10 Reasons Why Being Debt Free is Important

Being debt-free is important for those who want to decide how their money is spend instead of giving the added income in the form of interest to banks and loan companies.

Good Debt vs Bad Debt

Financial Security is when you feel stable and safe in terms of your money.

Good Debt vs Bad Debt

Being debt-free gives you financial security

Your credit score is a “grade” assigned to you based on how fast and reliably you have paid off loans in the past.

No debt means improved credit scores

Time is one of the best tools we have for acquiring wealth. The quicker you are done with debt payments, the faster you will be able to save money.

Not owing money gives you an increased ability to save and build wealth

Studies have shown that people who are in debt tend to be more stressed and are generally more prone to mental health issues.

You will have less stress when you are debt-free:

Agility is the ability to move quickly and easily. When you have no debt, you gain financial agility…the ability to make sound financial decisions without hesitation.

When you are debt-free, you have financial agility

Kids will obviously benefit from parents who are less stressed about money,

Being debt-free sets a good example for your children

No debt allows you to pursue your hobbies

Do you want to travel more? Learn a new skill? Pick up an old hobby?


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