4 Reasons why you need to be out of debt
1. You’re more prepared in case of an emergency. If you’re already saddled with debt, then an emergency may end up pushing you into declaring bankruptcy. Meanwhile, if you have no debt, then taking out a loan in order to deal with a sudden tragedy won’t end up destroying your life.
2. Being out of debt also cuts down the amount of anxiety you’ll feel about your finances. You know how being in debt makes you feel “on edge” about everything from affording food to affording your car payment? When you’ve paid down debt, you no longer will need to stay up at night figuring out how to make ends meet. It makes sleeping at night easy, and it also means that you have one less thing to worry about every single day.
3. The less debt you owe, the more opportunities you have. You would be surprised at how much money can have an impact on where you go, what job you choose to take, or even what you do in order to save up for retirement. Freeing up the money that would normally be used for paying down debt can seriously impact your quality of life in a great way. Who wouldn’t want to feel richer and enjoy a nicer lifestyle?
4. Being out of debt is a good way to ensure that you’ll keep a roof over your head and a car in your driveway. The biggest concern that you should have about debt getting out of control is that it can lead to you losing the items that you need in order to have a good life later on. In cases where the debt that you incurred is secured, the items that you secured the debt with may end up in repossession if you default. In cases where the debt’s unsecured, you may end up having to declare bankruptcy, which in turn can lead to you being forced to sell your home or your car. Can you really deal with that kind of outcome?
Lastly, you should get out of debt because being in debt is not a good way to live life. There’s so much out there that you can do when you have less worries and more money in your pocket. It is possible to turn life around. All you have to do is pay down debt.
This article should not be considered legal advice, but as a general guide only. If you are facing legal recovery action, please consult a legal attorney to assist you. For further information on how to have your debts cut by half or more through a specialist negotiator, reach out to us on [email protected] or contact us on 1300 490 030.