Me: How Much Do You Owe in Credit Card Debt?
You: It’s a lot.
I can relate. I was in $75,000 worth of student loan debt and incurred credit card debt along the way but getting clear on exactly how much debt I was in was one of the best things I EVER did for myself because it’s hard to figure out a plan for your debt when the figure you’re working from is “a lot”.
I know it’s scary to actually face the numbers but knowing whether you’re in $34,231 of credit card debt or $12,313 of credit card debt makes a big difference. It could also be the motivation you need to create a plan to pay off your debt.
If you continue to ignore the total, you’re undermining your ability to get out of debt, which means you’re denying yourself the opportunity to gain peace of mind and work towards other financial goals like building an emergency fund, saving for a home, traveling freely, or having more money to help those in your community.
Today, I’m inviting you to be bold, sit in the discomfort, and figure out how much you owe. Not only that, I’m going to walk you through the steps to figure out that number for yourself.
1. Create a list of all your debt
Grab a sheet of paper or grab my free template here to write down exactly how much you owe. Write down the lender (Chase, American Express, etc.), the total amount of debt, the interest rate, and your monthly minimum payment. Now, take a deep breath and let it go.
2. Capture Your Feelings
Write down any feelings that surface as you list out your debt, then write a note to yourself about why this first step is important to you. The note will be there to help you keep going when you look at your true debt and feel like you want to crawl into a hole or you just want to keep doing the same thing you’ve been doing because you’re so overwhelmed. The note will remind you to keep facing that number and show up as the financially responsible person you are becoming.
3. Create a plan
Now that you know how much debt you’re in, you can create a plan to pay it off. This may seem counterintuitive but decide if you want to target a small debt like the $500 credit card balance that you know you could knock out in a month or two or your debt with the highest interest rate. It doesn’t matter which you choose but determine which debt you’re going to address before the end of 2019. In fact, I want you to circle the debt that you’re going to focus on and start paying more than the minimum payment each month.
If you find yourself getting stuck and not knowing where to start or how you could possibly create a plan to pay down your debt, I’m here to help My one-month intensive is a great opportunity for us to work together to not only build this plan but also start applying the plan to get you completely out of debt. If you would like to work with me to get out of debt so you can have peace of mind and not lose sleep at night, schedule a call and apply to work together in my one-month intensive.
If you find yourself getting stuck and not knowing where to start or how you could possibly create a plan to pay down your debt, I’m here to help My one-month intensive is a great opportunity for us to work together to not only build this plan but also start applying the plan to get you completely out of debt. If you would like to work with me to get out of debt so you can have peace of mind and not lose sleep at night, schedule a call and apply to work together in my one-month intensive.
XOXO,
Keina
PS. Don’t forget to grab your free template so you can start paying off your debt once and for all.
PPS. Did you hear the exciting news yesterday? I’m hosting a FREE five-day challenge that starts on December 9th. Join the 2020 Vision: A FREE Financial Challenge for A Clear Personal Finance Vision in 2020. This challenge is for you if you’ve been procrastinating on getting your finances together or just don’t know where to start. Or you may have noticed that fear and overwhelm often creep in because of past mistakes you have made with your money. But you are committed to having a better relationship with your money in 2020.
During the FREE challenge, I’ll help you identify your 2020 financial goals and learn tools to get you started in achieving them. Join the challenge here and invite a friend or two to join you too!
