This article appeared first on the "Sense & Centsibility" Personal Finance Blog from our friends at LSS Financial Counseling. Superior Choice Credit Union is proud to partner with LSS Financial Counseling to provide free debt counseling to SCCU members. For more information, call 1-800-528-2926.
If you have credit cards with balances, have you ever really stopped and thought about what life would be like without those monthly payments? Whether you’ve been paying for a while or just starting out, here are three benefits of paying off debt that will help keep you motivated.
Less Stress and More Happiness
Life without debt. Imagine the relief you’ll feel when you don’t have the weight of making those payments on your shoulders. Not to mention the extra money you’re paying in interest that you could be putting to better use. When you pay off all your debt or even one credit card, you will be happier because of less debt-related stress. Think about how much you dwell on not having enough money while you have debt. That will be all gone once those debts are paid off!
Picture yourself in a place where you haven’t been able to go because of your debt. Have you been waiting to take that trip to the Bahamas because you can’t afford it? Well guess what? Now’s your chance to take the money you’ve been paying toward debt and save up for that big trip. And the best part, besides the amazing weather and fabulous beaches, will be knowing that you’re taking that trip without creating more debt for yourself.
That’s a big freedom visual, but there are many little ones that add up. You can save for emergencies AND go to that concert with your friends or even just out to dinner. Think about how many times you’ve been asked to do something and you’ve had to say ‘no’ because you’re broke. Life after debt is the ability to do more.
Ability to Build Savings and Wealth
You’ll be able to focus more on savings and retirement. It’s crucial to avoid getting back into debt to first build emergency savings. And with a healthy emergency fund comes security; you’ll no longer have to rely on credit when your car breaks down or your dog breaks her leg.
On top of that, you can start increasing how much you’re putting away for retirement. The more you set aside now, the better quality of life you’ll have in your golden years. Not to mention, saving more now should help avoid working longer than you want to or are able to.
Let’s face it…paying off debt is not enjoyable; it takes discipline and usually you have to make some sacrifices. But it’s only temporary and once you’re done, you can TRULY enjoy life again.
If you are looking for a way to pay down your debt faster and save money, nonprofit credit counseling may be your answer. Call us today at 888.577.2227 to see if a Debt Management Plan is right for you or click to GET STARTED ONLINE. Start conquering your debt today!
Author Elaina Johannessen is a Program Director with LSS Financial Counseling.
The post 3 Major Benefits of Paying Off Debt to Keep You Motivated appeared first on Personal Finance Blog | LSS.