consumer debt in the first quarter of 2014 increased by $129 billion
Miami, FL (PRWEB) October 17, 2014
Debt Consolidation USA recently shared in an article published October 16, 2014 how consumers can get motivated to pay off their debt. The article titled “4 Non-Financial Reasons To Be Aggressive In Paying Off Debt” explains some of the non-financial benefits of aggressively eliminate debt in the household.
The article starts off by pointing out that consumer debt in the first quarter of 2014 increased by $129 billion bringing the total national debt to $11.65 trillion. The silver lining in this debt situation is that the delinquency rate has gone down proving that as consumers take on debt, they are paying for them on time. But still the bottom-line is that debt amount keeps on increasing every year on year.
The article shared that debt does not only ruin credit score and finances, it also affects psyche negatively. It casts a shadow over a lot of areas in a consumer’s life – the ambitions, confidence and even relationships. These are some of the reasons why there are non-financial benefits in paying down debt.
The first one is eliminating stress. Stress ripples out to a lot of areas in a person’s life and has adverse effects on so many levels including health. Stress can prevent some people to eat properly or even sleep adequately. This can lead to bigger problems in the long run that can add more debt in the household.
Another non-financial benefit of paying down debt is having stronger family ties.There are a good number of marriages that fail because of financial issues. Paying down debt can also build a person’s financial cushion so that the family will not have to suffer in case a financial emergency happens.
The article also points out how it allows a person to be more generous and giving. The more extra funds that is left over after paying for basic necessities, the more a person can give to those in need. To read the rest of the article, click on this link: