Last Updated on Apr 8, 2020 by James W
The Prevalence Of Debt
Being in debt is a common thing; according to CNBC.com, approximately 80% of Americans are in debt. Essentially, the majority of Americans are technically debt slaves. It’s uncommon to see people who have no debt whatsoever. And because they are debt free, they are able to do things that you aren’t able to due to debt.
One: Freedom Of Choice
Say you’re in a gas station and you see a candy bar you like. Unfortunately, if you’ve got debt, you’re hit with a double smattering of guilt should you buy it. There’s your knowledge that the candy is likely unhealthy for you coupled with the monetary monkey on your back. So you might not buy the candy bar—which is good in helping you get rid of debt, and good for your health.
But if you have no debt, you just buy the candy bar; no mental deliberation required. You can go out to eat, take weekend vacations out of town, start new hobbies and purchase things with disposable income that you wouldn’t be able to purchase otherwise, and all at your momentary discretion—provided you budget carefully, of course.
Two: Artistic Pursuits
You can’t write that novel in your spare time if your spare time is consumed in a job that supplements your primary income. At least, it will be much more difficult to do something like that. Recording music, painting pictures, designing garments, pursuing dance, learning an instrument—these are all things that will keep you in debt longer.
If you’re out of debt, you can pursue that which moves you at your discretion.
Three: Giving Back
It’s a lot harder to give back to your community if you’re manacled to a large debt. Some do, this is true; but many simply don’t have the time. Being in debt can separate people, making them less communal. Neighbors become strangers, and acquaintances are called friends. Being debt free gives people more time to establish and foster community.
Certainly, not all debt-free individuals use this ability for the betterment of their local society, but the option is hardly available to those who are barely making ends meet on a monthly basis.
Getting Out Of Debt
If you click here, you can learn more ways to gain control over your finances and your future.
Sometimes a personal loan can be used to get rid of debt. If you know how to turn $5k into $20k, taking out a $5k online loan is worth the hassle.
If you have property and are selling it, adding a 5.1 kWh solar energy system can done for around $5k, and will bring in between $15k and $20k in property value increase that will come when you sell.
You can double or quadruple your money—it just may take a little time. With the additional earnings, you can get rid of debt chunks that would take much longer to overcome otherwise.
An Additional Thought
Selling your mortgage is a wise way to dodge debt, as is selling a car you’re financing. Recurring payments on that which you don’t own must be cut out, if at all possible. With the earnings from either, you can downsize to a used car that will last you several years as you escape debt. You can also buy—for sometimes cheaper than a good car—a motorhome to live in.
If you can find a cheap plot of land, all you’re paying in utility and rent is property taxes. You can use solar power or a generator for your electricity needs. It’s not ideal living, but if you just do it for a handful of years, you could get out of debt and get into a house that’s much better when you owe nothing.