Sunday, March 31, 2019

Clear Your Thoughts - Reduce Debt

The rich rule over the poor, and the borrower is slave to the lender.  Proverbs 22:7

Debt - an amount of money borrowed by one party from another.  Debt is used as a method of making purchases that are not affordable under normal circumstances.  A debt arrangement gives the borrowing party permission to borrow money under the condition that is to be paid back at a later date, usually with interest.

While debt enables purchases, it also can create another level of stress and anxiety that can go beyond a healthy level.

I read an article that explains that getting out of debt, makes your brain function better.  The removal of debt improves:

  • Cleans up cognitive functioning of the brain
  • Lessons anxiety
  • Improves impulse control
To combat debt, simplify your finances as much as possible.  Pay off your smallest debt balances and continue until elimination.  A key is a personal budget for planning next steps.

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