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Posts tagged with: psychology of debt

The Psychological Aspect of Debt Repayment


I have been having a tough time lately.

We all know my #1 goal – ERADICATE credit card debt. Do whatever it takes to get it out of here!

And yet, I’m having such a tough time.

I look at all our other debts and I want to pay toward all of them (more than just the minimums), so I’m having a really hard time reminding myself that – NO! – I’m going to pay minimums for everything else, and put all the extra money toward credit card debt.

It’s especially hard since the credit card I’m currently paying toward (Wells Fargo) has such a high balance. I really “get” the Ramsey-esque idea of paying off lower debt first for the psychological “boost.” But in this case we’re talking about a HUGE difference in interest rates!

Here are my two credit cards that currently have balances (remember – I just paid off a third card about a month ago)

  • Wells Fargo, APR = 13.65%
  • Bank of America, APR = 7.24%

My Wells Fargo card has almost DOUBLE the interest rate as my Bank of America card. I want to have the discipline to tackle the higher APR card first so I’m not just throwing away money toward interest……but it’s hard, y’all!!! (side-note:  my WF balance is almost thee times higher than the BoA balance. I’ll give you updated balances at the beginning of May).


Same thing applies to the license debt we’re paying. The minimum is $55/month, but when I pay online, it’s broken down into a dozen smaller fees. Many are only in the $250 range. It would feel SO GOOD just to pay the entire $250, instead of dragging it out over FIVE MONTHS paying only the minimums. But this is interest-free debt so it makes no sense to do that when I’m paying HUNDREDS in interest to Wells Fargo every month.


Somebody save me from myself! I’m struggling!