5 Lies You Tell Yourself That Keep You In Debt


The five lies people in debt tell themselves. Learn the truth and get out of debt!
I think we all lie to ourselves from time to time. I think it is a survival thing, or a defense mechanism. It’s one of those.

We lie to ourselves not because we are liars but because we want to protect ourselves…from the truth.

When you don’t get the job that you really wanted, you lie to yourself and say “I didn’t really want to commute that far anyway (or some other random lie)”.

It makes you feel better. It makes you feel like you are still #winning.

When you fail to lose as much weight as you planned you lie and tell yourself “I have big bones I will never be skinny”. Deep down you know that your bones are normal sized but you have to somehow justify why you can’t seem to achieve your goal.

It is easier to tell yourself that you come from a long line of big people than to tell yourself you are not doing what it takes to reach your goal.

Have you been lying to yourself about why you are still in debt?

If you have been trying to get out of debt for a long time but you can’t seem to make any progress then you just might be lying to yourself.

Again, you are not a liar and I know you really want to get out of debt just like I want to get rid of my student loan debt.

Here’s the thing, if you have not developed a debt escape plan that you are working like a part-time job then maybe, just maybe you are lying to yourself. Read through the list to see if you are guilty of any of the lies.

1. I Don’t Make Enough Money To Get Out Of Debt

The truth: If you are earning money, any money at all then you can get out of debt.

When you are only earning enough to make ends meet I know that it can seem impossible to get out of debt but, I want to challenge you to consider this; maybe your income is not the only problem. Perhaps you have a priority problem as well.

If you don’t think your debt should be a priority then that is a problem. No matter how little you make I believe you can sit down and write a budget that allows you to allocate a small portion of your income to your debt escape plan.

Once you do that and you begin to see some (even if it is very little) progress towards your goal of getting out of debt then you will begin to feel motivated to take additional steps like getting a second job or starting a part-time business to accelerate your debt repayment.

The Richest Man In Babylon, is a good book to read to learn how you can get out of debt even if you don’t make a lot of money. It is my absolute favorite personal finance book. The wisdom it contains is priceless.

2. I Want To Enjoy My Money While I’m Young

The truth: You should retire with dignity and not be a burden on your children, other family members or tax payers.

I hate to sound harsh but, you can’t imagine how many times people have asked me, “don’t you want to enjoy your money while you are still young” when I tell them I can’t do something because I’m trying to pay off my ginormo student loan debt!

The answer to that question obviously is YES I do want to enjoy my money while I am still young but unfortunately my past self made some decisions that are causing my present self to have to sacrifice to clean up the mess.

Further, I feel that it would be irresponsible and plain STUPID for me to allow my present self to make decisions that my future self is going to regret…like going on vacation when I should be putting that money towards my debt.

Chances are if you prioritize paying off your debt then you can be debt free relatively quickly and not have to worry about your best years passing you by.

Now think about what your golden years will look like if you spend every penny you earn now trying to live a life that you technically can’t afford.

Do you really want to have a bunch of debt hanging over your head when you are old and should be spoiling your grandchildren? At that point, who is going to pay for the decisions that your past self made?

3. You Only Live Once (YOLO)

The truth: You only live once…don’t blow it by being a loser.

Who can really argue with #YOLO? It is a genius saying and I wish I came up with it. You can practically talk people into doing anything with those four short words! Genius.

YOLO is a very dangerous way of thinking because it fails to consider the fact that in this one life that we have to live we must be accountable for our actions.

Your day of reckoning WILL come.

When you use YOLO as an excuse to spend your money on stuff instead of paying your debts you are really cheating yourself out of a future that contains options.

As long as you have debt your options are limited. You have to continue to work a job and give part of your earnings every single paycheck to someone else.

I don’t know about you but I think it would feel amazing to be able to decide if I want to continue to work a 9 to 5 (or 7 to 6 in my case) or retire early and pursue other passions.

4. I Will Pay My Credit Card Balance In Full Every Month

The truth: You will spend way more money using a credit card then you would if you paid for purchases with cash or even a debit card and if an emergency comes up you will NOT pay your credit balance in full.

I know a lot of people who swear by credit cards. They use them and pay them off every month so they think they are doing well.

I will be honest, I used to think that way too until I read Dave Ramsey’s, Total Money Makeover. That book changed my perspective on using credit cards.

Dave suggested that we tend to overspend when we use cards (credit or debit) for everyday purchases). Me being me, I had to put his theory to the test.

I used my Spending Diary to track my purchases for an entire month using my credit card. The following month I tracked my spending again using cash. I spent less.

But, I really liked my credit card because it’s fun to see how many points you can rack up so I did another cash only month just to prove that there really is no difference. I spend less again. I’ve been using cash (and sometimes debit) ever since.

5.  Debt Is A Normal Part Of Life…Everyone Has Is

The truth: Most people may be in debt but that does not mean it is normal!

I remember my great-grandmother always paid cash for everything. Debt was not a normal part of her life so when did owing tens and hundreds of thousands of dollars on things other than a home become normal?

Really, you get to decide what is normal and acceptable for your life. If you want to slave away the rest of your life in order to make payments on things you may or may not have enjoyed a long time ago then keep living a debt filled life.

If you want to have the burden of debt lifted from your shoulders then get serious about your debt escape plan and eliminate debt from your life for good.

By the way everybody is not in debt. Check out Michelle!


Remaining in debt robs your future self of options.

Yes, it might feel good now to go on vacations and buy new TVs, fancy clothes or whatever your vice is but if you are doing those things and you are still in debt then you might be lying to yourself about the reasons why you can’t get out.

Have you ever told yourself any of the five lies? How did it impact your efforts towards getting out of debt? Please share in the comment section.

For a quick “cheat sheet” for building wealth, download my FREE Financial Freedom Checklist.

Get My Financial Freedom Checklist

Building wealth just got easier. 🙂


Let’s Connect:

Facebook | Twitter | Google+ | Pinterest | Subscribe


  1. Dr. Vi Scott says:

    Amen to that!!!

  2. My Strategic Dollar says:

    These are so true! Especially the one about not making enough money. Cutting expenses is far more powerful than making more money.