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4 ‘money mindset’ steps to destroy your debt

Yep, the ‘D’ word. Debt. It can be hard to say, particularly if you have a lot of it.

Well, you’re not alone. Almost 27m adults in the UK have some form of debt (that’s almost half of us!), sometimes up to an eyewatering £100,000.

Whatsmore, there is a stigma attached to it and it’s a huge taboo in our society. So much so, that we hide it and keep it a secret even from those closest to us. Almost four in 10 people are keeping ‘money secrets’ from loved ones, including debt. In fact, 37% of people have secret credit cards and 23% have undisclosed loans.

If you are currently struggling with debt, or have in the past, then you’ll know all too well what kind of stress this puts on your finances, your mental health and your relationships.

Studies have shown that high amounts of debt are associated with higher rates of stress and depression.

It goes on. In a meta-study by the Royal College of Psychiatrists, men and women with higher risk credit were more likely to report symptoms of depression.

A particular study by Dr. John Gatherhood of the University of Nottingham found that those who struggle to pay off debt are more than twice as likely to suffer mental health challenges. It also showed that 29% of people with high debt stress reported having high anxiety.

And from personal experience, I can testify that having consumer debt no doubt affects your happiness, mood and relationships with your loved ones. When your mind is consumed with worry, you are less present and we can be snappy and over-emotional.

When the debt is a secret burden you alone are shouldering, this can be alienating to the person on the receiving end who has no idea why you are reacting in such a way.

For more Money Mindset hacks, check out
How to Control Your Ego and Create Wealth 

Enough is enough

It can often be one of these moments when you have a blazing row with a loved one and it all comes out, that you decide enough is enough.

Or perhaps it may be the shame of being turned down for more credit, getting demand letters though your door or simply feeling you can’t see any light at the end of the tunnel.

For me, it was regularly having my card declined for petrol only 10 days into the month. What do they say? “There’s a lot of month left at the end of the money”. I certainly felt that for many years.

Thankfully today, it’s the other way around. And believe me, if I can do it, anyone can do it. Sometimes we just need a helping hand and to be shown the way.

But whatever it is, something has triggered you take action. An event or feeling has prompted you to read this post and has brought you here.

Whatever it is, use it. Harness it. Engage with it. Feel and focus on the pain. Because change only comes with great pain and consequence.


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4 'money mindset' steps for destroying debt

Action is everything. And the first step is making that decision to take action. In fact, that’s usually the hardest part.

Once you’ve made a total commitment to change and decided in your heart that this something that has to happen, already you will experience a huge sense of relief knowing that it is finally being tackled.

Just imagine how you will feel to be debt-free with no more ‘debt shadows’ lurking at the back of your mind. That’s the real win of being debt-free; the calmness of mind, the clarity and the confidence.

But how do we make that so important decision and be confident that this time it will last?

1. Make it a 'must'

It’s all to easy to say “I really should sort my debt out”, but already you have let yourself off the hook.

Noone who ever achieved great things said they should do it. They decided they must do it. It was their destiny. They made it so they had no choice in the matter. It was simply something that had to happen.

The same is true here. Make clearing your debt absolutely something that MUST happen. It must become your number one priority. Change the words you say to yourself. Use absolute terms such as ‘must’ and ‘will’ and eventually your subconscious mindset will change.

This is happening!

2. Make it count

To elicit lasting change, we must have a pain that:

  • hurts
  • is amplified
  • has a significant consequence

Many people, myself included when I was in debt, played down the pain and put it to the back of my mind. I became really good at ignoring it. And that is why I was in debt for so long. By suppressing it, there wasn’t enough pain to make me change.

So wherever it is, whatever the reason you have now decided to tackle your debt, focus on it. Concentrate on the consequence and amplify it. Take it to it’s greatest end conclusion – I may lose my house, I could lose the person I love, my children will miss out on great opportunities.

Don’t ignore it. Engage with it, hardness it and use it to fuel your journey.

3. Make it massive

When you decide to take action, make it count.

We’re not talking about paying off an extra £10, £50 or £100 on your credit card.

This is about taking HUGE action because only then will the action stick and go the distance.

In the context of destroying debt, such massive action is usually in the form of creating a battle plan. A strategy that breaks the war on debt into individual battle plans that will get you out of debt in quickest possible way.

How to create that plan is the subject of the next modules.

4. Make it immediate

The final step in taking meaningful action os to make it immediate.

We’ve all been there. We’ve decided to finally tackle our debt….tomorrow, or next week, or next paycheque. And how far did that get us?

That’s no good! It has no immediacy.

We need to take action NOW!

So, are you ready?

For that reason, if you can, click on the next free lesson and start formulating your war plan on destroying your debt.

Not only will it mean immediate action, but it will create the momentum needed for sustainable change.

By doing so, you will be putting yourself in the best form of ‘money mindset’ to make this change really happen.

Excited? Well, I’m excited for you!

Are you ready? Let’s go!

Action plan to show whether to first repay debt or save

Repay debt os save - which is best?

It can be a real conundrum and one that many wrestle with. The answer is a bit of both. does not offer financial advice and is intended for reference/information only. Remember, you should always carry out your own research and/or take specific professional advice before choosing any financial products or services or undertaking any business or financial venture. Investments may go up as well as down and you may get back less than you put in.