A small purchase on the credit card won’t hurt, will it?
That’s how it all starts.
Debt can accumulate faster than you think, buying those so-called “small purchase”.
The next thing you will see yourself in thousand of £s of debt.
Taking debt means you are simply spending money that you don’t have and you are borrowing money from your future income with interest attached to it.
When you borrow money from your future income I think it’s dangerous game, don’t you think so?
I believe that in life, people make choices that affect their future whether in a positive way or negative way.
It’s up to you to make the choice of taking debt or no debt.
I am choosing no debt.
Staying out of debt can be rewarding in many ways.
Here Is Why I am Choosing To Stay Out Of Debt.
1. Less Stress In My Life
Struggling with debt often leads to many problems in life.
Depression, anxiety, stress are such of the biggest problems faced people in debt.
In worst cases some people even commit suicide.
The suicidal rates are alarming almost 50% of people struggling with debt consider killing themselves at some point in the struggle.
Debt can ruin relationships, families as it causes tension or arguments between you and your loved ones.
Living without debt means you go to bed each night without worrying about how are you going to pay your debt.
There is less stress in your life when you don’t have debt.
2. Saving More Money And Investing
Debt and saving money are classed as two different things and yet they work closely together.
In most cases, people who are in debt have far much less savings than people who don’t have debt.
Debt means you are taking money out of your wallet where as saving money means you are putting money back in your wallet.
Now, which one would you choose debt or saving?
If I am right my instincts told me you chose saving money am I right? It makes sense to save money than to take out debt.
Living my life without debt means I can save more money and invest more money.
I will be able to save money for my children’s education no debt for them and I will be able to fund my retirement.
3. Early Retirement
Living my life without debt means I have more money to invest in other asset.
Assets that will generate money on their own rather than taking debt that I will struggle to pay even after retirement.
I don’t want to struggle in my old age, I don’t want to live in a cold house with no food, simply because when I young I took out loads of debt and failed to save money for pension relying on the government to fund me (state pension).
I know by the time I am old that government state pension won’t be enough to cover my needs or maybe it would have gone to extinction who knows?
Accumulating debt will stop me from saving money, investing and retiring early.
3 Great Books For Getting Out Of Debt Faster.
Over to you …
Do you have debt?
What are your reasons for staying in debt or out of debt?
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