Why get out of debt? Well, there are a bunch of reasons someone might want to get out of debt, but the one that really matters is the one that’s most important to you.
So what’s your reason? Please chime in in the comments and let us know.
Here’s mine, in a nutshell:
We’re now completely debt free, since we recently paid off the mortgage. That means we don’t need to worry about things like house payments, car payments, student loans, home improvement loans, or credit card balances — all of which we once had.
It means we don’t have to stress about how we’ll pay the bills if one of us loses our job, since we could live on one income if we wanted. In fact, if we cut back on some of the extras we regularly enjoy, we might be able to live on just the income from my side business if we really had to. Not because I have this enormous income from my side business, but because we have barely any bills that are truly required.
Work is a lot more enjoyable when you know you can leave at any time, and life in general is a lot more enjoyable when you can buy and do the things you want without stress.
We’re free to make decisions based on what we want to do, not on what we have to do.
So what’s your reason?