Being debt-free is the biggest dream and goal of so many Canadians. With the hike in inflation which has led to a high cost of living, more people are in debt than ever before. Credit card debt alone is weighing so many Canadians down, not to add mortgage debts, student loans, payday loans, and the likes of them. One thing about debt is that, it can be stubborn, it doesn’t want to go away easily unless you’re determined, get help, and prioritise budgeting. There are a lot of good feelings and benefits associated with being debt-free, and that’s why everyone should enjoy such peace of mind. Not only is being debt-free possible, but anyone can also become debt-free, irrespective of how deep in debt they are. Let’s look at 5 things you’ll enjoy when you finally become debt-free and how we can help you achieve this feat without struggles.

1. Savings and Financial Security 

When you become debt-free, you will no longer be paying your lenders, and such money can then go into your savings. Let’s look at a case study. Jude was paying down his credit card debt and student loans that had mounted over the years and about $1000 was going towards debt repayment monthly. Now that he’s done paying off his debt, he would have that $1000 to save. If he’s consistent with his savings, over the years, he can begin to build wealth and then become financially secure.

The end goal of everyone is to be financially independent. Not having to depend on credit cards and payday loans, and not being shaken by any emergency is a good thing you can also enjoy. But this is almost impossible unless you’re debt-free.

2. Disposable Income 

Have you ever seen people go on vacations and trips and you wish you could also have one of those too? But you’re paying down debt, so you feel there’s no way in life you could afford such luxury. However, when you become debt-free, you will be able to enjoy life better. All the good things you denied yourself can now be prioritised. Even though you can’t start spending lavishly so you don’t go back to square one. Even if you can’t afford some things right away, you can save towards them.

It’s not every time you should be too serious and work so hard, sometimes, you should relax and spend money on yourself. It will make you happy and fulfilled, and will also motivate you to work harder so you can have more enjoyable moments alone and with your loved ones.

3. Mental Health 

If money is the only thing debt costs you, maybe it would have been better. But overwhelming debt won’t only cost you money with interest, it may also cost you your mental health. You could be worried, have sleepless nights, have headaches, and sometimes have high BP. It doesn’t stop there, it could affect your productivity at work and could strain your relationship with your loved ones.

Being in a good frame of mind at all times has lots of benefits. There’s a saying that “a cheerful heart is good medicine.” When you’re happy, it reflects outside and everyone will see it. But when you’re disturbed about money issues, especially debt, it can dull every moment. It’s important to strive towards becoming debt-free to be free from anxiety and stress.

4. Better Credit Score 

Apart from the stress you will go through, your credit score is affected when you’re in debt. You may have maxed out your credit cards, you have missed payment, or your debt has gone into collection. All of these put together can turn a good credit score into a bad credit score. The implication of this is that you won’t be able to access credit, or you will get credit with a very high interest rate. It can affect job opportunities or you may find it hard renting a space. However, when you’re debt-free, your credit score will improve, you will get favorable terms, and your dreams can be fulfilled.

5. Giving 

You don’t owe anyone, and everyone should work for their money. While this is a fact, another fact is people need help every once in a while. Some people can’t work, there are orphans, people are living with disabilities. The only thing they depend on is welfare from well-meaning people. When you are debt-free, you will be able to support people that need help. It could be through charity, your family, or friends who also need help. When you give back to the community, it makes you a patriotic citizen and nature will reward you likewise.

How to Reduce Your Debt by 80% and Become Debt-free 

If you want to enjoy all the benefits mentioned above, it’s a good thing to wish for. This wish of yours can come to pass irrespective of how much debt you may have accrued. You can speak with one of our debt experts at EmpireOne Credit to see how you can become debt-free without stress. Your debt can be reduced by up to 80%, and interest will stop immediately. Call us at (416) 900-2324 to schedule a free consultation with us. Being debt-free feels good!