Many of our young South Africans are between the ages of 18 and 35 are in debt. Lesego More compiled a list of 10 things that you are most likely to miss out on because of unpaid bills. A native of Ventersdorp has been living with the same relevant concept since 2014.
Here are the 10 things that you will miss out when you have a pool full of debt.
- Cash In Hand.
Without having to constantly repay debt, you are more likely to have cash in your wallet throughout the month until your next payday.
- Restful Nights.
Do you want to sleep well at night? Then get rid of your debt. Financial worries have a way of leaving you to sleep-deprived and tired.
- Good Family Relationships
There is nothing like financial worries to sour relationships.
- Carefree and fearless living
You can freely answer the phone and door without worrying that it may be one of your creditors calling to demand payment.
- Access to credit.
Yes, the fact that you are not tangled in the debt trap can make it easier for you to access a loan when you need to buy an asset such as a car or a house.
- An Occasional Treat.
If you don’t have to worry about paying back debt, you may be in a financial position to treat yourself and your family occasionally to a night out or a weekend away
- Security in Your Financial Planning.
If you can plan ahead, you can make your dreams come true. Uncertainty about your debt situation, and when you will finish paying all your debt, makes it very hard to plan and save towards your goals.
- Education for Your Children.
The biggest gift one can give your child is a good education. Make sure u can afford the best for your children and teach them not to get into debt to achieve their dreams.
- A Happy Retirement.
A happy retirement is only possible without debt. After a lifetime of working, you deserve to enjoy all of your retirement savings and not to worry about settling outstanding debts when you no longer earn an income.
- Leave A Legacy.
Most people aim to leave their heirs with some money when they pass away. Make sure you don’t leave a legacy of a debt that your loved ones have to pay back.
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