Debt has become such a norm in today’s society that frankly, many people just don’t see the point in trying to become debt free. Debt today is normal. Most people have it, and most people survive “just fine” by making the monthly payments and maintaining the status quo.
I get this mindset. We lived it for over 15 years. I’d never known anyone who lived debt free. Instead, it was touted to us by many as “smart” to use debt to “advance” our way of living. We fell for this belief hook, line and sinker and used debt whenever we thought it was time to “move up” in the world.
On the outside, we appeared successful thanks to this “strategy”. We had a beautiful home, always drove newer cars, and “looked the part” when it came to our appearances and the activities we took part in.
To read the rest of this awesome post, click here.
One reason to pay down debt now is simple: you are required to! I know credit card debt is a bit different, but with student loans you can only spread it out across ~10 years. But yes, aggressively paying off debt is a good thing.
LOL, if only more people “got” that, DC. It’s so difficult in today’s society!!!
I guess if you group a mortgage in as general debt, I don’t know anyone completely out of debt. Well, who’s under 60 anyway. But hopefully we’ll get there closer to age 45. Hopefully.
And yeah, the best thing about debt — besides the lack of stress — is that you have so much money freed up to put toward positive goals, rather than just undoing past choices.
Exactly, Abigail!!! The “undoing past choices” thing is NOT fun.
I pay my debt asap to avoid stress, which I find it hard to deal with. So, the best solution is to pay the debt quickly so that I can focus on other things such as work more.