Have you heard of debt fatigue? Debt fatigue occurs when you have been debt for so long that you are simply worn-out. You have lost all hope of getting out from under the mountain of debt. You have become so overwhelmed with your debt that you feel you’ll never be debt-free. So instead of buckling down and getting yourself in a different mindset, you cave-in. You go out and shop and spend tomorrow’s unearned money on today’s wants. You do it simply because of debt-fatigue.
If you are in this situation, don’t worry. You CAN get out of that mountain of debt. Your very first step is believe that with God’s help you can and will do it. “I can do all things through Christ which strengtheneth me.” (Philippians 4:13) Next, determine exactly how much debt you have. Do not guesstimate. Use your actual credit card statements, loan statements, car loan statements, etc. and add it all up. Work on creating a budget/spending plan.
Your goal to eliminate debt fatigue is to get out of debt within three years. Yes, three years and no later than five years. Why? The reason you want to get out in that time frame is to keep yourself from sinking further into debt fatigue. Attack your debt as outlined in the other posts and commit yourself to being debt-free. Trim your budget and if it does not balance out, then trim it some more. If you’ve cut it to the bare bones and are still ending up with a shortfall, it’s time to sell some stuff and apply it that shortfall or to get a part-time job or get a side business going. That extra money that comes in should go directly to address your shortfall. Don’t go spending it. Remember to use the snowball method to eliminate your debt faster.