How to be less afraid of debt?

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#1

Okay, here’s the deal: as a single person with no dependents, I’m about $1800 in credit card debt, and I do have the money in my account to pay it off in full right now, but then my savings would be gone, so that’s not an option (my only other bills are for health insurance and paying for groceries). I am working, but it’s not many hours per week (I’m a full time student), and payday is at the end of the month. My credit score is very good, I’m still way below my credit limit, and interest really isn’t bad at all, so it would probably be smartest to just steadily pay it off over the next few months. However, the problems with that are twofold:

-I’m massively anxious over being in debt, as in, I’m losing sleep over it. It’s really the principle of owing anybody anything that I hate. Also, I think I read Madame Bovary too young, in which the title character ends up buried under a mountain of debt and dies a hideous suicide by arsenic.

-I want to go on a study abroad trip about six months from now: my scholarship should take care of most of it but it’s still taking on more debt.

I guess, short of using fields to summon the money I need (I have Capital Governance, Kubera’s Blessing and Lucky Horseshoe), I need to be less afraid of debt. Any advice?

(Also - I own a few domains I’m trying to sell, and trying to get something started on Fiverr with selling voiceovers. We’ll see.)

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#2

please take this into consideration, that what is more harmful is your feeling of stress and anxiety than the actual debt.

even if you’re not working as many hours, you still have money coming in. what is the interest rate of your debt?

are you able to allocate 10-20% of what you’re making towards paying down the amount of $1800?

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#3

I know that, but I don’t know what to do about it. Feelings aren’t easy to control.
It’s on several different cards, they range from 0% (intro APR that lasts for another year) to 17% APR. The 17% is the one that has the biggest balance, I’ll spend this month paying it off I think.
Yes, I think I can do that. Thanks.

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#4

don’t worry about the 0% intro APR until it gets closer to the date. focus on the highest APR which in this case is your 17%

after 17% APR is finished, go to your next highest and then the next highest. During this time yes you may be paying a bit extra because of interest, but it will be worth it to see the value go down.

ask yourself if zero-ing out your debt is more important or if going on this trip is more important to you and your experiences.

if you zero out your debt, yes you may feel like you missed out on the trip but there are other opportunities and you will have more money to actually go on those trips and enjoy yourself a little more.

not to paint a story, but maybe one who has debt and decides to go on a trip may feel the chronic stress of their debt and not have as an enjoyable time on their trip because their mind is scattered with trying to enjoy the trip and the debt.

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#5

If it were any other trip it would be a no brainer, but this particular trip is unique, in a country that I’m very close to, with experiences that are off limits to normal visitors. I don’t have to decide for a while so I think I’ll keep looking for more scholarships.

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#6

it’s your life and what you want to experience.

debt and finances is an emotional journey one can take control. to take control, one can reach out to others for knowledge and support like you just did!

i believe in you!

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#7

I agree 100%
Pay off the debt, the highest interest CC first.

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#8

At some point in my life i was copying my anxiety and stress with spending money buying things with credit card etc my credit card was like a prepaid credit card so not worries about it, but id still stress about running out the funds in that card.

And i also hated having debts, no matter how small etc

I would avoid that as much as i could, any type of credits etc and wouldnt stop thinking about that until i could finally pay fast.

My Yoga teacher then told me something that helped me a lot.

He said that my desire of paying and worrying about it had nothing to do with actually just not wanting debts but also because of the same desire of spending money :slight_smile:

Paying debts that arent rushing you to be paid = a desire of spending and that was a great excuse

“I just dont like debts, besides i can pay so im gonna pay”

That lifted a big weight off me and helped me to work on that.

So maybe OCD audio could help?

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#9

I’ve never thought of it that way but it makes so much sense!
I’ve always loved spending since I was very young, this is just a more grown-up version of it.

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#10

Just a thought, could you pay off your high-interest card with your savings and if anything comes up that would have been paid for with the savings, put it on the low interest card? In the meantime, you would be rebuilding your savings account with the money you would not be paying to the high interest card every month.

