The Benefits of Being Debt Free


by Tashia J. Hansen

While it might sound like a utopian pipe dream, it is entirely possible to live in this society free of debt. Moreover, there are a number of extraordinary advantages to doing so. 

Let’s take a look at some of the benefits of being debt free. 

You Own More of Your Time

We trade our time for money when we work. Or, viewed more specifically, we trade segments of our lives for money when we work. (Time, after all, is life.) When a huge chunk of that money goes to paying debt, we’re using our time to enrich lenders through the interest they charge on the loans they’ve afforded us. Therefore, we are giving up our time to benefit others. This means they own that time — not us. Living debt free means more of your time belongs to you, as the efforts you put forth during that time will benefit you and your family, rather than some unseen financial institution. 

Your Life is More Restful

Do you know how you wake up in the middle of the night staring at the little green light on the smoke detector trying to figure out how you’re going to deal with all of those bills? (Yeah, you’re not the only one; we’ve been there too.) That doesn’t happen to people who live free of debt. Sure they have other things about which to concern themselves — no life is perfect — but eliminating debt from the mix gives you more time (there’s that word again) to put toward figuring those problems out. Freedom Debt Relief client reviews repeatedly cite a more peaceful existence as a positive result of eliminating debt.

Your Relationship is Less Vulnerable

Even the most loving of relationships can bend under the stress of excessive debt. You’re already on edge about your debt problems, and then some little thing your partner does ticks you the wrong way. Suddenly, all of that angst explosively spills out onto them. You might not even realize why it happened. But trust us, anything that adds to your stress will make you react more vigorously when it becomes too much to contain. Many good relationships have crashed and burned after taking a significant financial hit. 

You’re Free to Work Wherever You’d Like

Few things in life are worse than having an excellent paying job, to which your lifestyle is inextricably bound— that you hate doing. The people who say money can’t buy happiness are looking at it from the wrong angle. Sure, having a lot of money doesn’t guarantee you’ll be happy, especially if you hate the way you make it. But if you love the way you make it, that’s a completely different story. Living debt-free means you can quit a job you don’t like and find one you love because you don’t have a bunch of debt hanging over your head to prevent you from leaving. 

You’re Free to Live Wherever You’d Like

In some cases, you must live reasonably close to your job in order to keep it. When you have a lot of debt to consider, you’re locked into that job (see number four above) which means you can’t really decide to go live on a tropical island and enjoy your days. You must remain in a grimy, pollution-filled city, mired in traffic — or stuck on a bus or a train — with a horde of other indebted people who also hate their situations. Again, whoever said money can’t buy happiness was looking at it from the wrong angle. 

These are just five of the many benefits of being debt free. Getting your debt under control and eradicating it can eliminate these maladies from your life and help make your days far more pleasant. 

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