Stewardship Well Done Journey

Step 6 – DEBT

Roadblock #2 – I’m Overwhelmed!

Debt can be overwhelming. Some days it feels like you are standing under a rain cloud, longing for the sun to appear again. Other days it may feel like you have the weight of the world on your shoulders. You may even experience feelings of shame. Unfortunately, these feelings do not tend to be motivators. Instead, they often cause us to bury our heads in the sand and just hope it all goes away (spoiler alert – it doesn’t!).

When you are feeling overwhelmed, it can be helpful to stop looking at the entirety of your debt and instead focus on small steps you can take today. For instance, do you have a budget? Have you looked at your budget recently? Does it need revision? Having a budget helps you avoid spending pitfalls and enables small steps to become big steps toward reducing debt. Use your budget to help you make one good spending decision today … and another tomorrow … and another the next day ….

Having a plan of attack also helps when you are overwhelmed. Like a budget, the debt reduction method you choose helps keep you on the right path. As the debt numbers slowly decrease, motivation and encouragement increase. Many calculators and tools are available online to help you choose and implement the best method for you. Take a small step and investigate two of the most common methods:

• Using the snowball method, you pay off your smallest debt first (while paying the minimum on all other debt). Seeing small debts erased quickly can give you a healthy psychological boost!
• Using the avalanche method, you pay of your highest interest rate debt first (while paying the minimum on all other debt). You will end up paying less overall interest with the avalanche method, but you will not see victories as quickly.

If you are feeling ashamed of the debt you have accumulated, we invite you to do something very simple … yet very hard … ASK FOR HELP. You are by no means alone in your struggle. According to one study, around 80% of Americans have consumer debt, and the average amount of debt is $38,000. While you might feel embarrassed for a moment, keeping your debt in the dark will never move you forward. A trusted friend can help share your burden, point you to helpful resources, keep you accountable, and cheer you on!  

Don’t let your emotions get the best of you in your battle against debt. There is light at the end of the tunnel. Keep walking toward it one step at a time.