10 Reasons Getting Out Of Debt Is Worth It

debt reduction

When it comes to reducing your debt, there are a lot of good reasons to pay off debt beyond the obvious. The benefits of becoming debt free are numerous and have to potential to improve a number of areas of your life, although there are some debt free myths as well. Understanding how becoming debt free can positively influence your future can be a motivating factor to help you tackle the debts that you have. Here are ten reasons that getting out of debt is well worth the effort:

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Your credit score is one of the most important pieces in your financial portfolio. It helps you apply for loans and credit cards, and effects many of the larger financial transaction you make. If you&#


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8 Responses to 10 Reasons Getting Out Of Debt Is Worth It

  1. michael says:

    This is really a no-brainer. There are so many advantages to being out of debt that most people who have been in debt and then get out wonder how they ever let themselves get into debt in the first place. I must also agree that getting out of debt helps with many aspects of life beyond the financial burden. Stress is a huge factor that most people don’t realize how much it is affecting them when they are in debt, but it instantly becomes clear once the debt is gone.

  2. jenny says:

    Seriously? Are there really any bad reasons to get out of debt?

  3. timeout says:

    There are certain situations when debt can be good, but your point is well taken when talking about credit card debt. Almost everybody would be better off without the current debt that they have.

  4. dean says:

    Stress is a huge one. I don’t think most people realize how much stress even beyond what they think they are enduring comes from being in debt. And stress can cause all types of other physical problems and health issues. I think my number one reason for getting out of debt would be the peace of mind of not having the debt.

  5. Marcia says:

    I have lived to regret getting into debt. I have never regretted getting any bill paid off, whether big or small!

  6. leslie says:

    I’m still working on this, so I don’t know what the feeling will be exactly like, but I can’t wait to experience it!

  7. Bankruptcy clinic says:

    Being in debt has certainly become more acceptable today than it was say 30 years ago with credit cards and loans being easily accessible nowadays. Personally i couldnt live with debt knowing that a chunk of my income is used to pay the interest each month

  8. Robert says:

    Back in 1973, my wife got a job at Bank of America as a teller. A few months later we got a BoA CC…with a limit $500. For the next 35 years we lived with ever increasing levels of credit card debt. She died 5 years ago. Three years ago, I managed to become debt free, except for my mortgage. I now have enough money in the bank to pay off the mortgage, but I want to have about $30k left in my account for emergencies when I actually pay off my home. That will take me about another year. That is my ONLY debt load. It is SO nice to be able to pay everything off when due, and still put a couple of thousand a month away. How do I do it??? Very long term planning. I’m retired from the military, I’m retired from a second career….both with defined-benefits retirements. As a widower I can claim my wife’s SS benefits at 66 (avoiding the earnings test), and claim my SS at 70 with maximum benefits. I expect to have between $300K and $500K in the bank, a long paid off home and $50k+ coming in as my annual income.

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