Nowadays, many people take debt for granted, and many have come to view it as a normal part of life. It can even be argued that debt can be a useful tool. Yet, despite the prevalence of debt, very few people do not have any form of debt whatsoever. Therefore, this begs the question- why is debt elimination so important?

Firstly, debt has the potential to limit finances. People who are in debt spend their hard-earned money paying off debts, often using credit cards, loans and other financial products and instruments in order to meet their current needs. This cycle of payments then continues itself – even if debts are paid off they may be replaced with new ones. Additionally, over time interest rates can increase making the principal debt look small in comparison to the interest amount due – this is even more true if commodities continue to rise in price. Therefore, debt elimination is essential for those who wish to make full use of their income without it being drained through payments and interests.

Debt also has the potential to limit one’s abilities – when all of an individual’s work is dedicated towards paying off debts then there is little motivation or incentive for them to work hard or efficiently as they will not.