Debt-Free Journey: Embracing the Time Factor

Ready for today’s affirmation? It’s simple: time. While sprinting down the path of a debt-free journey would be better, however, sometimes, we have no choice but to walk. So, when you’re facing debt issues and wondering how long it will take to get out of it, remember it takes time. It took time to build your credit history. If you went to school, getting your college or postgraduate degree took time. Whatever you have done in your life has taken time. There’s no disputing that.

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I’m the first to admit I had to get two loans during the COVID-19 pandemic. One was a business loan that I paid off in September 2024. Did I like paying that loan? No, but I had to look at the positives. It got me through that difficult time when the office was shut down. Eventually, I was able to sublet the office, which took care of that part. But that took a few months, and in the meantime, checks were going out, and nothing was coming in.

• Trust Begins Your Debt-Free Journey

Another positive is that I established a business relationship with a bank. This builds up my credit history. Now that the business loan is paid off, it frees up more money to save and pay down other debts. But again, it takes time.

I know it isn’t easy. Like you, I want everything done now. But every month that goes by, you pay down your debt, whether personal loans or credit cards; that is one step closer to your ultimate goal, being debt-free.

It reminds me of the old days when you would hear weight-loss advocates say that if you’re trying to lose weight, hang a dress or a pair of pants behind your closet door. It was a visual motivation to help you reach your goal. This is the same thing.

You can write down your daily goals if that helps, or realize that your credit report shows your debt is being reduced with each passing month. That gap between your debt total and available credit is called the credit utilization ratio, and it’s critical for a good credit score.

Your credit utilization ratio should be at 30% or less. For example, if your credit limit is $1,000, you should owe $300 or less, which is 30% of $1,000. When you get to that percentage, your credit score will increase. But again, it’s all going to take time.

Now, you’ve been down this road before, whether it was saving money to buy your first car or home. It took you time and patience. It’s not easy, but it’s part of the process. As the saying goes, Rome wasn’t built in a day. It takes time to deal with debt or any other long-term goal.

This reminds me of an old interview with Arnold Schwarzenegger. When asked how he could keep up with repetitive, potentially boring workouts, he said every rep he did was one step closer to his goal. We can’t argue with his logic or success.

That’s the perspective you need to adopt. Every single month, every payment you make to pay down debt is a step towards your ultimate goal. At times, I even have to remind myself of this. There are times I could be doing something else. There’s other work for me to do. Making my YouTube videos, blogging, and engaging on social media takes [time]. But each video and blog post is a building block toward my goal.

I understand your perspective may not change overnight; it takes time. But each small step you take today puts you one step closer to your financial goals.

I hope you enjoy these positive affirmations. I like to call them reminders, but I hope it helps. If you have any questions or comments, please post them in the comments section of my YouTube video, which you can see below.

Good luck to you, and I hope you begin your debt-free journey in 2025.

Colleges and universities can purchase my bankruptcy law textbook directly from Routledge Publishing. For paralegals and students buying single copies, you can do so via Amazon Books. To access my YouTube channel, click this link.

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Please note the information on this site does not constitute legal advice and should be considered for informational purposes only.