A Straight Talk on Debt

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The Best 3 Reasons to Pay Down Debt

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It's no secret that paying down debt can be a daunting task.

After all, it sometimes seems as though you will never be able to break the cycle.

In order to stay motivated, it makes sense to think of reasons to continue on your path. Being able to look forward to something can help you stay focused throughout your efforts.

Here are 3 of the best reasons to stick with your debt reduction plan:

1. Financial Freedom

Financial freedom is one of the main reasons that people pay down their debt. After all, when you have debt hanging over you, it's impossible to use all of your financial resources to your best advantage. The obligation of paying interest and repaying what you have borrowed takes your resources from your control.

Once you have paid down your debt, you have more options in the long run. A good debt reduction plan can help you reach financial freedom sooner. Focus on the benefits of the end game. What will you do with the extra money, once you no longer have to pay interest into someone else's pocket each month? Being able to look at the benefits of financial freedom, and look forward to that moment, can keep you motivated as you pay down your debt.

2. Less Stress in Your Life

Debt adds stress to your life. Numerous studies indicate that debt contributes to feelings of stress and anxiety. It's hard to focus on the good things in life when you are weighed down by bills, interest payments, and concerns that come with living paycheck to paycheck.

No, it's not always fun to create a debt reduction plan and budget in a way that allows you to get out of debt faster. However, it can keep you on track. In fact, just having a plan and following it can relieve stress to some degree. Once you get your consumer debt paid off, though, the stress level drops immensely. You might be amazed at how the burden lifts from your shoulders once the stress of debt is gone.

Focus on the fact that you will have less stress once you complete your debt pay down plan, and it will be a little bit easier to keep moving forward.

3. Improve Your Relationships

You've probably heard that trouble with money is one of the leading causes of divorce. Fights about money are common when finances are tight and debt is high. Being able to get rid of that debt can mean better relationships.

Even in non-marriage relationships, you can see improvement when you pay off your debt. Think about it: You are likely short-tempered with your children when you are worried about debt. You might also have strained relationships with friends and relatives because of your preoccupation with your debt, and your ability to afford things.

Paying off your debt can reduce these pressures on you and make your interactions with the people you love smoother.

While you always want to be working on improving your relationships, looking forward to the way paying off debt can help is likely to help you boost your efforts to get to that point quicker.

What other benefits can you see from paying off your debt?

 

personal finance expert miranda marquit, guest blogger for leading provider of debt relief, careone services, inc. Miranda Marquit

Miranda is a freelance writer and professional blogger, specializing in topics related to personal finance and business. Her work has appeared in, and been linked to from, a variety of publications, online and offline. Miranda blogs for a number of web sites, and has her own personal finance blog, Planting Money Seeds

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  • I agree completely, and it helps you have more joy in your heart, and to give that joy to others, and I know with me my children are in their 20's so I try to tell and show them what not to do,  thank you for the blog and happy new year  :)   GODBLESS all

  • I just enrolled, I have not made my first payment.Iam excited about being debt free.......

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