There’s is an immeasurable psychological burden that many people feel when they are carrying steep student loan debt or sky-high credit card bills that feel impossible to get on top of. Debt makes people feel like they’re being controlled and unable to focus on things besides simply trying to survive financially, says psychologist Dr. Yvonne Thomas, Ph.D.
However, once you find a strategy to become debt-free — and actually meet the goals — dissipating anxiety makes room for hope, peace and bigger dreams. “You may feel inspired to expand your world and experiences by being able to try different and new things that you may not have had the financial ability to attempt before,” Thomas says. “Thus, you will become enlightened and grow as a human.”
There is strength found in patting ourselves on the back. Self-accomplishment and autonomy are great for our confidence. The pride and sense of progress in achieving financial freedom is a gateway to even better things. “With these positive consequences occurring, increased self-confidence and self-esteem can also develop,” Thomas explains. “As you feel more financial freedom and self-pride, you can improve other areas of your life, such as the quality of your relationships, and your ability to live up to your full potential in life.”