Maybe you need motivation to get going on paying off your debt or you’re nearing the finish line and wondering what life will be like once you get out from under massive debts or become totally debt free.
Either way, the great things you can expect when you pay off debt are reason enough to look forward to making payment after payment until it’s all gone.
Studies show that mental health and finances are closely connected. Those with more debt are generally more anxious, stressed and unhealthy.
If you are drowning in debt and there is no way out, bankruptcy may be a legitimate option, but the lawyers from Scura recommend trying to first pay off your debt first instead. It clearly pays to be in control of your finances and of your financial future.
Check out these 7 great things you can expect when you pay off your debt.
1. You just have more money.
When you don’t have to make tons of payments to credit cards, car loans, house payments, and student loans every month, you’ll be amazed at how much more money you have to work with. Paying off debt is worth it for the simple fact that you won’t be giving away so much of your hard-earned money.
2. Enjoy less finance related anxiety, sleep peacefully.
Financial struggles can be so stressful. If you’ve paid off debt, you don’t have to worry about creditors knocking down your door or garnishing your wages. Your money is yours to take care of, not give to someone else.
3. Enjoy a better credit score.
Your payment history is what impacts your credit score, so once you’ve paid off considerable amounts of debt, you can enjoy a great credit score. Granted, your credit score essentially helps you be able to take out more loans (which generally should be avoided) but it can be helpful when you go to buy your first home or other major purchases.
4. Set new financial goals that will allow you to do what you want with your money.
Decide what you want to do with your money, and then do it, because you can. Invest, save, purchase, give… it’s your decision when you don’t owe anyone money.
5. Have a better, healthier relationship with debt (learn to avoid it at all costs).
Once you’ve paid off your debt, you’ll inevitably want to avoid going back into it, hopefully. Paying off debt will help you be more intentional with your financial decisions to avoid jumping back into big loans you can’t or don’t want to pay off.
6. Work how and when you want.
When you don’t owe anyone money, you have so many more options in terms of how and where you work. You won’t be hard-pressed to work 50-hour weeks or get as much overtime as possible because you won’t have the stress of bills stacking up pushing you to work more.
7. Explore options in life and work.
Not having debt just gives you more options. You have the freedom to decide where and how to spend or invest your money without having to immediately give most of it to someone else.
There are so many reasons to pay off debt as fast as you can. What are you waiting for? Enjoy less stress and more financial control when you make the effort to pay off your debt and become a much more happier person when you actually do.
Written by John J Scura III, Esq. Partner, Scura, Wigfield, Heyer, Stevens & Cammarota, LLP
John has been Certified by The Supreme Court of New Jersey as a Civil Trial Attorney. Whether it is a personal injury case, bankruptcy case, litigation case or other type of matter, John wants his clients to participate in the decision making process toward solving their problem in the best way possible.