Getting rid of Debt - What You Should Know
The sad truth is that nowadays the majority of us are living in debt. Having credit cards, loans, mortgages and hire purchase agreements means that the average family owes a staggering £25,000! Paying off debt is one stressor that a growing number of people have
If this is you (and you quite probably owe even more money than this – it’s only an average remember), you’re probably wondering if you are doomed to be trapped in the debt cycle forever.
Living Free of Debt
Contemplating about being able to live without the stress of debt and the negative impacts that debt has is an important first step - so congratulations for taking that step! You are already starting to think with the right financial mindset and are no longer willing to be sucked dry by the loan and mortgage companies who are living rich on your hard earned cash. Be rest assured that paying off your debts is the wisest financial decision you could ever make.
Debt Affects Our Health
Debt has many associated negative and damaging impacts, and it is not merely on our bank balances. The health costs of debt are huge! There are many well researched and documented studies on the personal effects of debt. From increased suicide rates and substance abuse, to higher levels of divorce as well as causing depression in our children. Can you really go on taking these kinds of risks with your health and the health of your family?
How We Get Duped
Are you aware that the majority of the money that you are paying out each month is not actually going on paying off your loan debts at all? That’s right!The majority of what you are paying for is the accrued interest on your debts, only a fraction is paying off the actual loan.
That’s how the financial companies dupe us and make millions, if not billions, of pounds each year – by charging us interest, upon interest. Take your mortgage for example, which you might consider as a “cheap loan”. Over 25 years you will pay out more in interest than the original loan amount. If you move house or change mortgage provider frequently it’s even worse! At the end of 25 years you could have paid more than treble the initial loan amount!
Develop the Right Mindset
Clever of them – but we need to be even smarter. Make the decision to stop lining their pockets and start lining your own now. By making a commitment to paying off debt you can get out of the dangerous trap that nearly all of us have been manipulated into and start experiencing the freedom of living a life without debt.
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