Or you could just make it your resolution to settle those outstanding Warrants, Liability Orders and High Court Writs?
These are not the most exciting resolutions you could dream up, we’ll give you that, but whilst millions of people will pledge over the next few days to join a gym, eat less meat or phone their grandparents every month, making a resolution to settle any outstanding debts you have could well be the best resolution you’ll ever make.
That feeling of having a weight lifted from your shoulders is palpable and powerful. Over the years we have spoken to many debtors who have almost found themselves transformed into a new person altogether upon the settlement of a debt.
OK, you might have to cancel a sports subscription or forego a holiday in 2020, but the benefits of becoming debt free can be so transformative, that it really is worth it.
To illustrate our point, here are 8 things that can happen as soon as that final payment is made…
1. More Money to Save Or Spend
Nobody said it was going to be easy, but as soon as you are free from the monthly repayments of loans and the daily battle with interest and percentages, you’ll find that any money that comes your way each month is just that, yours. And it’s yours to do with as you please. Save it, spend it, share it with your family. It’s all yours.
2. Improved Sleep
High up on our list of things that can happen is improved sleep. The stresses of looming High Court Orders or even just shady looking bank balances can cause people to toss and turn all night long. Forget the debt and say hello to a good night’s sleep for the first time in a long time.
3. Improved Credit Score
It can take a while for this one to take effect, but patience is a virtue and a resolution to settle your debt could be a resolution that pays you back for years to come, far beyond the year in which you initially set it.
4. New Dreams and Goals
Imagine the freedom of being able to dream big again. What have you always wanted to spend your money on? A holiday? Retraining? Before 2020 you may have been unable to even imagine anything like this, tied down by all that you owe. Well as soon as you get that out of the way, you can get to work on what you owe yourself.
5. Work Less
This may or not appeal to you, but if your outgoings are reduced, your incomings don’t necessarily have to remain the same. Whatever you decide to do, simply having the choice is a new and welcome experience for sure.
6. Increase Options
By eradicating your debt, you will find that more and more doors begin to open. What’s great is, that you are the one who decides exactly what lies behind those doors and whether or not you want to go through them! Travel more, stay at home more, take a sabbatical. Options!
7. Become Wary of Debt
An experience with debt can be life changing. You might find that you come out of the process much more able to deal with this sometimes-necessary arrangement. You may even find that you never want to accrue any debt again. Either way, a new found respect, cautiousness or complete aversion could well be a positive side effect of this kind of resolution.
8. Pay for Your Own Stuff, Interest Free!
With more of your own money in your pocket, paying for the things you need and want can become something that excites you again, rather than just another debt to wear around your neck. Sofas, holidays and brand-new cars can start to get heavy!
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