Why You Should Become Debt Free – Part 3

To have money for repairs. If you own or even rent a home, you will need money for repairs and general upkeep. Some examples of possible repairs are a leaky roof, a squeaky furnace, household appliances such as the washer, dryer and refrigerator, and other necessary repairs on vehicles, computers, etc. If you are maxed out on credit card debt and other payments, you won’t have the money to pay for unexpected repairs.

To pay for college without adding more debt. Many kids and adults never have the opportunity to go to college, because of heavy debt loads, even though it is a necessity in today’s world. The average American household pays $100 a month in just credit card interest alone. Just think what could happen if that same amount were invested in a stock mutual fund for several years until a child goes off to college. Not only would the child’s college tuition be paid for, but there would also be enough money left over to help with other education-related expenses like room and board or textbooks.

What other reasons can you think of! Your comments appreciated!

Content © Rich Brott, 2011

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