all you can afford! We could easily fall into the trap of thinking “It’ll take years to pay it off at that rate, what’s the point?” and you’re right it probably will take years, but the point is to make that start in paying off your debt and change your mentality as a result! If you start to pay off even just £30 a month the feeling of satisfaction you will get from seeing your balances reducing, instead of increasing will drive you to do even more. It will also stop you from adding to your debts because you won’t want to undo all your hard work! Which leads me to a final aspect of crazy reasoning you need to avoid if you ever want to get out of debt!

It’s Only Another Few Pence In Interest!

When you have debt problems it can be easy to look at that new pair of shoes and reason “I’ve already got £10’000 of debt, what difference will another £50 make? It’s only a few pence extra in interest!”

Sound familiar? The truth is it makes a lot of difference! If you do this twice a month for the next year you will be a further £1200 in debt! This crazy reasoning is what got you into this mess in the first place. The madness has to end somewhere, LET IT BE NOW!

Even if it’s only a small amount per month, make the start in repaying your debt! It will empower you take control of the situation before it’s too late!

6 Responses to Want to pay off your debt? Why a Little Means a Lot!

  1. Whenever I have a debt I try to merely “double” the payment-this could be 50 dollars instead of the minimum of 25. It helps get me in the midset that I will pay things off twice as fast, and it usually only me not going out for drinks one or two times a month.

  2. bogofdebt says:

    I am taking the baby steps mindset right now. I’d rather it get paid off slowly instead of not at all. I know that in the future the steps will get a little bigger so I’m okay with small steps for now.

    • Adam Buller says:

      Yeah thats what I was trying to get over. As long as you’re chipping away at the debt, even in small amounts, it at least mentally stops you from heading into more trouble!

  3. AverageJoe says:

    I like the “a little at a time” analogy here. You’re right on: people accumulate debt slowly, why not use little bits to get caught up?

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