4 Reasons to Stay in Debt

If you are one of the five regular readers of this blog, you’re well aware that I have no love of debt. To me, there’s almost no good reason to go into debt, and a lot of good reasons to pay it off as quickly as possible. However, I try to keep an open mind. So, I thought it would be a good mental exercise to try to come up with some valid reasons to stay in debt. Here’s what I came up with.

#1. You have severe pulpuslacerataphobia.

That’s the fear of getting paper cuts, which is sure to happen while you sort through and organize all of those statements and bills you’ve piled up. Getting everything organized is usually the first step when you’re trying to get out of debt, because you have to have an accurate picture of your financial situation before you can move forward. While the internet and online banking are making mail and the paper it’s printed on less and less common, it’s not totally gone yet. Serious pulpuslacerataphobics might consider investing in good pair of gloves if they’re trying to get their money under control…or they can just stay in debt.

#2. The thought of divorce excites you.

Study after study shows that the top indicator that a marriage will end in divorce is the number of money fights a couple has per month. Debt adds a lot of tension to an already difficult situation. If one partner is desperately trying to pay off outstanding loans, while the other is constantly opening new ones, they’re doomed. Getting a couple to communicate about their money goals, make compromises, put all the numbers on paper, agree to it all, and not go off and do whatever-the-hell-they’d-like afterwards, is so important for a healthy marriage. They all should have that discussion before they head down the aisle…or they can just roll the dice and hope for an exciting outcome.

#3. You love your stuff.

Once you get going on paying off your debts, everything you own gets looked at through a very difficult filter. Namely, “Do I want that thing more than I want to be out of debt?” How much do you love that big and beautiful flat-screen television? Or that vintage automobile that you’re sinking hundreds of dollars every month into? Sure, you could always buy more stuff later, with cash, after you’ve paid off all of your debts, but that’s not the point. You already have this stuff, it’s yours, and you love it.

#4. You don’t want to change your life.

I can remember what it was like before we started fighting our way out of the financial hole we dug, and it was pretty easy on me. I’d go to work, bring home a steady income, and my wife would take care of making sure the bills were paid. It is shocking how different my perspective on life is today than it was four years ago. It’s way more difficult, but the future looks so much better in so many ways. Still, there’s a shrinking, immature part of me that misses what used to be. Maybe that part is bigger for you?

Perhaps that wasn’t the most open-minded list. How about you? Can you think of a good reason to keep your debt?