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Paying Off Your Debts: Avoid these Stumbling Blocks


Are you currently paying off your debts? Maybe you have some credit card debts that you’re uncomfortable with, or perhaps you’re trying to get out of debt entirely. Either way, there are always stumbling blocks that can keep you from conquering those debts.

My wife and I spent 14 months paying down an $18,000 debt (plus, we paid $6,000 cash for a used car), and we know every distraction in the book. When we started to pay down the debt, it was new and exciting, but after a few months, eating peanut butter & jelly wasn’t all that fun anymore. This is where many people fail. They feel like the progress is incredibly slow, and their life just isn’t any fun anymore. Activities outside the house were cut out of the budget, shopping is now a sin, and life is all-around d-u-l-l dull.

Follow Me Through the Minefield: Debt Freedom Awaits

A few months into the process of paying off debt, there are many distractions that can come your way. I call these “stumbling blocks” because they can really trip you up and get you off the course of debt freedom.

My wife and I went through this “minefield” of debt-repayment and would now like to let you know what to look out for so that you can get through unscathed and debt-free as well!

  1. Don’t Run a Paper-Thin Budget – A budget is essential when it comes to debt repayment, but don’t go crazy and allow only $100 for food each month. Be realistic and don’t be afraid to alter the budget from month-to-month if it’s not working for you. If you love to golf or shoot guns, make sure to include those activities. You may have to cut back a bit, but don’t cut them out of the budget entirely.
  2. Don’t Look at Your Friends’ Toys – If your friends aren’t on the debt-repayment plan, they will inevitably buy some “toys” while you’re selling some of yours. Don’t become envious. Rather, think about the future and imagine all of the things you’ll be able to do with your cash while your friend is still paying for that new toy that he bought on credit.
  3. Do Have Regular Budget Meetings – It’s very easy to assume that you’re doing great with your monthly expenses, but unless you sit down and crunch the numbers, you really don’t know. Talk over different expenses that may have been unexpected during the previous month with your spouse (or someone you trust). Decide how you can better prepare for them in the future.
  4. Do Earn More Money – Without some added income, sometimes you won’t be able to pay any extra money toward your debts. This can get frustrating in a hurry! So, get out there and make more money! I offer countless examples of how you can do so in my new eBook. Just click on the book to the upper right of this page and subscribe. The book will be available for you to download for free!

Keep it Up! You’ll Be Debt Free Soon!

Paying off debt is hard work! It can get boring, and you’ll no-doubt be distracted from time to time. But, there have been quite a few people that have freed themselves from the bondage of debt, and I know that you can too! Keep up the great work, and as always, if you need some help or have a question, please contact me at derek [at] lifeandmyfinances*dot*com.

Are you paying off debt, or have you paid off debt? What are some of the biggest stumbling blocks that you’ve come accross?

Get Out of Debt Money


My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.


  1. Nice morale booster post!

    Getting through debt and increasing your net worth and assets to the point where you are earning passive income takes incredible persistence.

    That is probably why programs like Dave Ramsey’s are so popular. They apparently help folks to stay on track.

    • Yep, we were actually inspired by the Dave Ramsey program ourselves! It was just what we needed to get started, and to stick with the debt-repayment plan we set up for ourselves.

      We are now onto investing in property and excited about the future!

  2. Sometimes reviewing the monthly bills can yield some cutting opportunities, what if you can save by switching insurance?

    Excellent job in cutting your debt down in such a small time period!

    • You are right! When both individuals sit down and review the budget, there’s definitely areas that will be mentioned for cost savings.

  3. Well said Derek! The journey is hard, but the destination is worth fighting for.

    • It’s definitely worth it. It’s amazing how much money we have saved up since we paid off our debts. We already have the downpayment for our house!

  4. BTW, I love your banner! 🙂

    • Thanks! I worked decently hard at it, and it’s really making my site look more professional!

  5. Great job, Derek! You are right that it isn’t much fun living frugally to pay off debt when your friends are living it up on borrowed money. But oh, how the tables turn later in life when you are financially free and they have to lower their standard of living to pay off all their debts! You are to be commended for your hard work and diligence in sticking to your goal.

    • Thanks Dave! Already, we are noticing that a few of our friends are peaked out on their “high life” because of their maxed-out debts. Since we are debt-free, we are saving money at an incredible rate! We got out of debt in February, and already, we have a sizable downpayment for a house! 🙂

  6. I am personally finding that paying off debt stopped being fun, however every time I look at the total amount and see it lower than it before, it motivates me to keep going.

    • Yeah, paying off debt isn’t always exciting. It gets dull pretty fast. But, if you look ahead 5-10 years from now when you’re debt free and have thousands of dollars in the bank, it gets easier. You can do it!

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