How Would It Feel to be Debt Free?

2017-09-18   minute read

Lifestyle Debt

Whoever said money can’t buy happiness has never worked tirelessly for two weeks only to have an over drafted bank account swallow their entire paycheque; has never avoided checking the mail because they couldn’t bear facing another credit card bill; has never questioned how they’re ever going to get ahead making the interest-only payments on their line of credit; and has definitely never faced the paralyzing anxiety of wanting to ask for help, but not knowing where to start.


While money can’t buy happiness, debt can certainly get in the way.

If this sounds familiar, you’ve probably spent a lot of time imagining how it would feel to finally be rid of your unsecured debt, once and for all. No more using your line of credit to make payments on your credit card. No more using your overdraft to make your line of credit payments. No more dreaded phone calls from your creditors asking about your accounts and when they can expect them to become current.

When you picture what it would feel like to be debt free, what emotions does that inspire? Liberation? Joy? Relief? You’re not alone. Ask anyone who is debt free and they will tell you that after devoting so much time and energy to juggling multiple forms of debt, they can finally focus on living their lives. They can enjoy time with their family again. They can work toward goals and opportunities that were previously eclipsed by the looming shadow of compound interest and endless late fees.

If this is something you hope to experience for yourself, it is possible. The incredible feeling of lightness and optimism that comes with being debt free is within your reach. While it won’t be easy, it is fundamentally very simple. All it requires is that you be open to making some important decisions, be willing to answer some potentially uncomfortable questions and be prepared to make some changes in your attitude towards money management and spending habits.

First, you’ll need to decide what living within your means would look like. What expenses could you reasonably live without? Are your housing costs consuming too much of your net income? How often do you give in to the “I see, I want, I buy” urge that causes you to use credit for purchases you later decide were frivolous and unnecessary? How much more satisfying would it have felt to save up for a month or two so you could make that payment with cash?

Next, you need to ask yourself how much more in control of your life and finances you would feel if you tracked your income and spending each month. What difference would it make if you made sure your mortgage (or rent), groceries and other essential costs were accounted for before you bought anything else? What would change for you if every single dollar in and out of your bank account was budgeted and spent deliberately? How satisfying would it feel if you had enough money remaining at the end of the month to allow you to put something away for your retirement, for your children’s education or for a well-deserved vacation?

If you already feel like you’ve tried everything you can and are still having trouble reigning in your debt, it may be time to sit down with a Licensed Insolvency Trustee for a free confidential consultation. You do have options. We can offer solutions. Your debt free future is within reach. MNP can help you get there. Call us today to learn how.

Based out of Winnipeg, Laura Ryback is a Licensed Insolvency Trustee and Vice President at MNP Ltd. To learn more about how MNP Debt can help, contact our local office at 204.336.6167.

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