There’s no question that being debt free is an amazing achievement. And while there’s no doubt a boost in financial confidence that people feel when they pay off the last of their debt, there are actually many other benefits that come with living a debt free life. To learn about some of these benefits, keep on reading. And if you’re curious about starting your own journey towards a debt free life, then make sure reach out to us about our Debt Free Life program!
Being Debt Free May Increase Your Longevity
According to a Federal Reserve Bank of Atlanta study that was recently published, improvements in people’s credit score seemed to coincide with a reduction in their risk of death. The numbers showed a 100 point increase in credit risk (Equifax’s version of a FICO score) coinciding with a 4.38% reduction in risk of death. While there hasn’t been any proven correlation between the two, it’s fascinating to consider how getting rid of financial stress could lead to an overall improvement in health and longevity.
1 Quick Trick To Begin Improving Your Credit Score
Credit card debt can have a major and quick impact on your credit score. This means that by paying off your credit card debt before focusing on other debts, you can set yourself on a good track towards getting rid of those other debts, as an improved credit score could lead to more financial opportunities, such as qualifying for better loans, buying a new home, and much more.
Debt Free Family
If you happen to have children, working on developing your own budget and achieving a debt free life can help in teaching them good money habits as you’ll be leading by example. Plus, when you’re debt free, you’ll be more likely to have the freedom to set money aside that can be put towards supporting your child’s goals, whether that be pursuing a college education, helping them invest in their first business, or even in helping them get their first car. Talk about a win-win.
Live With Less Stress
University of Nottingham reported in a recent study that people who struggle with paying off their debts and loans are more than 2x as likely to experience depression and anxiety. This along with the study mentioned above show the potential impact carrying debt can have on your mental and physical well-being, and how getting rid of that debt can really help you experience much more peace of mind, while simultaneously increasing your financial confidence.
Be Able To Give More
Achieving a debt free life will free up your mind from focusing so much on your finances, allowing you to focus on the people and causes that truly matter to you. You’ll finally have the opportunity to provide financial support to family members and friends that are going through desperate times. You’ll also be able to donate to charities or non-profits whose missions truly resonate with you, bringing you more happiness while simultaneously supporting your community.
How Our Debt Free Life Program Can Help You
If you’re ready to finally eliminate your debt, our Debt Free Life program can help. This program uses the cash value of a life insurance policy to pay your debts without you having to spend any additional money. Once your debt is gone, your Debt Free Life insurance policy turns into a retirement savings plan. And with our Debt Free Life program being a form of life insurance, you will simultaneously be protected with permanent life insurance coverage – a win-win-win really.
So if you’re ready to learn more about getting rid of your debt through our Debt Free Life program, make sure to reach out to us so that we can connect you with a licensed consultant in your area. They will take care of performing a virtual policy review while also working with you on a personally customized debt plan. Ready to achieve your debt free life?
This article is written for informational purposes only and should not be taken as financial advice. For a detailed consultation regarding Debt Free Life, please reach out to your Eidelon Insurance agent.