1. No more fear when the phone rings
There are few things that cause a cold sweat faster than a creditor calling to collect. By becoming debt free, and living debt free the stress when the phone rings is eliminated. Seeing a qualified debt counsellor or consolidating your debts means that those phone calls will stop.
2. A positive outlook on life
Few things are as depressing as seeing yourself spiral out of debt control. Being debt free will help you achieve a more positive outlook on life, eliminating depression caused by debt. Going under debt review may not be a preferable choice, but always consider the future and the benefits that can be derived from it.
3. More money to invest and save
Being debt free means that your money can begin to work for you, instead of going nowhere at the end of the month. You can now begin investing extra income, or set up a savings account to anticipate future purchases.
4. A secure future
Debt can seriously jeopardize your long term future. Without money to set aside for retirement or the fear of losing your assets such as a car and home, the future may seem bleak and unpredictable. Debt free living means that money can be funnelled toward a retirement fund, mortgage and a healthy and secure future.
5. A higher standard of living
Lastly a life without piling debts is a better life. More money means a higher living standard and the freedom to spend cash on little luxuries like dinners and new clothes. It also creates a standard whereby you feel proud of what you own, as it yours completely and does not come with a heft bill for the next year.
Article written by: Andrea van Tonder 02-2013