Debt Gives Others Control

I heard this in a recent video from The Minimal Mom, and I felt this is a good reminder.

“Debt gives others control of your life.”

Getting out of debt and staying out of debt is not something our society champions. We are a debt society, and for most, we’re taught debt is the way to get ahead. Sometimes this can be true as you may be able to get better rates of return if you’re financially educated, smart with money, and know how to use debt correctly, however, you should know the difference between good debt and bad debt, and the pros and cons of the debt should be carefully weighed.

When we owe money, this can make us feel unsafe as most know that if they miss a payment, the object of the debt can be taken away at any time. This can cause our bodies to release chemicals that put us in a fight-or-flight mode making it harder to fully relax. Anxiety over long periods of time has been shown to negatively affect our health, so if you are feeling anxious most of the time, it could be a good idea to review your budget and do all you can to eliminate any debts that could be causing you extra anxiety. This will not only help your budget, but it can also give you peace of mind which can help your health long-term. A healthier you will then help your budget even more since your health is the largest asset you have.

For a healthier you, stay away from debt (especially bad debt).

Check out my Paying off Debt page for more information on good debt vs bad debt and how to eliminate and stay out of debt.

Check out my Make A Plan page to help you make a plan for your money that can help lead you to financial independence.