How Life Changes When You Get Out of Debt: 3 Stories To Spark Your Debt-Free Journey

Andrew Lisa   Wed, June 28, 2023

According to the Money and Mental Health Policy Institute, problem debt is a primary contributor to mental health issues. It destroys relationships, suffocates personal and professional growth, and kills marriages.

Since debt makes future borrowing both necessary and more expensive, it leads to an endless cycle of financial insecurity characterized by perpetual anxiety and stress.

The result is that millions of people feel they exist only to make their minimum payments and keep the wolves at bay for one more month. But, some people overcome the odds and break the cycle.

According to Debt.org, 340 million Americans share $16.9 trillion in household debt — but GOBankingRates spoke to three who found a way out. Overcoming debt is no easy task, but those who break free find that personal, professional and financial goals that previously seemed impossible are suddenly within reach.

The following three stories offer proof.

A Debt Professional Teaches From Experience

Few people know more about debt than Jake Hill, CEO of DebtHammer, a personal finance site dedicated to the subject. However, his experience with the topic isn’t purely professional.

He excels at helping others conquer debt because he knows firsthand what it feels like to exhale after making that final credit card payment.

“The biggest difference I noticed once I’d paid off my debt was how much more money I had each month,” Hill said. “When you’re paying off large amounts of debt, it can be easy to lose track of just how much the monthly fees are costing you; and, once you no longer have those payments, suddenly you have $600-plus, in my case, of extra money every month.

This was a pretty significant upgrade for me personally, as it took so much strain off my finances and allowed me to actually begin creating meaningful savings for the future.”

For One Business Leader, the End of Debt Was the Start of Financial Security

To continue reading, please go to the original article here:

https://finance.yahoo.com/news/life-changes-debt-3-stories-130044657.html