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#11

Millionaire mindset

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#13

The best way to be less afraid of debt is to get out of debt.
….
Tap into your savings - I mean controversial move I know but you said
You’re in college.
Go to group events and make sure to eat there.
Do you have any old trinkets or items? Sell them on Etsy.
College textbooks - rent them out/ sell them
Sell test guides for college exams- people literally can go up and above 100+
Participate at the Psychology Department’s data surveys. I once had to do it for a class to pass, and I ended up being compensated for my time.
Usually the disability center pays people to take notes for each class, so consider that- if you have poor handwriting, work on your craftsmanship

And perhaps the most important part:
Forget about abroad.
You are an adult now and with it comes obligations. Priorities that can mean foregoing something you’d been anticipating for months on end.
Anyways, you can go abroad once you are economically stable AND the best part? You don’t have to study ;)

I beg to differ when ppl say college is the time of your life
Like…naw lol.
All my sorority sisters skipped a freaking exam that was 50 percent of our average grade all bc we scored free backstage passes to some Drake concert and some after party
Did I go?
No.
Why?
Priorities.
Did I feel bad?
No.
Why?
When I am out there kicking it with my degree, I’ll go to as many concerts as I please.

Another thing- you oughta think money is like a zero point energy. Ever flowing , limitless. Abundance likes abundance.
I mean ok sure there are fields, but you also need to co-create your reality.

I’d recommend Dan Murphy’s book called subconscious limit dissolver- it’s just a good book to read. It’s a short, quick read with highly valuable information.

One more thing:
Colleges have Facebook things like for class of 2022 ect ect- so many announcements for opportunities are on there.
Perhaps even revenue ones

You got this

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#14

I disagree with this part.

Of course it depends on what field the degree is in to some extent, but this was always one of my reasons why I didn’t participate in an exchange. Seeing the professional network some of my peers built while studying abroad, I do regret it to a degree.

Honestly, if you want to build a career, then participating in a good exchange program makes a big difference.
If you want to go abroad to “live the experience” and party - yeah… dont go. You can party anywhere and travel once you have the money.
But if this is something that really adds to your degree and it would be at a good university and a good program, then it’s investment in your future.

And, assuming your degree is in a competitive field where you can earn good money, paying off your debt once you start working won’t be difficult at all if your debt is around this level.

Of course I agree that you should pay off the high interest cc debt etc.

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#15

As I said above, if it were any other trip it would be a no brainer. However, this particular trip is about studying theatre traditions (I’m a theatre minor and I love it) in a country I’m deeply attached to, and many of the experiences are available only to students on this trip - if I don’t go on this trip, there’s no way I’ll ever get to have them (and even doing the stuff that is available to solo travellers, like going to the plays, is way more expensive if you’re not doing it in a group).
This trip would be during my second-to-last term of school, so I’ll be working soon anyways. I’m doing a double major in human physiology and neuroscience, so I should be able to find a good job soon after finishing.
I’m looking for a second job in the meantime.

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#16

it sounds like you will benefit more going on the trip and adding it to part of your plan to zero out your debt.

you can work with that and as monkeyowl mentions your level of debt is clearable. any level of debt can be, it is about your attitude towards your finances and your financial mentality.

two people mentioned to utilize your savings and yes in your case it could help you minimize debt.

depends on how much you’ve saved and how much you can afford to take out of it.

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#17

I meant like
Let’s get drunk in Europe and not have to worry about studying while we take cute “candid” pics for the ‘gram ahaha

But otherwise yeah if the program is for something serious like MonkeyOwl says
Absolutely disregard what I said lol

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#18

Thanks everyone. I think my fear is at least partially because of this: Cyclical anxiety?

#19

The most immediate reason that it sucks is that I really want to get MBL

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#20

I’m sure you can get your MBA soon - the beauty of this country is that there is no age limit to enrolling. So, if not soon, eventually :heart:

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#21

I meant Muscles Beyond Limits
But thanks for the positivity anyways

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