8 Lies People in Debt Tell Themselves

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There is a lot of information on the internet and media on the importance of clearing debts. You would therefore expect more people to be working towards being debt free. In reality, the opposite is happening. People are not only borrowing more but also getting stuck in debt.

This is not because it has become harder to repay debt. It is because people in debt have told themselves lies that have normalized debt as a necessary part of life. With this mentality, it becomes harder to commit yourself towards clearing your debt.

Though everyone’s situation is different, there are some false beliefs you are likely to find among people stuck in debt. We have done some research and found these to be among the common falsehoods that keep people in debt.

I Don’t Make Enough Money to Get Out Of Debt

If your income barely lasts from payday to payday, it may seem impossible to set some cash aside towards repaying your debt. You may therefore be tempted to blame the inability to repay debt on your low income.

The truth is you have just not made clearing debt your priority. No matter what you earn, there are people surviving on much less and so can you. Every payday deduct the amount needed to repay your debt first then budget for the rest.

You can also find a way to increase your debt. Yet a second job, negotiate with your boss for a raise, sell some of the items you don’t need, or if you have a large house, rent out on of the rooms.

Debt Is A Normal Part of Life…Everyone Has Is

Yes, a lot of people are in debt but that does not make it normal or okay. Remember your financial is a personal issue and you shall bear the effects of being heavily indebted alone. This is therefore one area you should not apply the herd mentality.

Rather than using the high number of people in debt to console yourself, consider that there are also many people that are living debt free or are committed to their debt repayment schedule. Use this to remind yourself you can be one of them. Keep in mind the financial freedom you enjoy when you are debt free.

It’s impossible, I tried before and failed

When taking the first unsecured guaranteed loan, most people are really committed to repay it within the agreed timeline. The problem comes when you fail to repay the debt in time and you start accumulating the debts. Then starts to feel like your situation is helpless and you were destined to be live on debt and you resort to taking new debts to repay previous loans.

No debt is too big that you can’t clear it. It’s even possible to get out of bankruptcy. All you need is plan and choose to stick with it. Set a reasonable monthly amount that you know you can’t default.

If you have several debts and you are finding it hard to keep track, take a consolidation loan and repay all of them. It will be easier to make a repayment plan for one loan and follow through.

I don’t know how to

In the past you could be excused for claiming that you don’t know how to go about repaying your debt. Today not so much. There is a lot of free information online that you can use to educate yourself. There are also free apps that you can use to make a workable debt-repayment plan.

In extreme cases, you can consult a financial advisor at a small cost.

I should enjoy my money while still young

Achieving debt-free status requires a lot of discipline. If you are in debt, you need to tighten your belt to facilitate the repayment. If you’re not yet in indebted to anyone, you need to steer away from debts including credit cards.

For many young adults, this frugality translates to a boring lifestyle. As such, some opt to take loans and credits to fund their fun activities and lavish lifestyle. Unfortunately doing this only eats into your future financial stability.

The debt was necessary

People often get into debt is to purchase or pay for something that they have been convinced is a necessity while it is not. Maybe you have got a promotion at work and now you must take a loan to upgrade your wardrobe and get a new car. Or you want to move to a bigger house because your age mates are doing the same.

The belief that you can’t afford a car, house or college education without getting into debt is equally toxic. With proper planning and patience to save, you can afford almost everything or reduce the amount that you need to borrow.

Getting into debt to finance should only be used as a last resort or in real emergencies. Don’t get yourself stuck in debt as you try to live a lifestyle you can’t afford.

I will start paying… Tomorrow

Repaying debts requires a lot of sacrifices and adjustment of your lifestyle. You also need to reduce expenditure on some of the things you consider important. It is therefore easy to convince yourself that you can postpone your plan till a later date.

When the later date comes it will still be as difficult as today. It will come with new emergencies and temptations. All you will have achieved is to delay your freedom from debt.

My financial miracle is coming

As ridiculous as it may sound, there are people whose hope of repaying their debt is that they will get lucky soon. They believe that they will finally get the promotion they have been waiting for, win a lottery, or inherit a fortune.

The chances of such things happening are often very slim and usually disappoint. The only sure way to financial success is proper planning and this also applies to clearing debt. Make a proper repayment plan that you have as much control as possible. If some luck comes your way, it should be just a bonus rather than the main plan.


Like every other problem in life, you cannot get out of debt without acknowledging that it is weighing you down. The first set of lies that you must acknowledge is that you keep convincing yourself that you need to take a loan even for things that you can save for.

The other set of lies involve your ability to repay the loan. You must stop telling yourself that it is impossible to repay the loan. People have gotten themselves out off much bigger debts and even bankruptcy. Only after acknowledging the lies will you be in a position to free you from loans.


Welcome to the Night Helper Blog. The Night Helper Blog was created in 2008. Since then we have been blessed to partner with many well-known Brands like Best Buy, Fisher Price, Toys "R" US., Hasbro, Disney, Teleflora, ClearCorrect, Radio Shack, VTech, KIA Motor, MAZDA and many other great brands. We have three awesome children, plus four adorable very active grandkids. From time to time they too are contributors to the Night Helper Blog. We enjoy reading, listening to music, entertaining, travel, movies, and of course blogging.

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