While some of the benefits of getting out of debt are quite tangible, the biggest reward you will receive are those that are difficult to measure with a calculator.
Yes, developing good money management skills will provide you with access to lower interest rates, more favorable loan terms, or allow you to work toward a goal such as homeownership. And while all those benefits are important, it is the intrinsic value you experience when you pay off your debt that makes the hard work worthwhile.
In short, while it might be easy to measure the value of paying off your debt by what else you can do with your money, the most valuable asset you’ll receive is the freedom a debt free life allows you to lead. Living without debt will allow you to focus on the most important people in your life – yourself and your family.