A little over a decade ago, when I was about 40 pounds lighter, there never went a day when I did not run at least six miles a day at nearly full tilt. Hills. Pavement. Sand. I ran no matter the terrain. I ran no matter what.
You see, I was constantly training for the weekly cross-country race to represent myself and my school to the best of my abilities. The weekly meet gave me the opportunity to test my character under pressure and the daily practice tested my discipline. The almost unbearable pain and sweat was all worth it however whenever I saw the finish line because I knew that I was about to accomplish something not many could.
One Race At a Time
I find myself in a similar situation lately concerning one of my credit card balances. I can see the finish line and it is inspiring. This particular card was one of the first ones I ever got and I maxed it out relatively quickly. Then one day I had had enough and I decided to tackle the balance methodically and with the same strategy I used to employ in my races. I was going to pay it more than the minimum every month which is what you are supposed to do in a race anyway. I also singled it out from the other debts and worried about that particular one first because it had the highest APR. Other races will take their turns.
Cramps and Other Aches
I had to endure a lot especially towards the end when fatigue and the onset of cramping really kicked in. This is also true now. In order to pay off my debt, I had to cut back on so many things that I used to equate with happiness. Material things, mostly. The entire life of the debt, I scaled back on unnecessary things and just put my head down and made one payment after the other. One foot at a time, my teammate used to say.
Discipline
With the finish line so close and with so much pain on my side, I was always tempted to ease up and maybe even just jog a few meters since I was practically there. The few times I did slow down, a funny thing happened – it took me longer to finish. That is why I know that if I start paying just the minimum now that the end of the balance is near, it will take me that much longer to get rid of it.
When it comes to finishing off debt, my two cents is that, based on experience, it makes sense to just cross the finish line so that you can prepare and get ready for the next race. What races have YOU started and finished?
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NS on October 31, 2009
Great article! Discipline is where I have the most trouble. Any tips on how to externally prevent yourself from spending money and/or paying above the minimum?
Mike on October 31, 2009
Well you can start by leaving your credit cards at home and not carrying them around. Once you disciplined yourself that way and have gotten used to not using your cards, you can move the next step and start canceling your cards. As far as paying above the minimum you can start automating your payments. From personal experience, both of these have worked out pretty well.
Mike´s last blog ..The Finish Line
Sheila on October 31, 2009
Yeah, closing the credit cards would be a good way to prevent yourself from getting further into debt. However, if you’re concerned about building a good credit score to get a car loan, home loan, business loan, etc., closing your oldest line of credit is not the best idea.
Mike on October 31, 2009
@Sheila
Thank you for making that point. I forgot to mention that I do still have my first CC even though I have cancelled others since then.
Karl on November 3, 2009
yeah i agree. i have one card only (the oldest) and i used to leave it at home so as to not get tempted. now my restraint is a little stronger and i carry it but use it only once a month to buy gas and i promptly pay that off every month.