Getting out of debt isn't easy, but will bring you many forms of relief.
Paying down your debt might seem like an impossible thing sometimes. When you’re up to your eyeballs in debt clearing it away can feel like a distant dream. Some people even give up paying entirely and that leads to debt collectors coming around to take your belongings. Back in 2013, agencies managed to recover $55.2 billion and return it to creditors.
But stay confident and stay ready to pay your debts because there are a lot of joys to being able to say you’re finally debt free.
1. Joy of No More Collection Fear
The debt collection mistake people always make is they assume it won’t happen to them. Any creditor has the right to call in a collection agency if they feel that it’s the only way to get their money back. This is a fearful time for anyone because someone is going to come into your house and literally take everything you’ve worked for.
After you get rid of your debt, this is a thing of the past. You’ll never have to worry about that knock on the door again.
2. Joy of No More Guilt
Debt is never a good thing to have on your record. There’s a reason why so many people in debt also happen to have to deal with anxiety and depression. They feel guilty for everything that’s happened and they feel like failures because they couldn’t manage their money.
These feelings of guilt can cause real problems within the family unit. You’ll never have to feel guilty again after this.
3. Joy of More Disposable Income
Anyone who has been snowed under by a large amount of payments due is well aware that they have little to no access to disposable income. Getting to the cashier’s desk and seeing merchants reject your credit card is soul crushing and embarrassing.
Households that get out of debt will be able to enjoy a whole lot more disposable income. This can allow you to begin building the life you want.
4. Joy of Rebuilding Your Credit Score
The biggest problem with missing your repayments is you’re going to have to take a hit on your credit score. Once you get out of debt you can start getting your score back up again. Even those who have gone as far as to declare bankruptcy have been able to build up their credit scores all over again.
Declaring yourself debt free will put you back in position for getting that score up. You’ll be able to claim credit again. And you’ll be able to take out big loans, such as mortgages. A low credit score can be a barrier to everything you want to do in life.
5. Joy of Planning for the Future
Planning for the future is something not a lot of Americans do. The latest studies revealed that a huge proportion of Americans don’t even have a savings account. Part of the reason is the enormous amount of personal household debt in the country today. Every year they don’t save for retirement or their children’s education is a year where compounding doesn’t take hold on a large savings pot.
Getting debt free as soon as you can will allow you to plan for the future again. You’ll be able to think about what’s coming in a couple of decades from now. Planning for the future provides hope for a family that was previously stuck in the mud with seemingly no way out.
6. Joy of Things Not Getting Worse
One of the main drawbacks of owing money to someone is it doesn’t tend to stop there. Few people who got into serious monetary problems didn’t get there because they took out one lump sum. It happened over a long period of time, where they borrowed and borrowed in an attempt to pay down other loans they’d taken out.
Owing money is a slippery slope that so many people fall for. It’s a dangerous game to get into, but once you manage to get out of debt things are only going to get better because you know you’ve finally managed to get off of that slippery slope.
Last Word – Act Now
The best thing you can do is to get debt free now. Don’t delay by thinking about what you could do. Consolidate what you owe and start paying it back as fast as you can. The quicker you do this the quicker you can start a better tomorrow.
What do you think is the main joy of making sure you’re no longer in debt?