What Happens When You're Debt Free?

The amazing thing about being debt free.

Living a debt-filled life has become the norm these days. It's important to be aware of how being in debt can affect your finances and your life, especially when you have high amounts of debt.

Taking on the stress that debt can bring can lead to many financial problems - from personal issues to money management issues and even depression.

More money to spare

Once you have paid off all your debt, things are going to get crazy. All the money that would have been used to pay off debt gets put straight into your pocket. Giving you that much-needed relief from debts. No more spending on debts means you can now really look at saving up for those much needed luxuries as well as the big investment purchases such as a car, computer, or possibly even a down payment on a house.

The best stress reliever

When you pay off debt that has been lingering over your head for months or even years, you are finally free. You can stop worrying about overdue debt repayments, high-interest charges, or monthly living expenses. As the debts are paid off one by one, an increased flow of personal cash will fall into your hands. Now more money is available for monthly expenses and big ticket items you desire.

Boost your credit score

When you’re under financial pressure to pay off your debt such as credit cards, your credit score (also known as a credit rating) will start to take a hit. If you continue making late payments or default on any of your debts, your credit score will continue declining until you resolve the problem of not paying back money that you owe.

New financial goals

Once you've become debt-free, the journey towards gaining financial freedom begins. Learn how to invest your money, and ways to consolidate and pay off debts. You can also build up a security fund so you'll have enough if big life changes come your way. Develop new financial habits to maintain a continued path of success for many years to come.

Reduces your risk of financial failure

Life is full of risk and danger. By exposing yourself and your spouse to more debt (and capital), you're essentially increasing the chance of something terrible happening. You never know what fate has in store for you and not having a safety net like an emergency fund could ruin your life and leave you unable to pay your bills. It's crucial that each spouse understands how money moves in the relationship because it can prevent arguments later on down the line.

The amazing thing about being debt free.

Living a debt-filled life has become the norm these days. It's important to be aware of how being in debt can affect your finances and your life, especially when you have high amounts of debt.

What happens when you’re debt free? The first thing that happens is you feel a sense of relief that’s hard to describe. You no longer have to worry about how you’re going to pay for something, because you know you have the money to pay for it. You can breathe a sigh of relief, knowing that you are out of debt, and you can move on to the next step. At Credit Health, we help you make the right choices for your financial future. The future is looking bright!

  • 10 common credit score myths.
  • 5 ways to pay your credit card debt.
  • 8 most common credit terms.
  • A Guide On How To Get Out Of Debt.
  • Blacklisting, is it still a thing?
  • Breaking Bad Debt.
  • Build Your Credit Score While You’re Young
  • Can I Get A Loan While Under Debt Review?
  • Can Your Credit Score Affect Your Job?
  • Check Your Credit Report For Signs Of Fraud
  • Common myths about debt review.
  • Debt Management Tips.
  • Debt Review Is A Good Idea.
  • Default, Judgement, Sequestration.
  • Disputing Errors on Credit Reports
  • Free VS Paid Credit Reports.
  • Frequently Asked Questions about Debt Review.
  • Get your credit report before applying for a loan.
  • Get Your Credit Score Back On Track
  • Good Debt Can Build Your Credit Score.
  • Hard VS Soft Inquiries On Your Credit Report.
  • Have I Been Blacklisted?
  • How do I get late payment entries removed?
  • How Do I Manage My Debt When I Am Unemployed?
  • How do I read my credit report?
  • How is your credit score calculated?
  • How Is Your Credit Score Weighted?
  • How Long Does Debt Review Last?
  • How To Calculate Your Debt-To-Income Ratio.
  • How To Clear Your Name At Credit Bureaus.
  • How To Improve Your Credit Score After Debt Review.
  • How To Qualify For New Credit With No Credit Score.
  • How To Reduce And Eliminate Debt.
  • Judgements, Administrations and Listings
  • Online Shopping – Just (don't) add to cart!
  • Teaching Children Good Money Sense.
  • The Best Way to Manage your Store Credit Card Account
  • The Pros And Cons Of Debt Counseling.
  • Things You Don't Want To See On Your Credit Report.
  • Tricks To Help You Save While Paying Off Debt
  • Understanding a credit report in South Africa.
  • Understanding Debt Consolidation Loans in South Africa
  • Vehicle instalments driving you to despair
  • Warning Signs You Could Be Heading for Financial Disaster
  • What Affects Your Credit Score?
  • What are credit bureaus and how do they work?
  • What causes credit card debt?
  • What do credit bureaus know about me?
  • What Effect Does Your Credit Report Have On Your Interest Rates?
  • What Happens To Your Credit When You Get Married?
  • What Happens When I Skip A Debt Payment?
  • What Happens When You're Debt Free?
  • What is a credit score?
  • What is a credit utilization rate?
  • What Is A Decent Credit Score To Buy A Car?
  • What Is A Good Credit Score If You Want To Buy A House?
  • What Is A Hard Inquiry And How Does It Affect Your Credit Report?
  • What Is A Soft Inquiry And How Does It Affect Your Credit Report?
  • What Is Considered A Bad Credit Score?
  • What is considered a good credit score?
  • What Is Debt Administration?
  • What Is Debt Counseling?
  • What Is Debt Review?
  • What’s the difference between your credit score and your credit report?
  • Which Type Of Credit Carries The Most Risk?
  • Why Debt Counseling Is Perfect For You.
  • Why Did My Credit Score Go Down?
  • Will checking my credit report affect my credit score?
  • Your Best Defence Against Identity Theft Is Your Credit Report
  • Your Credit Score: The Basics.
  • Show More

    Check for arrears accounts

    In order to help you on your way to Credit Health, we've teamed up with Transaction Capital Recoveries and MBD Inc. By selecting continue, you give consent that we may check for any arrear accounts on your behalf.

    Funeral Cover Application

    You will be redirected shortly to complete the signup process

    If you are not redirected, click here.