Embracing the Initial Challenge – Recognizing the Debt

When it comes to confronting debt, your mindset can either be your greatest ally or your fiercest adversary.

First and foremost, let’s establish a fundamental truth: It’s a debt, not money you possess. Regardless of its origin (as outlined below), you are indebted to someone or something. In our narrative, it takes the form of a credit card balance. However, for you, it could stem from various sources:

An outstanding bank loan,
Borrowed funds from family or friends,
Assistance from the ‘Bank of Mom and Dad,’
Charges accumulated on a credit card,
Funds withdrawn from superannuation,
Savings tapped into,
An ongoing mortgage,
Utilization of an overdraft,
Falling prey to an online scam,
Unsettled accounts with creditors (e.g., vet bills or car repairs).
This journey encompasses all these scenarios.

Before you proceed, imprint this truth in your mind: THIS IS A DEBT. THIS MONEY IS NOT MINE. It is a balance that is owed. Even if it originated from Mom and Dad, they, too, had to acquire it from somewhere. Do you not owe them this? Let’s not play the ‘they’ll pass away someday’ card… because, honestly, are either of them or both still alive and in a position to assert their rights? Unless it was a true inheritance, you are in debt.

If you received it from an external source, and it was never truly yours, it constitutes a debt. You are bound by this debt.

Let’s refrain from seeking exceptions or justifications. If it wasn’t a debt, you likely wouldn’t have arrived at this juncture. Unless, of course, you’re here to contribute alternative advice – and if so, you are welcome. In this forum, we adhere to candid, unvarnished truths.

It. Is. A. Debt.