Our Motivation For Getting Out Of Debt

Posted by The Happy Rock on July 1, 2008

A few weeks back I ran a contest that required the participants to explain why they wanted to get out of debt. The responses were wonderful and I wanted to share them with all the readers. I have categorized the reasons as best as possible and listed them in order by number of votes. Some participants supplied multiple reason.

The Happy Rock readers top seven reason for getting out of debt.

Security/Peace of Mind
Freedom/Debt is Slavery
Net Worth Increase/Savings/Investing
Children
Giving
Frustration
Simplicity

Two of the entrants can serve as inspiration since they are already out of debt!!! One was a fellow blogger Pete @ Bible Money Matters.

For those that are interested I have talked before about what I gained from getting out of debt.

Just keep visualizing those goals and don’t stop pushing hard until you get there!

» Filed Under Debt Elimination, Psychology of Debt

Trackbacks/Pings

Becoming Debt Free: Identifying the Why | Frugal Dad on July 7th, 2008 7:01 am

Comments

6 Responses to “Our Motivation For Getting Out Of Debt”

Pete (38 comments.) on July 1st, 2008 2:38 pm

Thanks for the mention! Getting out of debt really does make you feel free- free to save, free to spend responsibly, and free from worry about how you’re going to pay off those debts. I highly recommend it!
Diana (14 comments.) on July 1st, 2008 10:57 pm

I guess freedom and peace of mind are the reason for most people. Living with huge debt is like living in chasing.
Momma (6 comments.) on July 2nd, 2008 12:15 pm

What a positive idea for a contest! Thank you for sharing it. I’ve got a new contest up my sleeve coming out next week. Can’t wait to launch it.
Dan (4 comments.) on July 2nd, 2008 10:27 pm

This is a very interesting article, I wish I had a chance to participate. I’m guessing this would apply for almost all people that are in debt. I know if I keep on track I should be out of debt really soon . Peace of mind after getting out of debt would be great. Would love to finally start saving for my son’s college fun and retirement fund one day.
The First Creditor (32 comments.) on August 17th, 2008 9:12 pm

I definitely agree with reason number two. I always think about the word ‘mortgage’ and its root words. ‘mort’ meaning dead and ‘gage’ meaning pledge, well pretty much leaves you with a ‘death pledge’. Ouch.