There is no time like the present... Why get out of debt now?
Only 3% of Americans reach the age of 65 and are financially independent. Being debt-free is part of a strategy for financial independence, so you won't be a burden to your children and grand-children.
Chart courtesy of Woodland Prescott
Current low interest rates offer a unique opportunity of refinancing and decreasing your interest payments on loans.
Historical Interest Rates
Interest never sleeps. Notice how good interest is at working your $100,000 loan into an amount twice that much. And that's at
an incredibly low interest rate (6.00%).
As part of a strategy for building wealth, the sooner you are out of debt the sooner you can start implementing a plan for long-term financial security.
Being debt-free provides a peace-of-mind that can positively affect your interactions with co-workers, friends and family.
