It\u2019s hard to get ahead in life when you\u2019re paying 24% interest on credit card debt. Or, for that matter, 10% interest on personal loans or student loan debt.<\/p>\n
Becoming debt-free takes you a giant leap up the ladder to wealth<\/a>. In fact, paying off your unsecured debts changes the way you think about your finances\u2014when you have debt hanging around your neck, you think defensively about eliminating debt rather than offensively about building wealth. Only after paying off high-interest debts can you truly start thinking bigger about your broader financial strategies<\/a> and goals.<\/p>\n No one ever regrets paying off debts. Consider making a financial sprint over the next six months to become debt-free, and open up a far wider field of financial vision for building a wealthier future. It\u2019s going to mean giving some things up, things that you\u2019ve grown comfortable with, things that you currently take for granted.<\/p>\n But trust me, it\u2019s worth it.<\/p>\n The top three expenses\u2014housing, transportation, and food\u2014make up nearly two-thirds of the average American household\u2019s annual budget. That means they offer the most room for savings, compared to saving a few pennies here and there by buying toilet paper in 48-roll packs rather than 24-roll packs.<\/p>\nThe Big Stuff to Give Up<\/h2>\n