Becoming debt-free is a struggle. It takes a lot of hard work and personal sacrifice. So why do it? Why go through the difficulty to get out of debt?
There are 4 reasons I believe everyone should get out of debt. And STAY OUT OF IT!
REASON 1: RESPONSIBILITY
Most of us are now adults and are responsible for our lives and how we live them. We can no longer blame other people for most of the things that go wrong in our lives. And we cannot blame other people for why we are still in debt. I knew what I was getting myself into by going to an expensive 4 year university. I got myself into 100k of debt. Therefore, it is my responsibility to pay back the money that I borrowed to attend school. This goes for anything. If you borrow money to buy a car, a nice new purse, or pay for something you could not afford at the time, you have a duty to pay it back. The reason a lot of people choose to stay in debt is because of faulty thinking. We believe in instant gratification. We want everything now, even if we cannot afford it. We charge credit cards for things that we WANT but do not really NEED. So in order to get out of debt, we need to realize that we are responsible for our debt. But being responsible isn’t all that fun. So let’s go to reason 2.
REASON 2: FREEDOM
Debt makes you a slave. When I have loans, I am in bondage to the bank, the credit card companies, the loan company. Whoever I owe money, I become their slave. Most of my monthly income belongs to them. If I don’t pay them, they can come take my money or anything else they deem as valuable that I own. That brings so much stress! However, getting out of debt makes us free! We no longer get those bills in the mail. We no longer have to worry every month about how we are going to make ends meet. We do not have to worry about our car getting repossessed. Having no debt means, that all the money you take home from each paycheck is yours to do with whatever you want. Oh what an amazing day it will be when B and I are free to do whatever we want with our money! We will be free to save for a house! We will be free to save for a car! Our money will no longer belong to Wells Fargo, Sallie Mae or U.S. Bank. Our money will be ours. We will be free to give it away if we want! Which brings me to reason number 3.
REASON 3: TO BECOME GENEROUS
When you have no more debt, and have made a budget, you are now free to be generous with your money! When we have student loans, we are not free to be as generous as we would like. We have to think about where every penny goes. I can’t just go give someone $100 to help out, because I need that money to pay loans. I cannot give generously to my church like I want because we don’t have the extra money. Just imagine with me if you had no more debt…. You might be able to be generous with the gifts you give people at Christmas. You might be able to finally help a family member who is struggling to put food on the table. If you have no more debt, it frees up all of that money every month to go to your family or someone else in need. Imagine if every American no longer had credit card bills, car loans, student loans or any other kind of debt. Imagine the people who have legitimate needs that we would be able to help! Imagine reason 4….
REASON 4: LIVE LIKE NO ONE ELSE
When we get out of debt, we can truly live like no one else! Like Dave Ramsey says, ” Live [today] like no one else, so later you can live like no one else!” When you are responsible and get out of debt, you become free. You get to live like no one else. You get to save for your retirement, buy a car that you want, buy a house, or be generous. You can stop saying no and start saying yes! My grandparents are good examples of generous people. They are retired and bought their house with cash. They are responsible and generous with their money. They just bought a new car and want to give their other car away for a cheap price to someone in need. Also, they are always looking for people to take out to lunch. ;] They are generous because they can be! They have been responsible with their money, so they can live like no one else!
Just imagine being free from debt. Being free to do what you want with your money and be generous. I honestly cannot wait for the opportunities that will come, to bless other people, when we are out of bondage!
Do you have any other reasons to get out of debt?! Comment below!