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5 Reasons Why You Should Get Out of Debt ASAP!


5 Reasons Why You Should Get Out of Debt ASAP! 

Unless you were born financially well-off to fulfill all your needs and wants, there will come a time in your life when you need to borrow money and have debts. Some people would do this only when it is really necessary. While there are also some who are making this a habit and causing more issues in the end. 

More than the amount of money that you need to earn so you'll be able to pay back, having debt has far more emotional, mental, and psychological effects and that is why you need to get out of it the soonest possible! I, personally, is one of those who are having a hard time knowing that I owe someone and thus, I make it a point to settle it as soon as I can. With this, let me share with you 5 REASONS WHY YOU SHOULD GET OUT OF DEBT ASAP!

Having Debt is Stressful!

Although borrowing money gives you relief in buying something you need, it also creates anxiety knowing that you have an obligation to pay. Stress on its own is bad. It can affect all aspects of your life more than you know. Imagine feeling depressed thinking about where to get the money you owe. Or having health issues which in turn would cause another reason for you to spend when you end up getting hospitalized. Given that there are already stressors that we cannot control, having debt is something we can decide upon, act upon, and eliminate before it gets unmanageable.

Debt Affects your Financial Security

If you get a loan in a bank to finance your car or house, you need to consider the interest. You might be surprised to see how much interest goes to the bank especially if you're paying a long term loan. You could have used that money to secure possible financial needs in the future. Your monthly budget is also affected because a chunk goes to paying off the debt instead of using it to other more valuable things. 

Have the Freedom to Spend

There is nothing more fulfilling than spending the money that you worked hard for. Nothing to hold you back or to worry about because you are confident that what you're using is based on what you have (considering, of course, that all other day-to-day expenses were already addressed). As what Suze Orman (author of Women & Money) said, "Debt is bondage. You will never, ever, ever have financial freedom if you have debt". So break from that bondage and get the most of your income. 

Contributes to your Credibility

Being in the cycle of having debts can negatively affect not only your financial credibility, but also your overall credibility as a person. It can indirectly reflect your personality -- Why are you always having debts? What do you do about it? It may also have negative impact, say, when you apply for work or look for a place to rent as they check your financial background.

Own What is Yours!

You cannot truly own something that you haven't paid fully. So even if you're already living in the house or using the car, there's still no assurance that it will be yours -- under your name -- until you have completed paying your dues. And given the future is unpredictable, you'd never know when your resources would get depleted and the possessions that you thought are already yours would be taken away.

So if you are still not debt-free, you better start analyzing your spending and get one step closer to your goal. Assess your needs vs wants. The five (5) rewarding reasons I mentioned above should put you in the mood and get motivated to do the next step: How to get out of debt. You can find great tips and techniques, as well as key insights when you visit Don't wait and start your journey to financial freedom now!