6 Ways to Stay Motivated and Get Out of Debt

If you've got credit card bills piling up that need paying—you're definitely not alone. According to the Federal Reserve, 56% of Americans carry credit card debt—to the tune of almost $16,000 per household. Getting out of debt can be an overwhelming, long and exhausting process. It’s like changing any bad habit—it’s uncomfortable, but you know it’s good for you. And while there’s no easy way to tighten your budget while you climb out of debt, the end result is totally worth it.

“You’ve got to think of the light of the end of the tunnel,” says Jessica Patel, personal finance analyst at Bankrate.com. “Not carrying debt on your shoulders is incomparable feeling.”

Here are six ways to stay positive as you pay off long-standing debt—and stay out of hock for good.

List out all of your debts and pay down the smallest one first, while just paying the minimums on the rest. Then move on to the next, leaving your biggest debt until last. “You’ll see progress quickly, which will motivate you to pay off the others,” says Patel. If you have only one debt, divide it into measurable, smaller chunks so it doesn’t seem overwhelming.

Accountability can be a great motivator. If a friend knows you plan on having your Discover card paid off by July, she can follow up with you. And don’t discount how much a buddy who has poor financial habits can negatively influence you. If you’ve got a pal that’s a spend-thrift, steering clear of her can for a while can go a long way in your own success.

“Visualizing your end goal can be real motivation,” says Beth Kobliner, personal finance expert and author of Get a Financial Life. If your goal is to take your grandkids on a Disney vacation or buy a new car, post a photo of your goal on Pinterest.com or on your refrigerator.

If you don’t allow yourself a treat while you’re on a diet, you’re bound to cheat. Being on a money diet is no different. “You have to allow for treats every now and then or you risk becoming frustrated and giving up,” says Patel, Once a month, treat yourself to a trip to the movies or dinner out so that you don’t feel bogged down in just paying off your debt.

Choose a few milestones—when $1,000 is paid off, for example—and reward yourself when you hit them. Just be sure that the reward is small (a manicure or a new pair of shoes, not a vacation to Italy) that doesn’t add to your debt.

What’s more important than the example you are setting for your grandkids? “Not getting into credit card debt is definitely one of the most important life lessons you can teach,” says Kobliner. For more financial life lessons to bestow upon your grandkids, check out MoneyAsYouGrow.org, developed by the President's Advisory Council on Financial Capability.