Carrying a large amount of debt can be a troubling experience. This is particularly true in times of economic uncertainty. Recession, inflation and other financially related woes can make for many sleepless nights. 

In Texas, inflation, just as anywhere else in the country, can be especially problematic in this regard. And, while Texans do still enjoy some of the lowest costs of living in the country, living with debt imposes a number of drawbacks just the same. 

So, let’s take a look at some of the benefits of living debt-free in Texas.

Stress Reduction

Money problems can have a profound impact on your psychological well-being. They can amplify stress and put you at risk for mental illness. This, in turn, can evolve into physical illnesses. Moreover, your family life suffers, as does your personal relationships with friends and coworkers. 

Debt can diminish your appetite, increase drug and alcohol abuse, as well as (ironically) lead to irresponsible spending. People often shop — spending money they don’t have — in order to try feel better about themselves, relieve depression and soothe anxiety.  Of course, this is extremely counter-productive, as doing so only leads to more debt.

Credit Score Boost

One of the factors determining your credit score is the amount of debt you carry relative to the amount of credit you have available to you. Accounting for a full 30% of your credit score, eliminating your debt will give you a higher credit rating. 

The clever play is to use your credit cards from time to time — being careful to pay off the entire balances before the due dates. This will keep your accounts open — which also factors into your credit score — but avoid costly interest charges. 

If debt is already a problem, consider credit card debt consolidation, one of Freedom Debt Relief’s tips for Texans dealing with debt. This approach combines all of your outstanding credit card debt into one account, which can make paying it off much easier and more cost-effective to manage. 

Savings and Investments Grow Faster

With less money going to satisfy creditors each month, you’ll have more to save and invest. This will serve you well when you hit retirement age, as you‘ll have a lot more cash put aside to fund your leisure activities. 

Every household should have an emergency fund of at least three to six months of living expenses. This can be in the form of a regular savings account, a CD or any other asset that offers ready liquidity. This will help you avoid taking on huge amounts of debt should a major repair become necessary, or if you lose a job. 

Even better, the sooner you retire your debt, the more time your investments will have to accumulate compound interest. This will make them grow faster and larger. 

More and Better Choices

Freed of debt, your life becomes more your own. You can give to whatever charities you feel deserve your largesse. You can live pretty much wherever you’d like and quit a job you dislike. You can spend more time doing what you enjoy doing, rather than what you have to do to pay bills.

This, in turn, will give you more time to spend with your family, nurture your relationship with your significant other and just generally enjoy life—on your own terms.

The benefits of living debt-free in Texas, like anywhere else in the nation really, include a happier more productive life, fewer worries and ever more rewarding relationships. Even better, there are a number of effective strategies you can employ to set yourself on the path to debt freedom today.