Debt can feel like a mountain that can take years to climb. The only thing you can do is take it one day at a time. There are some obstacles you may encounter on your way however, so here are three to keep an eye out for – and to make sure you don’t continue to fall victim to your debt and get yourself offtrack.

The unexpected: When you’re trying to pay down debt, you may be tempted to push your budget to the limit along the way. While it’s great to be more frugal, never forget that unexpected expenses can come out of nowhere. Your car may be great today, but tomorrow your transmission might call it quits. If your emergency fund isn’t in great shape, make sure you’re still setting aside a little extra cash each month for any expenses that might pop up.

The good life: It’s nice to have a budget that allows you to treat yourself every now and again, but if you’re serious about paying down your debt, you may need to take a closer look at your budget and reassess. There may be some areas of your budget that will have to be cut while you’re attacking your debt mountain. Need a budget guide? Check out this one.

The hole in the boat: If you’re not careful, paying down debt can sometimes be a little like bailing water out of a sinking boat. You’re on your way, your debt is decreasing a little each month, and then suddenly you find a reason to justify a purchase that puts you back to where you were a few months ago. If credit cards are the cause of your debt, you need to either cut them up or put them away until you’re ready to begin a new, healthy relationship with them. When you’re making a plan to tackle your debt, make sure that you and your significant other are also communicating so that you’ll be on the same page about spending habits.

Be sure to check out our debt payment financial calculators here. The most important thing to remember is to stay the course and don’t fall into any traps that will set you further back. Be strict with your spending and stick to a budget!

Article Source: John Pettit for CUInsight.com