When I designed my coaching website, I needed to create a tagline. A type of one-line description of what the site is about. I wanted to summarize how I felt about the process of getting out of debt and why so many people start out but quickly give up.

Science was my first love as a career. I spent my first ten years of working life in the world of biotechnology. Then the idea of ​​a mathematical equation came to mind.

There are thousands of websites and probably millions of blog posts and articles on getting out of debt. “Seven Methods to Reduce Your Credit Card Debt”. “Five Tips to Reduce Your Vacation Expenses”. There are tons and tons of information.

So why do less than half of Americans pay off our credit card balances every month? Why do 35% of us have accounts in collections?

I reflected on my two journeys through debt. The first ended up in credit counseling and bankruptcy. The second ended with everything paid, including the mortgage on our house. What was the difference?

He “knew” we were in debt both times. In my head.

The difference was recognizing my debt in my heart; my gut. The first time I didn’t do this. My “plan” to get out of debt was for my business to finally start making real money. My heart said that everything would work out. The knowledge of my heart never supported the knowledge of my head. And I failed.

“Know Debt” was achieved but nothing more.

In the second plan I got mad (as did my wife). We connect with this anger and other emotions. We engage our hearts. WE “KNEW” our debt. 17 months later we had paid off our credit card, car loan, department store card, and orthodontist. And then 30 months later, we paid the mortgage on our house.

“KNOW the debt” was added to “Know the debt.” They added “NO DEBT”.

My tag line of the math equation crystallized. He explained why we want to get out of debt and have the best intentions to get out of debt. But we rarely get there.

We generally acknowledge that we have debts on our heads. We know we have three credit cards with balances. We know we have one car loan that is paying off in 2018. We know we have five student loans. And we could know the total debt we have. We have the knowledge of the head.

So we read posts, articles, and advice on forums that make logical sense about how to pay off our debts. We eliminate all the expenses that we can. No cable TV, no movies, etc. Live a spartan lifestyle.

And work three jobs.

Our heads can do this for 2-3 weeks. Maybe a month or two. But if our heart does not support this lifestyle and this behavior, something will cause us to abandon this plan. Once the fun of the adventure wears off, the thought of living off dog food and replacing electricity with candles becomes so unpleasant that we give up.

Once our hearts are out of the equation, our plans to get out of debt are dead in the water. Because there are no easy plans to get out of debt. It requires focus. It takes work. It may require some sacrifice. But your plan must be realistic; a plan you can live with. Obviously it may take longer. But emotionally you will stay that way until the end and you will not reach ANY DEBT.

Take what you know in your head and put it in your heart. Then you will get out of debt.

“Know the debt + KNOW the debt = NO DEBT”