It seems like most people have some sort of debt that they have incurred over the course of their lives. Maybe you have a car payment, maybe you have a mortgage payment, maybe you have credit card debt or, maybe you started a business, and are paying off the loan while you get it started! What your debt is does not really matter, because debt all equals the same thing – money that we owe someone else. And when you have debt, it usually means paying money every month so that, one day, you can get them paid off. It also means interest, which makes the actual amount you pay off more than it originally was because you are doing it over time.
Is it possible for a person to live in today’s modern society without debt? Now, if a person were to do this, it would mean that they would have to forego a few things, but actually, it is very possible. Here are some ways in which you can eliminate debt in your life, and these are all things that people actually do. It is rare to find someone who is debt free nowadays, but you don’t have to be debt free to enjoy the benefits of less debt.
First of all, try buying used cars with cash instead of buying a new car. How would your monthly budget look if you had no car payment? That would be nice, right? Also, try getting rid of your credit cards. Make yourself a rule, saying that if you cannot buy it with money that is YOURS, you will not buy it. It may seem nice to pay things off over time, but trust me – there is a reward to buying things after you have saved up for them. You will appreciate them a lot more, and you will not think about how you wish you hadn’t bought it when the statements come in and money gets tight!