Benefits of eliminating debt

Anyone who has struggled with debt knows the huge emotional toll that such a struggle can take. Debt, particularly overwhelming debt, can cause a person to feel understandably trapped, depressed and under extreme stress and pressure. However, eliminating debt and taking care of one's creditors can provide significant psychological benefits to counteract the accumulation of immense stress.

While spending money typically brings some form of happiness to spenders, the debt brought on by that spending can easily overshadow those pleasant feelings. Those who feel crushed under the weight of overwhelming debt can find a fresh financial start by filing for Chapter 7 bankruptcy. This form of personal bankruptcy is centered on liquidation of assets in order to satisfy creditors' demands.

While few Southaven residents want to part with their personal property, the financial and mental boost can be worth it. A huge debt elimination, which Chapter 7 bankruptcy often provides, can produce feelings of high self-esteem and confidence in one's ability to pursue goals. In addition, a major elimination of debt can lead to better overall health as well as relationships which function more freely without extreme stress. Stress is a common driver of cardiovascular-related health problems; in fact, a 2001 Occupational Medicine list ranked overwhelming debt as the fifth most stressful life event.

Mississippi residents who want to get a handle on their finances and their life may feel a boost after consulting with a bankruptcy attorney. The lawyer can explain the ins and outs of Chapter 7 as well as Chapter 13 bankruptcy, another option for individuals. By taking charge of their financial situation, local residents can also take charge of their overall well-being.

Source: Bankrate.com, "The psychological perks of paying off debt," accessed June 28, 2015

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