How does having debt impact financial freedom?

Having debt can significantly impact financial freedom as it can limit an individual's ability to save and invest for their future. When a person has debt, a portion of their income goes towards paying off the debt and the associated interest, which can result in less money being available for other expenses and investments. Additionally, high levels of debt can lead to stress and anxiety, affecting an individual's mental and emotional wellbeing.

To achieve financial freedom, it is important to reduce and eliminate debt as much as possible, especially highinterest debt such as credit card debt. This can be done through strategies such as creating a budget, increasing income, reducing expenses, and implementing a debt repayment plan. By reducing or eliminating debt, individuals can free up more of their income for saving, investing, and achieving their financial goals.