Overcoming Debt Mentally

Matthew1892

Hi, 

I have had £12,000 worth of credit card which has plagued myself for almost 4 years. I decided in March last year to make a plan to pay it off which I have successfully have done as recent as around 2 weeks ago. The debt has caused myself anxiety (not diagnosed) and I have probably thought about it near enough every day for the time items outstanding. 

I didn’t real have much feeling when I initially paid it off however as the last 2 weeks have passed, I feel slightly anxious I haven’t got the worry of the debt no longer and my mind is slowing returning back to normal but a slight surreal feeling? 

I just think it would be helpful to see if anybody else had experienced similar or time frames for your mind to adjust to ‘debt free’ life 

Thank you in advance 

Andyjflet

HI Matt, I was in a similar boat to you, and realised I lived alone and if I lost my job I would be up the creek without a paddle. I have followed Dave Ramseys baby steps to build my life.
Look at the 7 steps, this will give you the next goal, do you have an emergency fund, are you saving for retirement ? Are you saving or paying off your mortgage?
Look at the podcasts and 7 Baby Steps 

CreditCardJunkie

Matthew I think the main thing is to build savings and still track spending so that you don't end up going into debt again. Congratulations by the way!

VAP_Driver

I do get exactly what you mean. The new debt free normal did become, well, fairly normal after a couple of months for me. I did used to take more pleasure than I rightly should have in logging on to my various credit accounts every couple of days, just to see a zero balance and it was several months before that kind of novelty completely wore off.

One of the strangest feelings for me was checking my balance at an ATM and understanding the number was a positive and not a negative one. Even now, a couple of years down the line, I still get a bit nervous to press the ‘account balance’ button, as a lingering effect from my head in the sand days, despite knowing I’ve got money in my account. It’s almost a Pavlovian response.

Just wait until you start getting some savings together- there’s a whole new emotional rollercoaster waiting. It’s all good though. Just as you say, it’s a bit surreal for a little while.

sourcrates

I had credit from age 18 to 40 odd, it was always transferred or consolidated or moved around, was never paid off in other words.

I have been insolvent twice, both because of circumstances beyond my control, since 2016, I have not had credit of any kind, no cards, no loans, no nothing.

I live on my income alone, and within my means, at the point of no return, i was £57,000 in credit card and loan debt, plus a £20,000 mortgage shortfall debt, things had to change.

Now I owe nothing to anyone, can`t believe I was such a lemming all those years.

GaleSF63

Although not (necessarily) related to debt, I realised a while ago that if I have had a worry for a long time ie years, the worry doesn't disappear like magic when resolved. It's been so ingrained for so long, it takes time to get used to it not being there. For example when my mother died and I sold her house, I kept worrying about it and feeling responsible for it for months afterwards. The new owners did some building work that affected the next property and I had to keep reminding myself (out loud was probably most effective!) that it was not for me to sort out. 

Keep reminding yourself that things are ok till you get used to the idea. 

warby68

I think that kind of feeling applies to anything you don't have to think about anymore after having done so for a long period. Its become a habit, now you have to break the habit. Because it was a worry, a negative, there is an element of disbelief that its gone and you have to remind yourself. That's why the pleasure from your achievement can take a while to be felt. It will settle down especially when you've replaced it with a positive 'regular' thought such as saving. I think its why people with debt can turn into very good savers because its the reverse of the same coin. You do find some people move to finding it hard to spend their money. The fear and worry of being in debt is still there even though they aren't. They now want to avoid it by a good margin.

The best thing would be to have some plans for the money you no longer have to allocate to debt repayment so you can enjoy the reward for achieving the payback and get on with some other life goals.

Well done BTW

FluffyBabyPenguin

Congratulations on paying off all that debt in just two years, well done! Maybe you'd like to make a post on the board's Debt-Free Roll of Honour? Even just the act of summarising your debt problem and how you overcame it, maybe giving your best advice to others who may be in debt, can reinforce a sense of achievement. We are creatures of habit and if you have had something on your mind for years I imagine it's normal for your mind to keep wandering back to that even after it's resolved. Give your mind something else to focus on - have you got any plans for building up savings or any goals in mind for the future?