How to Stop Feeling Guilty About Debt
When this happens, it happens quickly: one day you feel like you are in control of your debt, but the next thing you realize is that you feel overwhelmed, panicky and completely guilty.
Whether it’s an unexpected expense that got your debt over the edge, or just a growing sense of dread, it’s natural to feel guilty as you look at your balance sheet. You can probably think of a dozen decisions you could make differently to avoid getting into this situation.
But pondering past decisions won’t help you get out of debt, and you won’t be wallowing in guilt either.
To get out of debt, you need to take action – and do it as quickly as possible – to minimize the impact of compound interest on your balances.
If you don’t know where to start, it’s time to get started with the organization. You cannot expect to keep track of all your balances, interest rates, due dates, and late fees in your mind. Write these details down on paper or a spreadsheet so you can see the whole picture at a glance.
Then, use the free space in your brain to come up with a plan to pay off your debt. Track your progress every month to see how your hard work piles up and reduces your debt. Remember that even small steps add up over time, and don’t let this guilt creep in if your progress seems slow at first.
Again, recording this progress on paper or in a spreadsheet saves you the math, so you can focus on other things. Feel free to get creative here: color in a portion of the grid every time you make a payment, or create a graph that you update every month.
Want more strategies to stop guilt while you work hard to pay off your debt? Watch the video above for small steps that can provide peace of mind throughout the debt repayment process.