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. Imagine how it would feel to be 100% free from all debt.
Financial Security is when you feel stable and safe in terms of your money. One major drawback of debt is that you are always thinking about where to get your next dollar from and who to pay it to first.
Your credit score is a “grade” assigned to you based on how fast and reliably you have paid off loans in the past. If you have a high credit score, you will be more likely to get loans at great rates.
Did you hear about a great stock to invest in? You can do it! Need to repair your car? You no longer have to juggle your debts to find money to take care of things.
When you are debt-free, you have finanical agility
Do you want to travel more? Learn a new skill? Pick up an old hobby? When you have all debt payments gone, you will have increased opportunities to pursue your hobbies.