3 Worthwhile Benefits to Paying Off Debt

debt sucks gasThis past week I wrote out the final check that would pay off our vehicle in full. I breathed a sigh of relief and felt as though another weight had been lifted.

I tried to savor the moment. And although the amount was sizable, it was actually fun writing that check that would buy our family even more freedom.

Now, I've been debt-free before. In 2008, I paid the last of my school loan and entered into a moment of debt-freedom that I hadn't experienced since high school – some 16 years earlier. Although, I eventually caved into purchasing a home with a mortgage, the feeling of being free of debt for a season was a liberating one. 

I want that feeling back.

Shortly after I was married in 2009, my wife and I took on some “marriage” debt which I have alluded to in previous posts. Three of those debts were another home, a family and car loan.

Several years later, I am pleased to report we are rid of two of those debts (the family loan and car loan)! That's about $25,000 in 4 yearsPraise the Lord!

I have to say, it wasn't all that easy and we experienced some definite struggles during that time.

I want to to encourage you that paying off debt can be fun and very beneficial (not to mention liberating, satisfying, joyful, stress-reducing, freeing, and on and on). The way I see it – here's a few reasons that's so:

  1. Accomplishing Goals. There's nothing like setting a long-term goal and then finally making it happen through a period of dedication and stick-to-it-ness. For my wife and I, paying off debt helped us focus on a goal we could accomplish together.
  2. More Money in the Pockets. Here at this site, we are all about trying to help others keep a few more bucks in your pockets. When you pay off your debts – you effectively put more of that moola in your pockets. And, that's fun – for everyone!
  3. More Freedom. In the US, we often equate no debts and financial independence to “freedom”. There are also other great benefits to paying off debt, including (most importantly) having the ability to help others out and to give more generously. While I love the idea of being debt-free – I really love the idea that it will help us to be truly lavish givers.

How about you? Are you still working on those debts and have you made any headway lately? Or, if you are debt-free, how has it helped benefit you and your family?

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  1. I’m really working to have a debt free life, hopefully by next year! I can’t wait to have more money in my pockets for my savings and not for paying the debts.

    • Best to you Marie!

  2. Paying off debt is one of those goals that’s so tangible, rooted in measurable reality, which is one of the reasons I think it’s so satisfying once you accomplish it.

    • Well said Stefanie.

  3. I totally agree, it can be fun. My wife and I had a blast getting our debt to zero. I started to realize that when I talked to older married couples, many of there greatest memories were the cheap dates and McDonald’s and dollar movie theaters. It’s the same for getting out of debt. It is a fun journey and I wouldn’t take it back for anything. You can be so much more creative when money is an issue. Now, we are debt free, but we still live like we did, so we can invest like crazy. Living frugally can be fun!

    • I second that Kalen! Kudos on being debt-free

  4. When I finally accepted my debt problems the scariest thing was just how much of my monthly income was going on servicing my debts. In essence I’d become trapped in a job I didn’t enjoy, but couldn’t afford to leave, because equivalent positions elsewhere paid quite a bit less – and I needed all that cash for debt repayments.

    Over time, watching those debts getting paid off one after another was a powerful feeling. I was watching so much money freeing up each month that suddenly I *didn’t* have to stick with that job I hated. I could now *afford* to take a temporary pay cut, take on a job I loved *and* keep up with all my financial responsibilities.

    • So glad you were able to become aware of your debt problems Richard and congrats on the job / taking the reigns of your financial life!

  5. I can’t wait to be debt free! I still have a few years to go, but I’m already seeing the balance and interest lower. Once I can put my over 1k payments to retirement and savings instead of debt, I’ll be golden.

    • It’s very rewarding isn’t it Melanie!

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