How Much Happier Will I Be With No Debt?

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How Much Happier Will I Be With No Debt?


This consumer has asked an interesting question. He wants to know how much happier will I be with no debt?

He also wants to know if he will be approved for a $35,000 loan and is it the right approach. The answer to the second question is actually easier.

There should be no problem with approving his loan request with his credit rating. Regarding, is it the right approach, we would have to know a little more information about his specific finances to determine the best approach.

Regarding his first question, it is much more difficult to address since there are many more variables.

Debt does cause stress and some people can handle stress much better than others. It also depends on how much debt as well as whether you have emergency savings set aside and whether you are living from pay check to pay check. Let’s face it the more in debt you are and the closer you are to living pay check to pay check the less happy you are going to be.

There are some factors to consider regarding this question which each person reading this post can apply to their situation and make their own assessment.


For example: less stress usually means improved health; less worrying about debt usually means better emotional health as well; with more money available you can now pursue other life goals; just knowing that you have no debt and no payments gives many people more confidence; spousal relationships are often improved if there are no worries about debt and less stress; temptation increases once debt is eliminated which can cause a return to debt; there is also a tight relationship between debt and spending i.e. buying something usually gives people pleasure, but the associated debt causes stress.

As readers will note, paying off debt will provide various people varying degrees of happiness depending on their situation.

The temptation to add new debt is high because of the pleasure that purchasing something, going on a trip etc. often provides.

The bottom line for most people is that less debt is usually better and most will aim for this objective. Some folks will find that having debt keeps them awake at night causing more stress and even health issues.

These folks will probably benefit more by reducing or paying off their debt as soon as possible.


Our consumer does not appear too worried about his particular debt situation and could continue as he is with no major concerns. We feel that he will be more satisfied with himself if he were to achieve his personal objective of having no debt during his retirement years. If he can continue working, he should focus on paying off the credit cards and the mortgage debt and them make sure that he and his wife do not succumb to the temptation of spending beyond their means which would definitely incur more debt.

Tell us how you feel about debt and whether it would make you happier with no debt!


Home/Mortgage Loan Amount :: $35,000

Home Loan Application and Processing Speed (when do you need the funds):: Not sure, I am still trying to figure out my options

Do you currently have a mortgage? :: yes, although it is almost completely paid off. The amount left is only $10,000

Bank Name and Branch :: Wells Fargo, Ocean Ave

What City/Town, State and County do you live in? :: Laguna Beach, California

Zip :: 92651

What is your employment field? :: Semi Retired

Employment Position :: Part time service adviser for a local company

When are you paid? (monthly/weekly/biweekly)::biweekly and monthly pension

Your credit rating to be – excellent, fair, or bad? :: fair

How did you find us? :: looking online for a small loan and information about paying off debt

How are you paid? (direct deposit/paper check):: Direct deposit

Gross Amount Per Paycheck :: $700 paycheck and $4000 pension

Do you agree to have this information published online, without your PRIVATE information of course? :: Sure if it will help others with some of the questions that I have.

Extra information here please (some detail):: One of the questions that I have is how much happier will I be with no debt? Right now I am in an enviable position in that I have a part time job that I enjoy and I get to collect my company pension every month. We have enough savings to live comfortably. I work to give me something to do and to help pay down the small amount of debt that we still have.

I wanted to retire with no debt at all, however between available retirement packages and some dissatisfaction with my previous employer, my wife and I decided it was time to retire. Taking this action meant that we would have enough income to pay our bills, our mortgage payment and live comfortably. We cannot take a trip or buy a new car but we can enjoy our life here in the city.


Once I retired, I found that I was bored and needed something to do. Also the mortgage we still had, although small was a concern and we had a small amount of credit card debt. If I borrow$35,000, I will be able to pay off the mortgage as well as the credit card debt and then focus on repaying the loan. It would be nice to have just one payment. to make.

Note to Lender :: What I really want to know is two things. First is this the right approach to dealing with the debt that we have? Secondly, how much happier will I be with no debt? As I mentioned earlier we could just continue with the present approach until both the credit card debt and the mortgage are fully paid. I do not mind working part time. I enjoy the work and it gets me out three days a week.

Regarding this part time job, it is pretty stable, however they could find someone full time and then I would be out of job. I might have to look for another job, although it would not be the end of the world if I did not continue working. Can you help with both questions?