We are debt free including our home mortgage. And we had a number of reasons for fully paying off our debt.
Ability to retire early to do what we want and when we want was one of the most important reasons for us to get rid of our debt including our mortgage debt.
There was a questions on the Dave Ramsey Facebook Group to the readers about their reasons for getting out of debt. The below list is the compilation of 15 most important reasons indicated by the readers, in no particular order.
- To be free from the clutches of creditors:
We wanted to be free from the far reaching arms of banks, credit card companies and collection agencies.
- To have the full freedom to spend my money:
- To change the entrenched pattern of debt in my family:
- Work for pleasure, not due to necessity:
- To become a model for my kids:
- Get rid of fear and uncertainty:
- Not worry about a layoff or a job loss:
- Never to depend on public assistance:
- To have a mailbox without a bill or collection notice:
- Retire early:
- I want to buy (free and clear) my dream house in the Florida Gulf Coast:
- I want to own and run a business:
- Ability to spend money on things I enjoy the most:
- Donate to worthy causes:
- To control my life and destiny:
I want to have the ability to spend my money the way I want it and when I want it, without the need to pay my creditors first.
My parents, grandparents, extended family, my in laws and almost everyone in my family feel as if they can not retire because they owe too much money on stuff they bought and they have no savings. I want to be the first one in my family to show that you can retire early and be free from debt.
I want to work because I want to, not because I need to or I have too.
I want to teach my kids that being debt free is not only normal but is really wonderful.
I wanted to break the pattern of my parents, who asked me to get a car loan when I was only 16, because they thought it is the only way to build credit early in my life so that I will qualify for more loans later in my life.
I wanted to get rid of the fear and uncertainty I had when I was not able to make the minimum payments to all my bills at the end of each month.
I wanted to have enough money cushion without debt so that I don’t need to worry about losing my job or spend sleepless nights thinking about it.
I never again want to be in a position to be in need of public assistance for my sustenance.
I wanted to get rid of the fear I had when opening my mailbox. I want to show my kids that wasteful spending and keeping up with the Jones’s is a fools way of living.
I want to retire when I am 50 years old.
I want to buy my dream retirement house in Florida Gulf Coast. I want to spend my evenings watching the ocean, feeling the ocean breeze on my face and dipping my toes in the sugary white sand.
I want to own and run a bed and breakfast in Vermont. If I can’t figure out how to pay off my bills in time and be able to manage my own personal finances then I cannot even consider owning and running my own business. I need to build my resources and assets so as to enable me to own my own bed and breakfast, free and clear.
My family likes to travel. We just got back from a fantastic vacation in Hawaii. After we became debt free, we vacation a lot. My children have been to more exotic places than anyone in my family. Having debt and being tight on our budget due to debt, will not allow us to pack our bags and hit the road when we want to travel. Having no debt means, all our money goes to living and giving. No debt also means freedom to the fullest!
I want to give my money to worthwhile charities that I believe in, to help others in need. When I was in debt, I was giving all my money to finance companies so that their CEOs can get multi million dollar bonuses each year.
I want to be the pilot of my life (instead of being a slave to my creditors), so that I can decide when I need to work and what I need to work on. After I am debt free and accumulated enough assets, I can decide when to stop working, to fully enjoy the fruits of my labor.
What are your reasons for getting out of debt?
Do you have a reason that is not mentioned above? If so, please comment using the comment box below.
We will update this article after adding your reasons for becoming debt free.