101 Reasons to Get Out of Debt

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Your friend just paid off their car. Your brother-in-law just made the last payment on his student loan. And you know what? Even your co-worker just told you that he has no mortgage! How is it that everyone is winning at this financial game and you’re still deeply in debt?? There’s just one difference between you and them. They have clear, defined, hugely inspiring reasons to get out of debt. You don’t.

reasons to get out of debt101 Reasons to Get Out of Debt

If you want to get out of debt, but don’t have that one solid reason to do it, you’ll never do it.

There are three emotions that move you:

  • Greed
  • Fear
  • Anger

The best reasons to get out of debt are triggered by two of these emotions – fear and anger. If you’re freaked out about what your debt will do to you and pissed off about how it’s kept you down all these years, then you’re ready to get started.

To help you figure out your reasons to get out of debt, I thought it might be helpful to put together a little list. Hopefully, in this list, you’ll find that thing that’s going to drive you into action. Once you do, keep it in front of you at all times. Write it down, keep a picture, do whatever it takes to remind yourself why you’re going through hell. It’ll get you through and to the other side to see the pearly gates and the streets of gold!

  1. Improve your credit
  2. Increase your cash flow
  3. Land a new job based on how much you like it, not based on the payments you’re getting behind on
  4. Stop worrying about the next unexpected expense
  5. Buy groceries without wondering if there’s enough money in the bank
  6. Stop worrying if you’ll have enough for rent next month
  7. Stop making decisions based on your debt rather than what’s best for your long-term future
  8. Getting the best medical treatment instead of worrying about the future bills
  9. Give to your favorite charities
  10. Become a living story to help others get out of debt
  11. To start investing for your retirement
  12. Go on a vacation and not come home with the bill
  13. Put your kids in private school instead of the sub-par public school that you’re assigned to
  14. Reduce your stress at work
  15. Stop fighting with your spouse about money all the time
  16. Help your ailing parents instead of putting them into a medicare nursing home
  17. Start investing for your kids’ college so they can have a life that’s different than yours
  18. Finally save up an emergency fund
  19. Buy real estate with cash (yes, this is possible)
  20. Buy a nice car without worrying about every single scratch
  21. Have kids without considering their cost and instead consider the joy that they’ll bring you
  22. Go travel the world for a year
  23. Retire extremely early
  24. Follow your passions without thinking twice
  25. Start your own business
  26. Buy your clothes based on style, not on the price tags
  27. Read a restaurant menu from left to right and actually order what sounds good
  28. Send someone you love on the trip of their dreams
  29. Buy a cottage on a lake (or if you prefer, in the mountains)
  30. Never talk to a bill collector ever again
  31. Start insuring yourself instead of handing your money out to everyone else
  32. Focus on what’s important instead long-term of what’s urgent in the moment
  33. Marry based on love, not on money
  34. Finally buy a smart phone
  35. Buy your dream house
  36. Give thank you gifts instead of thank you cards
  37. Buy your dream car, even if it makes absolutely no logical sense
  38. Stop worrying about the latte factor
  39. Set an example for your kids. After all, more is caught than taught.
  40. 101 reasons to get out of debtFinally make money with money like the rich
  41. Become a member at your local golf club
  42. Get season tickets to your favorite team with cash
  43. Get that kitchen upgrade that you’ve been waiting for
  44. Buy that new roof that you so desperately need
  45. Show your parents/friends/family that it’s possible and they can do it too
  46. Finally get that family pet that you’ve been dying for
  47. Buy that property that’s been in the family for generations because no one else can
  48. Move out into the country and buy some money-sucking horses because they’re awesome (or so my wife tells me… ;))
  49. To finally break ties with your ex.
  50. To start a new life for a new you
  51. Avoid the embarrassment of talking about that thing you went into debt for
  52. So you can actually buy clothes for your kids when they outgrow them
  53. Go to Chuck-E-Cheese as a family without maxing out the credit card
  54. Buy the highest quality item instead of the cheap option you know is going to break in a day
  55. Finally get a decent haircut
  56. Stop getting taken advantage of when it comes to purchases and warranties (zero-down, zero-percent interest, gimmick warranties, etc.)
  57. Pay for Christmas in December instead of July the next year
  58. Host parties without forcing your guests to take their own sides and drinks
  59. Get out of your parents’ basement
  60. Buy a pool
  61. Make a game-room for your kids and their friends
  62. Buy replacements instead of spending hours fixing a $20 item
  63. Think about wealth instead of worrying about debt
  64. Leave millions of dollars to your favorite charities when you die
  65. Never worry about your car getting repo’d
  66. If you ever get cancer or a deadly disease, you’ll only worry about beating the illness, not about paying the bills
  67. Invest in a Health Savings Account to save on future taxes
  68. Start that collection you’ve always wanted
  69. Quit that job you absolutely hate
  70. Pay off your brother-in-law that keeps pestering you about the money you owe him
  71. Never worry about your house going into foreclosure
  72. Pay lower insurance premiums
  73. Get a better deal on your cell phone
  74. Reduce your stress, which will improve your overall health (and save you even more money!)
  75. Reduce your risk of depression
  76. Improve your self-esteem – you’ll smile more, walk straighter, and be more confident in your day-to-day life
  77. Make better decisions because your brain is clear of the debt
  78. Improve your relationship with your spouse – to get out of debt, you’ll communicate more, and once you’re out you’ll fight about money less
  79. When you can afford to buy anything, you’ll want for nothing
  80. You’ll be able to work less and see your kids more
  81. Make you more relaxed so you’ll be a better parent
  82. Become wealthy in your middle age to help your kids get a jump-start in life
  83. Get envitro-fertilization treatments
  84. Adopt children
  85. Stop trying (and failing) to do house projects yourself
  86. Being able to speak your mind at work instead of playing it safe all the time – which will probably result in you earning more money
  87. Stop giving all your money to everyone else in the form of interest payments
  88. Finally have time to relax instead of chasing your tail at every moment
  89. Never deal with a credit card company ever again
  90. Never have to call your wife to see if there’s $15 in the account for a cheap golf shirt purchase (I’ve witnessed this at T.J. Maxx…it was a sad sight)
  91. Start volunteering your time without worrying about money you might be missing out on
  92. Save up a pile of money for your kids to go to college
  93. Prove your parents wrong and change the family tree. You CAN be successful and win in life.
  94. Pay off those crippling student loans so you can finally move out and buy a house
  95. Avoid a looming bankruptcy that will kill your credit for 7+ years
  96. Allow you to stop playing, “beat the check” where you mail a check to pay a bill before the money is actually in your account. You figure you’ll get paid before the check arrives. FYI – this is NOT a fun game.
  97. Become a stay-at-home parent
  98. Avoid eating Alpo in retirement
  99. More vacations and more exotic vacations!
  100. Avoid the crushing result of job-loss while in debt
  101. By eliminating debt, you’ll open the doors for many future opportunities!

What are your reasons to get out of debt?

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