The Benefits of Living Debt Free

If you’re in debt, you’re certainly not alone.

Approximately 3 out of 4 American families are in debt, according to the Federal Reserve’s Survey of Consumer Finances . With so many Americans carrying debt, it’s easy to dismiss it. Plenty of people live their day-to-day lives shrugging off debt, but it does take a toll. 

Financial stress, whether from debt or otherwise, puts a strain on people and their relationships. According to a survey by the American Psychological Association , money is a leading source of stress for Americans, with 72 percent of respondents saying they recently felt stressed about money. Credit card debt is a significant source of stress.

Research has also shown that fighting about money is the top predictor for divorce. 

That’s why there are many benefits to debt-free living. Let us explain.