According to the United States Census Bureau, approximately 69% of households in the United States hold some form of debt. After the economic crash of 2008, the economy is slowly repairing itself and people are taking a hard look at their finances.
Taking a proactive approach to paying off debt now instead of later will positively impact on your life, including relieving stress and allowing you to save money in the long run. Here are 5 reasons to get a handle on your debt now:
· Lowers stress and anxiety: the elimination of debt will greatly relieve your stress and anxiety when you don’t have to worry about financial payments, savings and due dates.
· Paying interest is giving your wealth to others. The longer you stay in debt, the more you will end up owing. Paying off your debts now will save you money in the future.
· It’s never too late. The law of compounding will work at any age. Investing your money wisely and watching it grow at a compounded interest will expand your wealth.
· Your debt will not go away by itself: Unfortunately, debt does not disappear and pushing it off for a later date will not erase the money you owe. By tackling the issue now, you can move towards financial freedom.
· Improve personal relationships: Fights about finances is one of the leading causes of divorce. Living debt-free can put you in a better position to enjoy time with family and friends.
“Meeting the challenge of debt reduction will eliminate or mitigate the strain that finances have on your mind and body,” affirms Gary Barnes, a successful business coach and international speaker. “Many people decide to pay off debt later, but the sooner you are free from debt, the better.” That’s why he wrote the highly acclaimed e-book manual called Financial Magic (http://budurl.com/FinancialMagic).
Gary Barnes offers high-performance business & sales coaching and business boot camps, with the next one scheduled to take place in Denver on May 3-4, 2013. Those attending the boot camps will focus on such areas as learning to find their creativity, following their passion, being fulfilled, and succeeding at building wealth in business. For more information regarding the next business boot camp, visit the site at www.garybarnesinternational.com/maximize-your-business-now-live/.