10 Ways Life Gets Better When You Get Out of Debt

eliminate debt

Have you ever had to cut back on your expenses or choose between paying the water bill or the electricity bill? When you’re drowning in debt, it might seem as though you’ll never break free. It seems that there is always something that needs to be paid, yet not enough money to pay all of the bills that have come in. While it might seem at that time that debt will consume your life, there’s light at the end of the tunnel. Your life might seem stressful right now, but it will become remarkably better once you’re free of debt. Not only will you have freedom over your finances, but you’ll find your life has a lot less stress in it. Here are a few ways life improves

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13 Responses to 10 Ways Life Gets Better When You Get Out of Debt

  1. freebird says:

    Getting out of debt is a great first step, but it’s just that– a first step. It gets even better when you build a savings cushion that amounts to several years pay. When you have this you no longer need a paycheck so work pressure magically disappears. Layoffs coming? Bring it on, and take some time off to relax…

    Also you can use your savings to make even more money. True interest rates are rock bottom at this moment, so you can’t earn much with CDs now, but there’s always dividend paying stocks and REITs and such. You can diversify away much of the risk. Once this income stream is large enough to meet your expenses, you can kiss your job goodbye forever if you like.

    So my message is don’t stop saving when your debt balance hits zero. Keep the momentum going, you’ll be glad you did.

  2. gregory says:

    I don’t think most people realize how much stress debt causes until they are free of it. You know you’re stressed, but just no how much. Having recovered from being perpetually in debt during my younger years, I can say that it’s worthwhile making the effort to break the debt cycle.

  3. Cam Woodsum says:

    Amen to what you are saying Freebird. Ideally if you’re saving money to reach a goal like paying off debt then you keep paying money after you accomplish your goal.

  4. Minny says:

    The comparisons between debt and weight are great. The work to get out of debt and to lose weight often become an end in themselves but there needs to be a new goal, a new plan for when it is over.

    The new goal is to stay out of debt, to stay a healthy weight. If these are not in place there is the risk of thinking – whew, that’s over! No, all it is is a new beginning.

  5. savannah says:

    So what you are basically saying is that those in debt will have horrible lives. That’s terrific. Wonderful. If only it were that easy to get out of debt. I am guessing the person who wrote this rubbish has never had any debt of any kind. I suppose I should stop typing and head back to my life which is probably worse than yours.

  6. Gailete says:

    While we still have a mortgage and we have two cc bills that we pay in full each month (it is hard to shove cash money through a computer to pay for things :)! The stress is going away so much. We have money stashed away for the first time in years. I just noted how much I was able to stash into our stock account and my Roth IRA in the past 12 months. Not much compared to some people, but for us very significant and it feels great!!!! And compared to a LOT more people probably more than they manage to save as they spend it all.

  7. david says:

    I don’t think that’s what’s being said at all. It’s merely saying that if you get out of debt, you will be less stressed and worried than you are now.

  8. Kayla says:

    This is always great motivation. It can sometimes be hard to deal with the fact that it will take me close to 10 years to be debt free with my student loans, but still thinking about these things is motivation enough. It can be helpful to think about the fact that as long as I do things like pay off my car loan first, that will free up my minimum expenses by over $400 each month in about a year and a half — thinking about it incrementally instead of ‘I can’t be out of debt for another 10 years’ and many of these motivational reasons to keep working on my debt still apply!

  9. Kayla says:

    Yes, you took this post to incredibly the wrong way! It’s meant to be motivational to keep us pulling out of debt. I live a fine life while in debt, but often think about how much more financial freedom I’ll have once I’m completely out of it. Just one less thing to stress about.

  10. gina says:

    I think it’s a lot like dieting. You have to make a lifestyle change and stay with it. If you try to do it short term, the weight (in this case, debt) will come back.

  11. Greg says:

    I agree. It’s difficult when you are actually experiencing it to have an objective view from the outside. Once you’re out of debt, you can see much more clearly how it affected you in a myriad of ways that you could never recognize while going through it.

  12. greenday says:

    Both really are life changes that need to be made, not short term solutions.

  13. Alexa says:

    This is a great tip! Nothing beats planned saving. Being responsible will free you of student loan payments faster than anything else. It’s very important to plan and it’s very important to save. Otherwise you’ll never stop paying off bills, whether they are loans, credit cards, or car payments!

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