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Live Free By Living Free Of Debt

Jan 12, 2008
If you have a lot of debt, you're probably not sleeping as soundly as you should. There's something about having lots of debt that keeps you up at night wondering how you're going to be able to repay all the money you owe. Wouldn't it be nice to be free of debt?

Debt-free living isn't something that the banks and finance companies spend a lot of time discussing. It's easy to understand why: loans and credit cards is what makes them money. If everyone paid off their credit cards on time and had no outstanding loans (except perhaps for a house mortgage) then their business would be crippled.

Luckily for them, debt is no longer a taboo subject in today's society. No one thinks twice about getting a loan these days, or running a credit card balance. In the old days, debt was always backed with some kind of asset -- a house or a car, for example. You could always sell the asset to pay back the debt (or a large part of it). These days, however, debt is used to buy intangible things like vacations, which is a dangerous situation, because you're on the hook for the whole debt.

Banks make it easy to acquire debt, of course. They send out low-rate credit card offers all the time. They offer to extend you a line of credit for the equity you've built up in your home, nevermind that you haven't even paid off the mortgage yet. Finance companies do it, too, offering no-interest or reduced-interest payment plans for buying cars, furniture, vacations, etc.

Don't follow the crowd and wallow in debt, however. It's hard to live free of debt, but it brings many advantages. The biggest advantage is that it brings peace of mind. When you live within your means and avoid large debt repayments, you'll live a better life. You'll be happier, your family will be happier, your friends will be happier. You'll sleep better. You'll feel better!

Debt-free living isn't easy to achieve, but it can be done. Start by avoiding more debt: pay cash for things and don't buy anything you can't afford. Then work to eliminate existing debt using the "debt snowball" method: free up some cash and aggressively pay down each debt, one at a time.

Once you're free of debt, do your best to stay out of debt entirely for the rest of your life, except maybe for your house -- it's almost impossible to buy a house today without some kind of mortgage. But that doesn't mean you need to have a 40-year mortgage: with work and sacrifice you can probably pay it off in 10 years or so.

It'll take some effort to eliminate your debt, but the way you'll feel once it's gone will make it all worthwhile. Debt-free liiving used to be the norm, but it's a lost art these days. Do your best to recover it!
About the Author
Learn to live debt-free using proven debt elimination tips and techniques. See http://www.nodebtisgood.com for great advice.
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