Dave Ramsey Says Asking Yourself This Question Can Help You Become Debt-Free
- It can be difficult to stay motivated to pay off debt.
- Dave Ramsey recommends asking yourself one key question to make it easier.
- He suggests asking yourself what you're willing to give up to become permanently debt free.
Want to pay off your debt for good? This advice could help.
If you have credit card debt or other high-interest consumer debt, the interest you’re paying on your loans could potentially prevent you from accomplishing important objectives.
After all, if you do not have access to all of your income because some of it is promised to creditors, you may find it harder to make a budget you can live on or to save for retirement or big purchases.
Unfortunately, it can be really difficult to get out of debt. If you are struggling to do so, you may want to consider taking the advice of finance expert Dave Ramsey.
Dave Ramsey's advice could make all the difference in your debt payoff plan
If you are trying to pay off your creditors, Ramsey recommends asking yourself one key question in order to increase your chances of successfully paying off what you owe quickly.
"Ask yourself: What am I willing to give up now so I can get out of debt forever?" The Ramsey Solutions blog suggests.
Why would this question help you be more successful at paying back your loans faster? It's simple. Becoming debt-free as quickly as possible usually means paying more than your minimum payment so you can get your balance paid down faster. This can require you to make sacrifices in other areas of your life. For example, Ramsey suggests giving up some restaurant meals or taking cheaper vacations to free up more money in your budget to make extra debt payments.
Of course, doing this doesn't sound fun. But rather than focusing on the sacrifices, if you ask yourself the question that Ramsey suggests, you'll be able to put things into perspective. Yes, you're giving up stuff for now -- but the benefit of becoming free of your debt could far outweigh any temporary discomfort.
"Remember, it’s just a short-term sacrifice for long-term financial peace," Ramsey reminded. "And a lifetime of financial peace is worth it!"
Will following Ramsey's advice work for you?
Ramsey's suggestion to consider what you'd be willing to sacrifice in order to get freedom from debt is really solid advice.
Ultimately, asking yourself the question that he suggests is about changing your mindset. Ramsey believes many people remain in debt indefinitely because they believe the sacrifices they would have to make in order to not owe money are too great. But, by pausing to truly weigh the tradeoffs, you may end up finding out that you can easily make a few small but worthwhile changes in order to not have to worry about making debt payments any longer.
Of course, you'll need to actually take the time to define what sacrifices are worth making when you ask yourself this recommended question. You may find that you are willing to give up certain things but not others -- and that's OK. If you go through the process and actually make considered choices about how important debt freedom is relative to your current ability to enjoy your money, you can develop a debt payoff approach that really works for you. This will maximize your chances of becoming and staying debt free.
Alert: highest cash back card we've seen now has 0% intro APR until 2025
This credit card is not just good - it's so exceptional that our experts use it personally. This card features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!
Click here to read our full review for free and apply in just 2 minutes.
Our Research Expert
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.
The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters.
Copyright © 2018 - 2024 The Ascent. All rights reserved.