I did a little bit of internet research and found the reason for the wading belt.
You won't sink like a stone if you don't wear one. The reason it is important is when you are trying to get out of a situation. Without the belt your waders fill up fast with a lot of water so if your trying to pull yourself up a bank or back onto a jetty your going to have to deal w/ a couple of hundred extra pounds of water as well as your weight. Middle of the night, on slippery rocks that could be a potentially life ending situation.
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