Patience is a virtue we can all improve on, but having too much patience can be bad for those of us who are in debt. At the same time, having too little patience will make you crazy with anxiety and stress. When it comes to debt, do you have too much patience or not enough?
Too Much Patience
When you have a lack of urgency about your debt situation, you have too much patience. Your anxiety level may be high (stressed and worried) or low (lazy and apathetic), but you are being too patient about debt if your motivation to act is low.
If you are content with paying the minimum payment on your credit card, then you might have too much patience. If you plan to ride your student loans on income-based repayment plan until the 25-year forgiveness kicks in, then you have too much patience.
Too much patience when it comes to debt repayment will cost you a lot more money and time. Force yourself to have enough urgency about getting out of debt to make a plan.
Not Enough Patience
When you don’t have enough patience, you have the opposite problem. You feel the urgency to get out of debt and your motivation is high.
Many of us got into debt in the first place because of our lack of patience. It takes patience to save enough to buy what you want with cash. It takes patience to forgo “wants” for “needs.” In a world of instant gratification, waiting goes against the grain. If you didn’t learn patience by avoiding debt, you will certainly get another chance while paying off debt.
When you are impatient about your debt payback, you cannot enjoy life because you are too anxious about debt. You’re always looking for a quick fix instead of focusing on a plan.
Patience in Your Plan
There is a happy medium of patience where you have a high level of motivation, but a low level of anxiety. Having a plan allows you to make real progress on your debt repayment while still feeling relaxed and able to enjoy life.
When we made a plan and set our goal, I felt a peace about our debt that I hadn’t felt before. Even though our goal is audacious and we are a little behind, having a goal in place and knowing what we need to do to achieve it has been refreshing.
It’s Your Turn
- How is your level of patience affecting your debt repayment?
- How has a plan made a difference in your motivation and anxiety levels?
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