Sacrifices People Are Willing to Make for a Debt-Free Life
Some people are ready to give up quite a bit to get free from debt. According to Experian, the common forms of debt are credit cards and different kinds of loans. Some of these include personal loans, mortgages, auto loans, and student loans. A survey from Upgraded Points, a travel information and credit card website, explored the lengths people are willing to get out of debt.
They conducted a survey of 1,000 Americans to explore various aspects of debt. This included credit card debt, auto loans, student loans, personal loans, and medical debt. They excluded mortgage debt from their study. Participants were asked what they would be willing to sacrifice to eliminate their debt. They were also asked which debts weighed on them the most.
Sacrifices made for financial freedom without debt.
Their findings revealed that many Americans are prepared to make substantial sacrifices, including forgoing various aspects of their lives, such as smartphones, personal relationships, and even their spending habits on platforms like Amazon, all in pursuit of financial freedom. Although earning extra income can be a helpful strategy for paying down debt, Upgraded Points discovered that 70% of Americans would be willing to give up travel for the next two years to rid themselves of debt.
According to the survey, 68% of respondents with substantial debt (amounting to $40,000 or more) would be willing to abstain from sexual activity for a year to achieve a debt-free status. Moreover, 35% of participants with significant debt would consider giving up their phones for a year in exchange for the liberation of being debt-free. 19% of respondents with substantial debt were open to the idea of giving up their pets for a year to escape their debt.
Interestingly, more than a third of Americans would commit to working every day for the next year to achieve a debt-free status. According to their study, 36% of respondents were willing to forfeit their paid time off for the next two years in exchange for being debt-free. Meanwhile, 64% would not make that sacrifice. Notably, Gen Zers were the least inclined, with only 27% willing to give up their PTO for two years to attain a debt-free status.
Take a look at the complete study here.