One of the worst things about being in debt is that it can become all-consuming. It’s such a struggle that often the goals and visions you had for your life become lost as you simply try to keep your head above water.
But HOW do you get out of the seemingly endless cycle? Trying to get out of debt is a dilemma millions of Canadians struggle with. Business Insider reports Canadians owe $2.025 trillion in outstanding debt as of April. The good news is debt consolidation is one of the best methods used to successfully manage debt. Debt consolidation programs allow you to consolidate your unsecured debt, like credit cards and loans that don’t require collateral, into one convenient monthly payment. Check out some of the reasons why debt consolidation can be an effective solution.
In this article, we will delve into the top 10 benefits of living a debt-free life.
1) Regain a sense of control
Few things make you feel as helpless as being at the mercy of circumstances you can’t control. Living that lifestyle for a prolonged period of time can take a toll on you, both mentally and emotionally—after all, research shows there’s a link between depression and debt. One of the main benefits of debt consolidation is the debt-free lifestyle can help you achieve a sense of control. Instead of letting your financial circumstances drive you, a debt-free life lets you control the direction of your life and future.
2) The ability to plan for the future
It’s nearly impossible to save and plan for the future if you’re constantly trying to dig out from a mountain of past debt. Living a debt-free life lets you take an honest look at what’s coming up and plan appropriately. Maybe your goal is to save for retirement or a new business idea. Regardless, freeing up future capital from the burden of debt can help you make your future goals a reality.
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