Benefits of Being Debt Free

Jan. 15, 2021

Being debt free is a great accomplishment, and while many people focus on the financial confidence they’ll gain when their last debt is paid off, there are many additional benefits to living a debt free life. We’re sharing a few ways that being debt free can improve your life. If you’re curious about getting started on your own debt free journey, Symmetry’s Debt Free Life program can help you get on the path to financial freedom today.

Being debt free could increase longevity

A recent study published by the Federal Reserve Bank of Atlanta found that as people’s credit rating improved, their risk of death decreased. A 100 point increase in credit risk (Equifax’s equivalent of a FICO score) reduced the risk of death by 4.38%. Although there isn’t a proven correlation between debt and long life, it’s interesting to consider how eliminating financial stress could improve your overall health and longevity.

Improve your credit score

Carrying credit card debt can impact your credit score quickly. Paying off this debt before your other debts can help you get on track to improving your credit score, which will allow you to tackle your other financial goals. A good credit score can open up more financial opportunities such as qualifying for a loan, getting a new home, and more.

Teach your children good money habits

If you have children, you can teach them good money habits by providing an example of financial responsibility when you build a budget and pay off debt. Additionally, when you are debt free, you will be able to set money aside to support your child’s goals, such as a college education or a first car. It’s a win-win.

Decrease stress levels

A study from the University of Nottingham reported that people who struggle to pay off debts or loans are more than twice as likely to experience depression and anxiety. Becoming debt free not only increases your confidence, but you will likely experience peace of mind when it comes to your finances as well, which can help you focus on your mental and physical well-being.

Increase generosity

Being debt free will allow you to focus on what truly matters to you, allowing you the opportunity to provide financial support to a friend or family member if they need a helping hand. In addition, you can donate to charities or non-profits. Giving back is a great way to increase your own happiness while supporting your community.

How Symmetry’s Debt Free Life program can help

If you want to eliminate your debt for good, Symmetry’s Debt Free Life program can help. Debt Free Life uses the cash value of a life insurance policy to pay your debts without spending any additional money each month. Once your debts are paid off, your Debt Free Life insurance policy turns into a retirement savings plan. Since Debt Free Life is a form of life insurance, you are all the while protected with permanent life insurance coverage.

If you want to learn more about paying off debt with Debt Free Life, fill out this short form to connect with a licensed consultant in your area for a virtual policy review and a personally customized debt plan. Let’s get started!

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 Symmetry Financial Group insurance agent.

 

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