Why do people continue to carry too much debt? In many cases it’s because they don’t put the pain first.
Think about how you got in debt in the first place. Perhaps you wanted to go on a nice vacation like everyone else. You didn’t have the cash, so you put it on your credit card. There’s no doubt you got a lot of pleasure from that vacation, but that pleasure was short lived. Unfortunately the fun was overshadowed by many months of pain paying high interest on your credit card debt to pay off your vacation.
The mistake was not putting the pain first. Instead of borrowing to go on an expensive vacation, you can feel the “pain” for a few months of saving money, and then use your savings to go on a less expensive road trip, or camping, or a staycation.
By putting the “pain” first, you have the pleasure of a debt-free vacation.
Of course putting the pain first is difficult. We all prefer to have pleasure, now. Making a budget, planning to save and postponing purchases is “painful”. By not putting pain first we end up with a huge amount of debt, and a lot more pain later.
Even now, you may have a lot of debt but are postponing taking any action. You don’t want to experience the “pain” of having to talk to a debt professional or applying for bankruptcy. The funny thing is, by taking that painful step now, you are setting yourself up for a better life, debt free, down the road.
Put the pain first, and reap the rewards.