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It is true that everyone is happy when he or she has money to spend. It is true that everyone likes shopping. However, when you want to talk about paying off debt or loan, nobody is happy. You would see an unhappy face. You would see people who do not like to talk about it or are used to it.

Let’s get back to the basis. If you see a product and would like to buy it, it is natural to pay for it. If you do not have enough money to pay for it, you would apply for a loan or use the credit card revolving interest. That is what about. You spend more than you make which turns out to be a debt. Maybe it is a short-term or long-term debt. You have to pay for it in the end. The product or service you buy might keep you happy or superior to others for a period of time. After that, you would search for something else to make you happy. That is why people repeat it very often. That is why people have more and more debt if the situation goes on.

Shopping makes you happy and makes you feel more content. Paying off debt makes you uncomfortable and unwilling to do it. I would suggest finding yourself a good reason to take it seriously and pay off debt. It is not easy, but you can practice it once, twice, and even more. Nobody asks you to make it for the first time. Nobody tells you that you would make it within a short time. Simply try it over and over again until you make it. Now, let’s check out what to talk about today,

Top 17 Reasons to Pay Off Debt

  1. Less interest

  2. Financial security

  3. Less financial risk

  4. Raise your credit score

  5. Achieve your financial goals

  6. Have full control of money

  7. Assets with no debt

  8. Have a side hustle income

  9. Prepare for your retirement

  10. Simplify payments and bills

  11. Less stress

  12. Chase your dream

  13. Improve your work efficiency

  14. Share your experience and help others

  15. Set a good example

  16. Establish a better and more stable relationship

  17. Better health

Here are more reasons to convince you to pay off debt. It is great to look at the number of debt decreasing to zero. It keeps you moving toward it. If it is hard to motivate you, take a look at these good reasons to keep you away from debt.

  1. Less interest

The most direct and good result is that you pay less and less interest. I am not sure if you have any idea of how much interest you pay. For example, credit card interest is usually higher than 10%. After the Federal Reserve’s interest rate increases, credit card interest rates would be expected to increase as well. How terrible it is. You need to pay for interest fee rather than the principal. That makes you longer to pay off debt.

  1. Financial security

The more you save in the pocket, the more you feel secure. The less debt you have, the more you feel secure as well. Debt keeps you away from your financial goals and takes more out of your pocket. Moderate and urgent debt is ok, but getting used to it or forgetting about it is completely not all right. You have to think deeper and prepare yourself for the future, like your retirement. Put it in mind especially when it is a huge part of your budget. Why don’t you pay more debt and save more interest fees to improve your financial situation and feel more secure? It is much more positive and good for you and people around you.

  1. Less financial risk

You have payments and bills to pay every month. If you happen to be laid off or furloughed without any saving, how can you go through that tough time? Or if you are not well or have a car accident, you cannot work and have no emergency fund prepared. You would need to apply for another loan which means more debt and interest fees. It leads to great danger and risk to fail to pay your debt on time every month. That is why I suggest that you should to do exactly the opposite and pay off debt to ruin your life.


  1. Raise your credit score

It is commonly known that more debt leads to worse credit score and a higher interest rate. For example, if you have two-three credit cards and your credit card available limit is less than a half, your credit score would be impacted. If you have more debt, your credit score would be impacted. The higher your credit score is, the better interest rates you get. Otherwise, if your credit score is low and you would like to extend your debt or apply for another loan, you would get poor interest rate. I believe that you do not want that to happen and pay for more interest fees. To pay off your debt as much as possible or even have no debt at all is the best of all.


  1. Achieve your financial goals

Once you have a financial goal, you know what to buy or not to buy. You have a goal in mind to help you know where to go. Try to decrease your debt as much as possible. Then you can have more money to save. Do not increase any more debt because it would make your financial goal harder to achieve.

  1. Have full control of money

Every month when you get your paycheck, you can manage your money. Since you have a debt to pay off, you cannot have full control of money. You have to pay off debt and interest fees every month. The bank or the credit card company mails or emails you the statement, you have to pay at least the minimum amount. If the Federal Reserve’s interest rate increases, they would increase your interest rate as well. You have to accept it. Only when you have no debt, you can take 100% control of money and have more money remained in your pocket.

