I spend a lot of time writing about why debt is bad news. As a result, I’ve actually gotten a lot better at avoiding debt in my own life and paying off any debt I do take on as quickly as possible. I guess I believe in my own advice. But sometimes I have to wonder — I know a few people who carry a lot of debt, and it just doesn’t seem to faze them that much. They have a nice life, a lot of nice things, and they pay for it all in installments. Is that really so bad? If carrying debt doesn’t bother them, why would they bother making it go away?
It’s a good question, and it’s one a lot of people are faced with. After all, when life is good, why on earth would anyone want to switch to austerity mode? If you have a lot of debt, paying it off will not be nearly as fun as racking it up — and it’ll probably take a lot longer too. But there are still some really good reasons why you should suck it up and pay it off. Read them all in my post on WiseBread.com: http://bit.ly/LE4iY9