Top 9 Characteristics of Debt-Free Individuals

Individuals who stay debt-free are not born, rather they are made. In fact, it takes a lot of effort to cultivate a personality that does not get carried away and goes on a shopping spree, or indulge in some other financial indiscretion. Generally speaking, debt-free people are realistic and confident. They are in full control of their finances. You will find them to be least interested in keeping up with the Joneses, and better equipped to get over status anxiety.

Here are nine traits of debt-free people that can come in handy while taking control of your finances:

  1. Paying attention to details: Debt-free people keep a close eye on their finances. They always bear in mind how much they earn and what are the heads they have to spend on. This allows them to have a good control on their finances.
  2. Taking credit as a mortgage on future: People who have better control on their finances never tend to barter instant gratification for a future that is full of troubles.
  3. Pragmatism: Those who lead a debt-free life have a pragmatic approach to things. They don’t have status anxiety; rather they’re on the lookout for value and utility. They just don’t drool over brand names.
  4. Self-reliance: People who don’t carry the burden of debts on their shoulders are more often than not self-reliant. They take pride in living a life of financial independence. They never give in to thoughts such as ‘Nothing to worry. Someone or the other would bail me out later.’ They never live beyond their means. In fact, they scrimp and save to afford a vacation, a house, or a car.
  5. Patience: Invariably, debt-free people have the guts to resist the temptation to buy something online or while in market, on an impulse. They know that impulse purchases are debt’s best friend.
  6.  Not being shopaholic: Financially savvy people are not addicted to shopping. They know it well that going on a shopping spree can ruin their finances and jeopardize their future.
  7. Being watchful while using credit cards: Debt-free people don’t dread credit cards; however, they understand the benefits as well as dangers of using plastic. They know the advantages of credit cards and use it accordingly. But they pay off their debts every month.
  8.  Being less materialistic: I don’t intend to pontificate. However, ‘money can’t buy you love…’ and happiness. Therefore, there is no point in accumulating material possessions all the time. Buy things, but always resist the urge to be known by those things.
  9. Staying stress-free: Being in debt can be pretty stressful. In fact, dept is a major cause of ulcer, depression, and even heart attacks. Thus, those who stay debt-free are more likely to live a life that is free from stress and depression.

By the time you reach here you must have found reasons to mimic debt-free people, haven’t you? Stay debt-free, and stay blessed!