If it seems like you’re basically working to pay debts, you pretty much are. Don’t you dream of how life could be without those monthly bills, particularly credit card bills, eating up chunks of your pay? Sure, you do. In fact, let’s look at all the benefits of eliminating debt.
Lower Cost of Living
You won’t have many monthly expenses, so you’ll have more cash for things you want, perhaps even a fatter savings account. And when your working life is done, you can have a healthier, more enjoyable retirement.
You Can Do You
What if you didn’t have a $900 monthly minimum credit card payment or a $500 car note? You’d have more control over how you live, right? Wouldn’t that be an awesome feeling? Maybe right now you’re staying in a job you don’t like because it pays the bills. Well, getting rid of debt can free you to get the gig you do want. Check out the top credit card debt relief company – www.freedomdebtrelief.com.
Eliminating debt lets you focus on life – not on paying bills. Debt is a source of constant stress, especially if you’re mostly making minimum payments. Stress can lead to health problems, which can cause even more debt. This is not a wheel you want to be on. Of course, erasing debt doesn’t rid you of all stress forever, but you will have choked off a major contributor.
More Financial Options
When you have zero debt, all the money you make today can be used for current needs – not yesterday’s expenditures. Think about it: You’ll now be able to divvy up your earnings however you see fit, instead of nearly turning your check over to creditors.
You Can Save
Rather than making payments of $1,000 or more on credit card debts or other loans, wouldn’t it be great to be able to put that money up for retirement? To compensate for loss time – depending on your age — you may need to set aside at least 20% of your income for future needs.
You Can Invest
Have you ever lamented that you didn’t have the wherewithal to invest in an opportunity that came out of nowhere? Whether it’s a new technology IPO or a foreclosed house, such opportunities are typically sudden – and fleeting. If you’re debt free, next time you’ll be ready.
Better Overall Finances
You may be surprised by how quickly your focus shifts from stretching your paycheck to, say, taking advantage of market gains and compound interest. Becoming debt free leads to better overall financial health.
More Financial Security
Imagine how free and formidable you’ll feel after you’ve erased those burdensome debts, particularly if you’ve worked hard to do so. This will give you the confidence and momentum to tackle future needs and to put away enough for retirement.
Better Credit Score
If you have excessive debt, particularly on a credit card, that can hurt your credit. Indeed, having a high balance can negatively affect your credit score. On the other hand, being debt free can give your score a boost.
Can Help Your Children
Part of being a good example for the kids means expressing the importance of being debt-free – than actually being debt-free. It’s wonderful to be able to convey good money habits to your children.
Get Out from Under Lenders
Right now, your lenders – not you – decide where your money goes, and when. However, when you pay off your debt, you’re in total control of your money. You’re no longer at lenders’ mercy.
As you can see, the benefits of eliminating debt are far and wide. Why not change your mindset and start envisioning a richer, more peaceful life? Get help with your finances today.