Debt may seem daunting, but instead of letting your loans and credit card balances gather interest, here are three reasons why repaying debt is crucial:
1. Minimize Monthly Costs
Used to spend $300 a month paying down three credit cards? Now you have $300 to put toward expenses and savings!
2. Clean Balance Sheet
Interested in a large financial commitment, like preparing for retirement, or starting a business? A clean balance sheet can help convince lenders you are worthy of support
3. Clear Your Head
Stress about debt can interfere with your business and personal life.While debt repayment won’t happen in a snap, by making a solid plan and surrounding yourself with positive people, thinking about gaining money,and being happy with what you have, your journey toward financial strength and mental peace will be less pain and more gain.