- Personal Finance
Why paying off debt is the best thing you can do this year
Being in debt is a ball and chain to life.
Owing somebody else money means that you are not fully in control of how you live the life that you want to.
The reason you are in debt is and isn't relevant to tackling the debt.
It is relevant because there can be an underlying issue that, unless sorted, will mean that you are trapped in debt for a long time. However, you are where you are, so deal with it.
Extremely hard work and sacrifice is needed to get out of severe debt, and unless you are fully committed then you won't gain the benefits of being debt free quick enough.
The main benefit to being debt free is the freedom that you will gain from not having to worry about paying back someone. You can travel and pursue hobbies that you may not have been able to do so whilst in debt.
So, the best thing you can do is to pay off your debt and gain the freedom from the prisoning effects of debt. You will then have more money to pursue your interests or to put towards other income generating revenues.