Something I Said I’d Never Do

Hi Scott,

I am 28 and and earning $70,000 a year. I am also $10,000 in debt because I did something I said I would never do: took out a personal loan. I have been desperately trying to pay it off, but it seems with every fortnight’s pay something comes up -- my car needed servicing, my bed broke, and now I have to buy an expensive bridesmaid’s dress. I feel overwhelmed, like I am never going to get out of debt.

Gemma

Hi Gemma,

You haven’t actually asked me a question, so I can only assume you are wanting me to:

a) Listen empathetically as you vent about your first world problems, while I gently stroke your hair and whisper “it’ll be okay, honey”.

Or,

b) Give you a kick up the backside.

I’m going with option B.Y

ou say you’re “desperately” trying to get out of debt, but I’m calling your bulldust.

Make a freaking decision!You’re either totally committed to getting out of debt, or you’re not. It’s this indecision that’s causing your overwhelm.

Once you’ve made the decision that you absolutely, positively will get out of debt, the rest is a cakewalk:

If your bed breaks (not a bad problem to have in your 20s by the way!), all you do is lay the mattress on the floor until you can afford to buy a new one. Simple!

If you’re asked to be a bridesmaid, you tell the bride that you can’t afford it. Or tell her that it’s such an honour that you’ve decided to work overtime for the next 12 weeks to pay for it (and make your additional extra debt repayments).

Here’s the thing that no one tells you about getting out of debt: it’ll build a confidence in you that will change the course of your life. Just ask Chris.

Scott