A Straight Talk on Debt

A Straight Talk on Debt gives you the real deal on debt, straight from our employees and personal finance experts. Learn more about debt relief plans and how to be financially fit.

Why it’s Important to Pay Off Your Debt

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In my experience, when I was in debt, I was stuck in a vicious cycle. 

Every time I made a payment it seemed by the next billing cycle I was using the available balance to keep me afloat until my next paycheck.  This cycle caused a lot of stress. 

It got to the point where I had to do something, as I didn't have any more credit available to help me stay above water.

Since that time, I learned how important it was for me to pay off my debt. 

First of all, the interest rates my creditors were charging me were insane.  I had creditors that were planning on increasing my interest rates to almost 30%.  Imagine your debt is $30,000; at 30% interest, you would pay $9,000 a year in interest alone.  That is a good chunk of money you could put into a savings account instead.

Imagine being late on a payment or, even worse, missing a payment completely. 

This only increases the amount of debt before the missed or late payment.  Going over the limit is another way creditors get more money out of us.

More important than the amount of interest being paid is the stress of being in debt.  Imagine wondering where the money is going to come from to pay for groceries for the month, fuel to get to and from work, or even your utilities. What about the more expensive items, like when you get an unexpected flat tire? Or an appliance goes out.  Of course there are the holidays and vacations to think about, too.

I remember so many sleepless nights, crying myself to sleep trying to figure out how I was going to make it through each and every day. 

That kind of stress is not good for us. 

I know I was not as happy as I wanted to be.  In fact, I was pretty moody at times.  All I wanted to do was climb into bed, put my head under the covers, and ignore life.  This is not a healthy way of living.

Now that I have paid off my debt I have seen a big change not only in my savings account, but also in my attitude towards life. 

I find that I am more relaxed, happier, and less stressed.  This is what I want for everyone. 

Debt really does weigh us down.

Getting on a debt management program feels like a huge weight lifted off my shoulders, and being debt free makes you feel like you can fly!!

Can you think of other good reasons to pay off debt? 

 

Monica Davis, Debt management plan graduate, with leading provider of debt relief, CareOne Services, Inc.Monica Davis

Monica is no stranger to the CareOne Community. As a debt management plan customer (DMP), Monica engaged in our community forums regularly, helping others with questions about the plans. Now that Monica has completed her DMP in just three years, Monica continues to share what made her successful in the forums and now through our blogs. Monica is accustomed to providing support and works as a Communications Officer for an emergency dispatch center in Washington State.  Follow Monica as she shares her tips and insight in the A Straight Talk on Debt blog. Compensated CareOne Debt Relief Services Blogger.

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  • We (my wife & I) are at the same point.  We just couldn't seem to get ahead on our own.  That is when we decided to get some help.

  • Shaben01 ~ You made the right decision to get help.  I can't wait for you to be where I am today!  I don't want to ever go back to those feelings again.  Good luck to you and your wife.  Wishing you all the best on your journey out of debt!!  Keep us informed!!

  • It is common for people to find themselves faced with debt burden because the world’s economy is in recession and the cost of living is rising day by day. The problem is that it may be easy for people to rack up a little debt, but paying it back can prove to be downright difficult.

  • As long as you have outstanding debt, you don't make the decisions about your money, your lenders do. They decide how much you pay them and when you pay them. Paying off your debt and becoming debt free puts you in complete control of your money.

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