At the bottom of the debt Mountain is me, the debtor. The mountain is a self made thing evidence of a time where responsibility and self control had gone out of the window.
Like a mountain climber, I need to be prepared for the challenges ahead. This debt mountain currently measures in at just over £40,000. That’s quite a lot of money, but there are people out there in an even worse position.
Each payment represents a small move up the mountain, and one day I will reach the summit. Until then patience and effort are required to get there.
Bumps along the way
Life has a way of throwing in little surprises that can cause problems when climbing the debt mountain. For example, if you find your car needs expensive repairs or you have overspent in a month.
One way you can try to alleviate these kind of problems is to save a little each month into an emergency fund. At least then should the unexpected happen, you can be a little better prepared for it.
Making Progress with debt
One way I am making the debt mountain seem smaller is to settle some of my smaller debts. It makes me feel like I am making progress, but it also removes any of the additional work generated by having extra accounts to monitor.
It doesn’t make much of a difference to the overall amount I owe, but progress is still progress no matter how small it is.
I also pay a little extra to a selected couple of debts. That way I can see a bigger decline in the balance I owe and eventually be in a position to settle the debt altogether.
If I make any savings during the month, I also try to put these towards one of my selected debts. It is all about making small increases to the payment I make in order to reduce how much I owe.
Patience with Debt
The journey to the top of the debt mountain is a long one. It requires patience because it can take a long time to get out of debt. There are other solutions available but these all depend on your personal circumstances.
Because I have chosen to manage my own debt management plan, it will take me longer than if I was to enter into an IVA. However I feel confident that the debt management plan is the best way for me.
Although it will take some time to clear this debt, it will hopefully teach me the lesson I have been trying to learn for some time now. That lesson is the value of money, and how to be responsible with it.
Additional Challenges
When trying to reach the summit of the debt mountain, there will be things that happen to challenge you. For example, creditors who you owe money to may ask for increased payments. They may want an update on your financial situation or they may even decide to take further action such as making a claim in the County Court.
Whilst these things may present a set of challenges, you can deal with them. Of course if you are unable to sort things out, you can always seek help from a third party such as the ones found in the helpful links section of this blog.
