October 30, 2013
You win in two ways by paying down debt, financially and psychologically. Explain?
You win in two ways by paying down debt, financially and psychologically. Explain?
By paying down debt you are also saving money. This is because the amount you subtract from your debt is no longer there to add up as interest with the rest of the debt. So in that way you benefit financially. Psychologically, reducing your debt helps to reduce levels of stress because you don’t have a such an overwhelming amount of debt as time goes on. I have not experienced it yet, but I hear that becoming debt free is amongst the greatest feelings in life.
Well said, Alex. Debt brings stress and a feeling of losing control over one’s life. Savings and limited debt provides the opposite feeling. Freedom! Choose freedom.