Paying down an old debt can seem like a daunting chore. The process can take months or even years, so many people find it difficult to stay motivated over such a long period. But resolving old debts is central to your financial health, so it’s important to avoid missing payments.
Here are a few ways to motivate and reward yourself along the way. Use these simple ideas to stay on track and keep taking steps toward paying off outstanding debts.
1. Write Down WHY You Want to Get Out of Debt
It’s great to have a goal, but an important part of staying motivated is remembering why you set that goal in the first place. For many people, unresolved debts are holding them back from taking a major step in life, such as buying a car, a house, advancing their education or advancing their career. For others, debt is standing in the way of a comfortable retirement.
Take a few minutes to think about why you want to resolve your old debts and write down these reasons. Remind yourself what big goals your debt is holding you back from. Keep these reminders in your desk, on your mirror, or even in your wallet to give you the extra motivation you need to keep making progress.
2. Think About WHO You’re Doing It For
Often, people want to pay off debt so that they can better take care of loved ones. For example, if you have children, a longstanding debt may be standing in the way of saving for their education. Or maybe you want to build a better life with your significant other. If you’re tempted to miss a payment or spend on something you shouldn’t, consider how your choice will affect the people you love.
The person you’re doing it for can also be your future self. Maybe you want to ensure that five years from now, you are less stressed and in a better financial position. Think about how good it will feel when you’ve paid off old debts and are free to look forward instead of backward.
3. Reward Yourself for Making Progress
It may sound strange to treat yourself when you’re trying to pay off old debts, but rewards don’t have to be expensive. When you reach a milestone, like sticking with your payment plan for six months, do something simple like taking yourself out for coffee.
The day you resolve an old debt is a big milestone, but sometimes it takes a while to get there. That’s why it’s important to take time along the way to celebrate how far you’ve come. A little treat now gives you just a taste of how good it will feel when you reach the finish line.
To resolve your account with MCM, visit our consumer payment portal and review your options. If you prefer to talk to one of our account managers, give us a call at 800-296-2657.
*Although we are a debt collector, we are providing these helpful tips because we care about consumers and their general financial well-being. Midland Credit Management does not offer financial advice. If you have questions or concerns about your personal finances, please speak to a financial advisor.