Why Get Out of Debt: Let’s Hear Your Reason in 5 Words or Less

Why get out of debt: Let's hear it in 5 words or less. Why are YOU getting out of debt?

Let’s face it: sometimes reading about how to get out of debt just doesn’t cut it. You already know the drill: avoid new debt, spend less than you earn, and keep working away at your debt snowball.

What you need during the time while you’re whittling away at your debt is motivation and encouragement. So, let’s do a little of that now. Let’s share why we’re getting out of debt in 5 words or less.

Why get out of debt? Here’s my main reason — and I can do it in one word:

Freedom.

And a little more detail…

Freedom was the main motivator for me. Because now that our house is paid off years ahead of schedule and we are completely debt free, the fixed expenses for my husband and myself could easily go as low as $700 a month. Total.

We don’t need to worry about things like house payments, car payments, student loans, home improvement loans, or credit card balances — all of which we once had.

And if we wanted it to, that number could go even lower if we sold our cars and didn’t have to pay insurance on them, and if we dumped our cell phones. Of course, we’d still be buying groceries & eating out, so our actual expenses would be higher, but we could get those down to a ridiculously low amount too if we felt like it or needed to.

What it means

With the freedom to live on such a low amount comes the freedom to basically go and do whatever we feel like, wherever we feel like it. That might continue to mean staying exactly where we are, but I like having options. Just being able to have a huge number of choices is very freeing to me.

We’re free to make decisions based on what we want to do, not on what we have to do.



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9 thoughts on “Why Get Out of Debt: Let’s Hear Your Reason in 5 Words or Less

  1. While I would love the security of being debt-free, I’m most interested in being able to put my money elsewhere, primarily in income generating assets. Debt is a black hole that eats about $1000/mo (these are just student loans, I don’t have a mortgage yet!) and I would really love to put that cash elsewhere!

  2. I want to get out of debt because I’m tired of making everyone else rich. I also don’t buy into the fact that my car or my clothes determine my self worth.

  3. We’re getting ready for retirement and knowing that all our earnings are going toward that savings, except for normal living expenses, feels really great. It’s also fun to watch the savings account rise instead of fall. It feels good knowing that we can retire whenever we want and not have to worry about making payments.

  4. We are 19K away (student loans, the only debt we have) from being debt-free and, with the snowball method, all will be paid off by summer 2013. I want to get out of debt so we can start to try to start a family, max out our Roth IRAs, and spend the money that we make on what will benefit us, our future, and things that will make us happy.

    Currently, 100% of my part-time job income is our aggressive debt payments, it’s a love/hate thing to think about that!

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