  1. Assets with no debt

When you would like to buy a house, you would apply for a mortgage. When you would like to buy a fancy car, you would apply for a loan. One day, when you have no paycheck to pay for it every month, the bank can take it away and sell it to get money back. As long as your assets have debt, you do not actually own them. You need to wait until you pay off the debt completely so that you have the ownership. You might lose them all when you fail to pay on time every month. You do not like that to happen, do you?

  1. Have a side hustle income

While you have a stable job, your income is fixed. If you want to increase the speed to pay off debt, you certainly need to have extra income for that. From Work From Home Jobs $100+ Each Month, I list several ways to help you know what else you can do:

  • You can fill out the questionnaire online in Survey Junkie & Swagbucks.
  • You can complete opinion polls & daily goals in Swagbucks.
  • You can be a freelancer or virtual assistant in Fiverr.
  • You can your collection or second-hand goods in eBay.
  • You can develop your online course in Udemy.
  • You can start to have a blog and make a passive income.
  1. Prepare for your retirement

When you have more and more money left to save every month, you can save it for your retirement. If you have less and less debt, you can increase your saving. That can bring you a better life when you are too old to work. That can allow you to retire early without worrying about money.

  1. Simplify payments and bills

The more debt you have, the more money you have to pay every month. The more companies you apply for a loan, the more bills you would receive every month. Every company has a different deadline to pay. For example, if you have three credit cards, you would receive three credit card statements and need to pay before three deadlines. It is confusing and annoying. You would forget about it easily. If one credit card revolving interest is higher than another credit card, try to pay more than another to avoid more interest fees. Try to simplify your debt and pay as much as possible. Every month you would have less and less to pay for sure.

  1. Less stress

In the beginning, you start with less debt and feel all right. You can afford the principal and interest fees which are not big problems for you. When you run out of money, you are used to increasing your debt and loan. You seldom think about the consequences. By the time you realize that you have to pay back in the future, it would be stressful to face it.


  1. Chase your dream

You have debt and interest fees to pay. It means that you have less left to save and to do what you do. Maybe you would like to invest yourself for a better career. Maybe you would like to have a mutual fund for better income. Maybe you want to chase your dream and follow your heart. When you are deep in debt, it is hard for you to do anything. You just keep repeating the vicious cycle and worsen your financial situation. You know that you have to take action to change it. Starting to pay off is the first step toward your dream and make your dream come true.

  1. Improve your work efficiency

If you have too much debt, it would impact the quality of life. If you worry about it too much, it would impact your work efficiency as well. If your payment is delayed, you would be contacted by a debt collector by email or phone. If you are afraid to directly speak the collector, he would dial the office telephone number. Your boss and colleagues would know and ask you about it. It makes your situation worse which makes you work poorly. Simply ask yourself if you want to change and pay off debt. I believe that your answer must be “Yes.”

  1. Share your experience and help others

When you successfully pay off debt, it is a great experience and feeling to share. Then people who know your story would be inspired and do the same thing. The result is rich and everyone is happy. Moreover, you have more money left every month, you have the ability to help people who need or donate money to the charity group. That makes you help more people and bring a positive influence on society.

  1. Set a good example

When you become parents and have children, your children would copy your behavior and points of view. It is very important to set a good example for them. If you do not like to teach them the wrong information, you have to do it right at first. You have to tell them the reason why you do it and how to tell what is right from wrong. You can tell them the pros and cons of debt and teach them how to make the right decision.

  1. Establish a better and more stable relationship

When you have less debt or no debt, you would be in a stable mood. That helps you establish a better relationship with your family and friends. For example, you worry about your debt and have no patience with people around you including your family and friends. You would get angry with people or small things. You would have little or zero tolerance to mistakes and go mad easily. It is hard for you to have a stable relationship because you are suffering. That is exactly why you should do the opposite to help yourself and benefit you a lot.

  1. Better health

The less debt you have, the less stress you have. The less stress you have, the healthier you are. No matter physical or mental health, paying off debt is good for both of it. You would feel happier and have less anxiety or depression. You would have better sleep and improve immunity. You would feel stronger and be able to face the challenge again.

As long as you can make good use of debt, there is nothing wrong with it. Simply create a budget and make a plan to pay off debt. Find yourself a motive to encourage yourself to do it. You would get to it and have full control of money and life back.

I hope you like my article. Welcome to share with your friends and family. And let me know if there is any comment you would like to share with me. If you’d like to read this later, please save it to Pinterest.

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