Can paying off your debt make you happy?

woody14867

Hi everyone.

I wanted to ask a question to you who have become debt free after compulsive debting...

Are you happy now? Do you feel more content inside?

I ask because my spending has taken away any self confidence I have and left my life in tatters.

I look forward to hearing your views

If you haven’t already, join the forum to reply!
[purplesignup][/purplesignup]

tattycath

Yes, being free of debt makes me happy ( apart from still having a mortgage).
I was in your position. I owed more than you and I went BR. Prior to that, I was reliant on credit cards and catalogues just to get by. It was very scary not having what I thought were safety nets - credit cards and catalogues. I learned to live within my means. I scrimped and scraped and saved for everything I needed. I felt better for doing this.
At least I knew I wouldn't have debt collectors chasing me down to pay what owed. That was a relief in itself.
I now hate debt and won't have credit cards or loans or catalogues. The only debt I have is my mortgage.
The thought is often worse than the deed. You will be fine.

sourcrates

For me it just removed an annoyance from my life.

Can't honestly say it made me happy, it was a relief of a kind, but it didn't make me happy no.

It's only money, I neither felt one way or another about it, happiness is taking your kids to school, lunch with your partner, or a good night out.

Money and debt are just fact of life commodities most people juggle with on a regular basis, no feelings either way really.

timefortea

The things that my savings allow me to do make me happy. I'm content with the growing house deposit I've saved so far, and in the past month three of my favourite bands have announced tours, and I've bought tickets for all three. Debt limited my options. But it also taught me something that I hope I'll never forget, too: buying material goods gives me a quick flash of excitement, but that's not happiness. Experiences make me happy, and that can be something free/cheap like a walk or picnic in the park, but sometimes the experiences I want to have do cost a bit more. Being debt free allows me to pay for those experiences.

changeforbetter

I would be immensely relieved to remove my debt - hence I suppose that would equate to a form of happiness.

I kind of see it a bit like banging your head against a brick wall, or swimming in concrete - it would be a nice feeling to stop having the feeling of debt!

curty510

i felt a great relief when i finally cleared all of my debts, having a lot more money to spend on my family made me happy. Better off on them than on interest

FinallyDebtfree2017

That is very good question.

Yes I think it will be a relief and it should make you more relaxed.

It should take away the constant pressure of thinking of it, but I agree the ultimate relief wil be paying off the mortgage.

HOWEVER. I think true relief will come from the understanding of why you live above your means and overspent.

Teacher2

Yes. Yes. Yes and yes.

There are many different kinds and different degrees of happiness from ecstasy to contentment. Insofar as being plagued by guilt and debt collectors is a misery and a constant anxiety which prevents you from feeling free, then paying off the debt provides relief from these horrible feelings and circumstances.

Being without debt conveys a sense of freedom, autonomy and satisfaction. It then leads to the even greater pleasure of those who save and have something put by for a rainy day.

So pay your debts and you will feel happier and be wiser.

ReadingTim

Being debt free won't in itself make you happy.

However, being in debt can certainly make you miserable.

nanny_beach

Yes, happy, relieved, great to owe nothing to anyone, and something really special about the last mortgage payment. Mind you it probably negatively affects your credit score!!!

CapricornLass

I don't know about happier. However, it did remove a huge source of stress. And its nice to be able to put savings by, and so have money available to pay things when needed. And its nice not having to pay out on a mortgage.

However, I tend to agree with FinallyDebtfree2017 - you really need to deal with the issues that caused you to go into debt in the first place.