Budgeting · Finances

5 reasons WHY you NEED to pay off your debt quickly

Why should you pay off your debt quickly and aggressively instead of using your money to live a ‘normal life’ and pay off your debt on the maximum timeline?

“Why do you want to pay off your debt so quickly?”

“Why don’t you just pay the minimum payments and then enjoy your money?”

“Your kids are so young, don’t you want to use the money towards vacations now?”

“Student loan debt is good debt, why would you want to pay it off?”

These are all ACTUAL questions that we’ve gotten from family and friends who know our debt journey. You have probably started to get the same questions or you may be asking them to yourself!

If you are paying off a large amount of debt and it takes you a while, you will be tempted along the way to slow down. We certainly have.

It’s at those times that you have to remember WHY it’s important to pay off your debt quickly, and not elongate the process.

These are the 5 reasons WHY you NEED to pay off your debt quickly:

1. Interest

Have you calculated how much money you throw away daily on the interest of your debt? Try it! Calculate how much money you spend on interest both daily and yearly and it will absolutely motivate you to get out of debt QUICKLY.

Let’s pretend you have $100,000 of debt at an average rate of 7%. That means that annually you are throwing away $7,000 just staying in debt. Every day you might as well throw $19 out of your car window. Motivated to get out of debt quickly yet? Try calculating your interest for both your non-mortgage debt, and your mortgage and it’ll convince you that even your mortgage NEEDS to be paid off as quickly as possible. 

2. Have financial freedom

If you’re paying off a large amount of debt and be free from the chains of slavery. Proverbs 22:7 says “The rich rule over the poor and the borrower is slave to the lender.” We have felt the weight of the chains of slavery to our lenders. Our debt payments were preventing me from following God’s calling to come home to be with our children.

What is calling at your heart that you want to be able to do but can’t because the chains of your debt payments every month? Imagine how wonderful it will feel when you don’t have any debt payments that hold you back from that every month.

Visualize your debt as literal chains around feet and then get so mad that you want to attack them and get the debt out of your life as quick as possible.

3. Be able to start investing

The effects of compound interest when investing are enough motivation that everyone should be wanting to invest as much money as possible.

Working aggressively to pay off our debt means we’ll soon be able to throw a lot of money towards investing. Every day we decide to purchase something instead of putting that dollar towards debt means another day lost of compound interest.

4. Reduce your risk

You may be able to make all of your minimum payments comfortably right now and are wondering why you would even bother paying off your debt quicker than required.

You need to pay off your debt quickly because your financial situation is not a guarantee.

Your job that you have today is not a guarantee.

Getting rid of your debt as quickly as possible reduces the risk of not being able to pay your bills with a job loss.

We dealt with a job loss at the beginning of our debt journey and besides it naturally being a huge source of stress for anyone, it would’ve been much less stressful if we didn’t have the huge mountain of debt.

5. Ability to enjoy your future

By taking on the responsibility of paying off our debt quickly, we are not letting our debt follow us for the rest of our lives. We are sacrificing now so that we can more fully enjoy the future. We plan on being able to take vacations debt free, purchase our next home debt free, etc. So many people live their entire lives with debt and are never able to fully follow their dreams. Every vacation comes with a credit card payment that follows them home. 

We want to break that cycle and be different – don’t you? Do the hard work of paying off your debt QUICKLY, so that you can enjoy the rest of the future.


If you’ve been lacking the motivation or reason to pay off your debt QUICKLY, hopefully this has set you on fire! Don’t delay and start making a plan to get it paid off as soon as possible.

When your family and friends ask you why on earth you would want to pay off your debt, “especially good debt like student loans”, (note the sarcasm ) you can be armed with these 5 reasons to convince them you would be crazy to not pay it off quickly.

Let me know below:

What do you think of our reasons to get out of debt quickly? Do you have any to add? Did this help convince you to pick up the pace in paying off your debt?

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