What Could Life Look Like After Debt?

Imagining a debt free life might seem near on impossible if you’re currently struggling with debt, especially if you’ve had to carry the burden of debt for a long time. However, with willpower and commitment (and possibly professional debt help), debt freedom is something that everyone in debt can achieve. There is always a way out of debt, even though some routes take longer than others.

So what could your life look like if debt wasn’t a part of it?

You’ll have choices

One of the most immediate and amazing benefits of not having any debt to worry about is that you’ll have choices about how you spend your money. Without creditors to keep happy, your money will be your own. You’ll get to choose what you spend your money on and if you want to splash out on new clothes or a treat for yourself or a loved one, this will be totally up to you! At the same time, you’ll get to choose whether you want to save your money and if so, how much.

You’ll be back in the driving seat with your finances and you won’t have to give debt a second thought before you make any purchasing decisions. Because you’ll no doubt have worked hard to become debt free - cutting back and saving money wherever possible, you may be presented with choices in other respects, such as improving your work life.

For example, the fact that you’ve had debts to pay may have meant putting a hold on changing your career because coping with a shift in salary may not have been an option to you previously. But with your debt paid off, you’ll be in a better place to make work related decisions which may have an impact on your finances.

You’ll be happier

Having debt can be horribly stressful, especially if your debts are forcing you to go without necessities each month or if you’re starting to miss repayments. Many people in debt can’t sleep at night for worrying about how they’re going to pay their bills or even put food on the table.
When your debts are gone, you’ll have more disposable income every month, giving you breathing space to relax a bit more. It’ll be like having a huge weight lifted from your shoulders because you’ll have something truly special – freedom from financial worry.

You’ll probably be cautious about getting into debt again
If you go through the process of paying off your debts systematically and enthusiastically until you become debt free, you may find that you’ll be very cautious about taking on debt again. This may also be the case when it comes to mortgage debt which is often seen as “good debt” (if there is such a thing). Hopefully, you’ll be able to use credit to your advantage and make it work for you instead of against you.

One way to do this is to use credit cards which in turn will offer you rewards for spending. As long as you pay the balance off each month in full, you’ll be reaping the benefits of credit card points and you’ll be able to do wonders for your credit rating too!