Barrier: a structure that hinders movement or action.
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I often talk with folks who like the idea of being out of debt but there are many barriers to that actually happening for them. Those barriers feel tall as Mount Everest but often they are waist height, requiring that we climb over with less effort than we imagined.
Let’s dive into 4 key barriers.
Barrier #1: Disorganization
Some of us have just a couple credit cards. Others of us have a car loan and several credit cards. You may be like we were nearly 10 years ago.
When we sat down to list out our debts and make a plan, we were staring at NINE loans at a total over $75,000. Six of these were student loans from our undergraduate and graduate degrees. If we were serious about getting out of debt, we had to have a full picture of who we owed and how much we owed.
This was a difficult barrier for me to overcome because I didn’t want to see it all in one place. I see this challenge with other people as well.
IF YOU ARE SERIOUS about getting out of debt, you will have to get a full, organized picture of your debt. Use pen and paper. Use a spreadsheet. Use an app. Get it all in one spot and then make your plan.
You can hear more of my thoughts on this barrier on my Facebook LIVE video.
Barrier #2: Lack of knowledge
“Debt is how you do life. It’s the American way.” Raise your hand if you’ve heard this or something like it. I know I did. Being debt-free is incomprehensible to millions of Americans.
There is a massive gap in our understanding of personal finance. You can tell by just looking at the shocking statistics at Debt.com.
Here’s the tough thing: you don’t know what you don’t know until you know it. Sounds silly but it’s so true. I thought I knew how to manage my money until I took a personal finance class (high school class doesn’t count) and then I realized how much I DID NOT KNOW.
So go find a personal finance in your area and learn what you need to know.
You can hear more of my thoughts on this barrier on my Facebook LIVE video.
Barrier #3: Shame/Regret
Oh my friends. This is one where I wish I could hug you and encourage you, tell you that I get it.
If you have made poor money decisions out of desperation, then you may be dealing with shame. You may not want to talk about how deep your debt pit is. It may feel so dark and deep. How could there possibly be a way out?
Perhaps it was your spouse who lied about the finances and now you’re captive to their poor choices.
I didn’t process my regret until we were a year into marriage, chipping away at our debt. We had decided we’d hold off starting a family so I could continue working full-time as long as possible. I was 28 and wanted badly to start our family. I couldn’t help but deeply regret the MANY frivolous purchases I made earlier in my 20’s, even doing a year of a graduate program that I didn’t complete.
I found myself saying “If only I’d looked down the road and thought how my choices then would affect my future.” But I hadn’t and now I was dealing with heavy regret.
I have good news. Healing came and I let go of those years. I couldn’t undo them. I could only move forward and make different choices.
So my friend, please don’t let shame and regret stop you from reaching out for help. Stop the cycle and move forward.
Barrier #4: You’re just not ready
I hope you hear me on this one. Over the years, my husband and I have worked with people on their budget or a financial issue. When debt is involved, we help and give advice. We cheer them on and offer whatever type of accountability they want.
Based on our conversation with them, we can hear in their words and see in their eyes if they’re truly ready to do whatever it takes. They’re hungry for it and they are ready to make the necessary sacrifices.
Others just aren’t ready. They say they are but they also have “reasons” for their situations. They feel justified or perhaps victimized.
So all I ask is that you be honest with yourself. Only YOU know if you’re really truly ready to do it. If you are ready, you will:
- get organized
- get educated
- get out of the shame cycle
- get real with what you’re willing to do
Then you know you’re serious about getting out of debt. I know it’s hard work. I also know that it’s FREAKING WORTH every sacrifice.
You can hear more of my thoughts on this barrier on my Facebook LIVE video.
