What are the benefits of being debt-free?

[Tobi]

The Bible says that the borrower is the slave to the lender. Money is very fickle it is a very good follower but a poor master. If you let it control you in the form of debt then you are bound to fail in life. Being debt free is really a no brainer. Lets understand the benefits of no debt with an example of car payment

 

[Blazing]

You would have more of your income available to you. Less financial risk and Improved credit score. .
Less stress with Improved mental and physical health.

 

[boolgermaine]

Having a car without debt is a clean vibe. I would put it this way: if I carry a car loan payment of four hundred dollars every month for five years, I pay more than twenty-six thousand. If I save and buy twenty thousand dollars in cash, I reduce the cost and stress of monthly payments. Then my money remains flexible and my mind remains free. Debt free keeps me stable and gives me control of my life without the pressure of a lender.