NFCC Hosts Campaign Bringing Awareness to Benefits of Debt-free Lifestyle
During April, Financial Literacy Month, NFCC Member Agencies collected more than 5,800 pledges from consumers to become debt free. The Take the Debt Free Pledge campaign allowed consumers to make this voluntary commitment as their first step toward embracing a new financial lifestyle.
Consumers who took the pledge were issued a certificate as a reminder of their commitment, along with materials outlining the benefits to becoming debt free, as well as tips on getting started and how to turn their goal into a reality.
Itâ€™s not too late to make your own commitment to pursue a debt-free lifestyle. The NFCC offers the following advice to help consumers on their journey toward financial stability:
Benefits of becoming debt free:
â€¢ Youâ€™ll feel as though you got a raise. All the money that was going toward debt repayment is now yours to use as you see fit.
â€¢ With the extra money, you can begin or add to a saving account, allowing you to establish an emergency fund and save toward your goals, things such as a vacation, vehicle, or home improvements.
â€¢ Youâ€™ll have money to invest.
â€¢ You can stop paying interest on your debt, and instead put the money to work earning interest for you.
â€¢ Your credit report and credit score will improve, putting you in a better position to receive preferred rates if you need to borrow money in the future.
â€¢ Your insurance premiums could decrease since rates can be based on credit-worthiness.
â€¢ You can answer the phone and get the mail without the dread of collection notices.
â€¢ Youâ€™ll be in a better financial position if you were to lose your job.
â€¢ By ridding yourself of the burden of overwhelming debt, youâ€™ll sleep better, be a better spouse, parent and employee, all because youâ€™ve removed the cloud of debt that formerly was your constant companion. By losing the debt, you lose the stress.