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4 Reasons Why You Should Start Paying Off Your Debt Today

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Wondering when you should start paying off debt? Here are five reasons why you should probably start today...Between leaving university and actually becoming debt free, I carried round my debt for almost a decade.

During this time my debt weighed heavily on my mind; causing me lost sleep as the sums of money involved started to clock up at an alarming rate thanks to the interest that was accruing.

At the same time this debt weighed heavily on my finances and my lifestyle, as it was robbing me of money I would rather be spending on other things.

Looking back at what my life is like now, in comparison to my former debt-filled life, I kick myself that I didn’t start to pay off my debt sooner.

Are you currently the unwilling owner of student loans, credit card debts, auto loans or any other kind of consumer debt?

If so, here are four reasons why I personally believe you should get started repaying your debt now rather than leaving it to fester any longer…

The Longer It Takes, The More It Costs

By definition, debt accrues interest each month. This means that over time, assuming you never paid off any debt at all, your debts would rise over time.

In many cases – such as credit cards (with their massive interest rates) – your monthly minimum payment does little more than cover this interest that has been piled on top.

It can be depressing to pay your credit card bill only to find that it’s the same size next month thanks to yet more interest.

What all this means is that the longer it takes you to pay off your debt, the more money you will repay in total before becoming debt free.

Paying off debt can be tough at the best of times when you consider all the money you end up giving to your bank in exchange for “nothing”.

Indeed, this concept of “lost money” is a perfect example of why so many people struggle to pay off debt.

Take two options; imagine paying off $500 of debt each month or $1000 of debt. Most people would choose the first option because they don’t want to “give away” too much money each month.

However while the person who chooses the second option would clearly have less disposable income each month while repaying the debt, the debt would be repaid sooner. They’d be out enjoying all their money long before the debtor that chose the first option.

So when it comes to repaying debt, try to think long term. Suck it up, start making payments today and repay as much as you can possibly afford.

It might feel painful for now, but that pain is only short-term. Soon enough you’ll reach debt-free nirvana and be able to enjoy life without guilt once again.

There’s Never Going To Be A “Perfect Time”

There’s always a reason not to get out of debt. Perhaps you’re thinking about summer vacations, or recorating the kitchen or replacing your car.

Maybe you’re just struggling to stay afloat financially right now.

Whatever the situation might be, the reality is that there is never going to be a perfect time to start repaying your debt. Putting off getting started really just delays the inevitable.

And it’s often the simple act of “getting started” that is hardest of all. Once you’ve actually started on the journey, paying off debt becomes second nature.

Therefore don’t delay, and don’t make excuses. Just get started – and get over the initial hump.

There’s Always Going To Be A Reason Not To Repay Debt

Paying off debt is hard because you’re going to have to change your spending patterns. You’re going to have to economize and stop spending money on the things you like and want.

Maybe you’ll even have to stop spending on the things you need too.

Instead of spending money on what you want, you instead end up paying it to your creditors and seemingly getting nothing back in return.

You pay $500 in a shop and come out with bags full of goodies. You pay the same money to your bank and all they do is change a number on a piece of paper.

However if you’re ever going to become debt free this odd situation is inevitable.

While there ways to artificially shrink your debt (such as through the use of a debt management program) even then you’re still going to go through a similar “money for nothing” experience.

So why delay the inevitable? Why put off what you’re going to have to do anyway? Irrespective of how painful or unpleasant it may be, it’s still inevitable.

So grasp the nettle and get started repaying your debt today.

The Sooner You’re Debt Free, The Sooner You Have Your Life Back

I don’t want to show off if you’re currently struggling with debt, but trust me when I tell you that life without debt is pretty darn awesome.

You get to enjoy every penny you earn. You get to live life on your terms. You have financial freedom and so can make decisions for yourself – rather than for your bank.

Just try to imagine what it would feel like if someone just wiped out all your debt right now.

How would that feel?

To finally be able to stop worrying about all that money – and to be able to look forward to a bright and excitement-filled future?

The truth is that while you’re unlikely to win the lottery, anyone can become debt free with some effort. And when you reach the other side you realize just how worthwhile it is to become debt free.

In other words, the sooner you get started repaying your debts, the sooner you can have your life back and start planning for the future.

Wondering when you should start paying off debt? Here are five reasons why you should probably start today...

Richard

Sun-worshipper and obsessive frugality blogger. For loads more money-saving advice come and join us on Facebook.

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