I’ve never really had any debt issues. I worked all through school and graduated without any school debt. I got a job which paid me more than I spent so I never had credit card debt. The first real credit obligation we took on was our mortgage. When I submitted the request to increase our mortgage payments my hands were shaking and I jumped when I clicked ok. I had no idea paying off debt could be that exciting. After staring at my monitor for a few minutes something dawned on me:

If debt repayment is this much of a rush then why are so many people in debt?

I thought about the answer for a few days and manage to identified 4 reasons:

Lack of Self Control - People just can’t control their spending and continue to build debt. They are entirely focused on the short term and can’t see the long term affects of their actions.

Lack of Understanding - People don’t understand how they got so indebted and how to get out of it. If you’ve ever watched one episode of Gail Vaz-Oxlade’s “Til Debt Do Us Part” you’ll understand this point. Every guest on the show tells Gail that they over spend by $900/month at which point Gail tells them they are actually over spending by $3000/month. The worst part is all the guests seem to be doing balance transfers from one credit card to the next without realizing their debt problems are only compounding.

Helplessness - They see the problem but usually at this point it’s to far out of their control. They feel helpless to fix it. They juggle the debt to keep creditors at bay while hoping they’ll get some magical payoff like winning the lottery. Eventually the house of cards comes down.

Resistance to Lifestyle Change - The debt becomes the crutch that supports their lifestyle. They only see the negative aspect of how their lives will change if they cut their spending and start paying down their debt. They fail to see the positive life style changes that occur from being debt free.

How to Feel the Rush?

The thrill of paying your off your debt and getting your financial house in order is amazing. It will be hard at first but it can be life changing. Get your spending under control. Learn the difference between a need and a want. Read about personal finance and start looking closely at your own finances. Seek outside help if you need too. Remember your debt is manageable if you attack it in small steps. Once you feel that initial rush from debt repayment you’ll be looking to get your next fix.

So many financial blogs start off with a writer who was once in debt. They felt the rush of being debt free and wanted to tell people how it felt. Every single one of them will tell you the same thing, your lifestyle will gain much more than it will lose when you are debt free.

Did it take you a long time to start paying off your debt and why?

Did you feel the rush when you paid off that first credit card, then the second, third?

-mfd-