No. of Recommendations: 9
One more thought...the naval gazing (so to speak) is the most important part of debt reduction.

The emotional aspects of debt and repaying are, oh, 90% of the process involved in getting and staying out of debt.

Understanding how you get there is a big part of getting a handle on the emotional part. I am not saying you have to beat yourself up about the past. That isn't helpful. But, dispassionate self-analysis really is important.

Lots of people think that the most important part of debt reduction and staying out of debt is how much money you have. If I only made $10,000 more a year...if I just had $X savings... then I wouldn't be in debt.

They are mostly wrong. My husband and I have income close to $300k...but we still had (and have) debt. This time a year ago we owed over $162,000 in credit card debt alone. We had plenty of income. The money wasn't the problem.

The emotional side of it was really everything. Until the emotional part of it changed we weren't making much progress. We aren't perfect now but we have made a lot of headway since then. And the naval gazing was a big part of the progress.
Print the post  


UGC Disclosure Notice Regarding Credit Card Posts
Community board discussions about credit cards are not provided or commissioned by banks who may have advertising relationships with The Motley Fool. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.