Five Things You’ll No Longer Need to Worry about when you Pay off your Debt
When you are in debt, there are many things to worry about, and almost all the worries you have produce stress. Once you become debt free, you may still worry about money from time to time, but all your debt related stress will be greatly minimized.
No worries about losing your car or home
Although it takes some time to have your home go through foreclosure, it can be stressful, and the worry that it could happen because of the amount of debt you have can be felt on a daily basis. If there is no house to worry about, there is always the threat of missing rent payments and being evicted or the worry related to a car being repossessed because of late payment. This can happen overnight, and you have no way to get to work, which only adds to your stress and money troubles.
No worries about having your wages or salary garnished
This is a worry many people have when they are in debt, and it is a real worry to have. If you miss a few payments and your account is turned over to a collection agency, they may bring a legal action against you to have money taken out of your paycheck for payment. You worry about not having the money to pay a bill, but you can’t afford to have your wages garnished either. If you are facing a similar situation, you need professional help. A professional at a firm such as Lexington Law can help you arrange payments, settle your debt and get your finances in order.
No stress when the phone rings
If you have ever been in debt, then you know how stressful the phone is when it rings. It may be a creditor or perhaps a collection agency. Either way, it is not a person you want to talk to, and you probably don’t have any answers on when you can pay your bill. Once you are debt free, a ringing phone will no longer be stressful and you won’t have to worry about screening all your phone calls for collection calls. When collectors start calling, they may also call family members or friends to try to get a hold of you. This can be a very embarrassing and stressful time.
No worries about having enough money for necessities
When so much of your monthly income is going to servicing debt, it can interfere with having enough money for the necessities of life. Once your debts are paid off and you continue to maintain your same standard of living, you will always have enough money for food, shelter and clothes. In fact, you will have extra money and can seek help with your credit score. Once you get your credit score up and have a savings built up, you will be able to make purchases that are investments, like a new family home.
You no longer need to worry about the future
When you are deeply in debt, it is difficult to see how things will ever change. For some people, this worry can become so great that it leads to depression. Some get so discouraged that they give up and just dig themselves deeper into debt, never seeing a way out. But will a little help and good planning, you can minimize your debt and once you become debt free, it is a dawn of a whole new day, and the future suddenly looks bright.
You can become debt free through several paths, but it begins with the real desire to make changes towards financial freedom. Once you have the real desire, you will be able to discipline yourself to budget your money and say no to impulse purchases. It will take time, but you will be able to get your debt under control and start building your savings for a brighter future.
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Category: Debt
