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Are you COMPLETELY debt-free?

UserPost

2:16 pm
August 9, 2012


WellKeptWallet

Member

posts 207

Barb Friedberg said:

No debt but mortgage. @3.375% for 15 years, it's better financially for us to keep a mortgage. We need the tax write off and our investments return more than the mortgage amount, so it's a win win. 

Glad to hear your debt free but the mortgage. Rates are phenomenal right now, that it for sure. My desire to be completely debt-free is less a numbers thing and more about peace of mind. I know that when I have no debt, I will have the flexibility to travel more, my wife won't have to work if she doesn't want to, and if my income takes a hit, we will be just fine. 

9:04 pm
August 9, 2012


Jackie

Member

posts 664

We're debt free except for the house, but we'll be completely debt free VERY soon!  I can't wait to send in that last chunk to the mortgage!  We're literally counting down the days….

MoneyCrush (Member Blog)
http://www.moneycrush.com • @moneycrush • Facebook

11:41 am
August 10, 2012


WellKeptWallet

Member

posts 207

Jackie said:

We're debt free except for the house, but we'll be completely debt free VERY soon!  I can't wait to send in that last chunk to the mortgage!  We're literally counting down the days….

WOW! I am little jealous. What a great phase of life to be approaching. I hope you share with us when you pay off the mortgage and let us know how it feels!

8:38 pm
August 14, 2012


momoneymohouses

Vancouver, BC, Canada

Member

posts 20

I am, but I rent I don't my place. So I think I'm only temporarily debt free until I buy my first place, which is impossible to do in Vancouver without a mortgage. Other than that I just had a $5k student loan that I paid off within about 8 months after graduating. Feels good not to have any debt!Laugh

Mo' Money Mo' Houses

momoneymohouses.com

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Personal finance with a dash of sass.

10:20 am
August 16, 2012


WellKeptWallet

Member

posts 207

momoneymohouses said:

I am, but I rent I don't my place. So I think I'm only temporarily debt free until I buy my first place, which is impossible to do in Vancouver without a mortgage. Other than that I just had a $5k student loan that I paid off within about 8 months after graduating. Feels good not to have any debt!Laugh

Glad to hear that you are debt-free! I know you say it is impossible but have you ever thought about paying cash for a house? Check out How to Buy a Home WITHOUT a Mortgage and let me know your thoughts.

6:28 pm
August 16, 2012


Barbara Friedberg

Member

posts 1302

Jackie said:

We're debt free except for the house, but we'll be completely debt free VERY soon!  I can't wait to send in that last chunk to the mortgage!  We're literally counting down the days….

Congratulations, that's a great accomplishment.

6:29 pm
August 16, 2012


Barbara Friedberg

Member

posts 1302

WellKeptWallet said:

Barb Friedberg said:

No debt but mortgage. @3.375% for 15 years, it's better financially for us to keep a mortgage. We need the tax write off and our investments return more than the mortgage amount, so it's a win win. 

Glad to hear your debt free but the mortgage. Rates are phenomenal right now, that it for sure. My desire to be completely debt-free is less a numbers thing and more about peace of mind. I know that when I have no debt, I will have the flexibility to travel more, my wife won't have to work if she doesn't want to, and if my income takes a hit, we will be just fine. 

I totally understand! Best of luck.

8:31 am
August 17, 2012


CBC

Liverpool

Member

posts 62

I still have a rather large chunk of student debt to pay off, since I am only 21 years old and just left university. Just a question to all of our neighbours over there in the US.

How much do you guys pay for university each year over there? As you know it's a ridiculous amount over here in the UK £9,000 p/y

CBC International are specialists in debt recovery, based in Liverpool who provide their services to businesses across the UK, Europe and Worldwide.

11:29 am
August 20, 2012


WellKeptWallet

Member

posts 207

CBC said:

I still have a rather large chunk of student debt to pay off, since I am only 21 years old and just left university. Just a question to all of our neighbours over there in the US.

How much do you guys pay for university each year over there? As you know it's a ridiculous amount over here in the UK £9,000 p/y

The average cost to go to a public university in the U.S. is $11,400/year USD from a study done by College Board. So that is a few thousand dollars less per year than the UK. If you develop a plan and stick to it, the debt will be gone soon enough. See how we Paid Off $52,000 of Debt in 18 Months.

1:51 pm
August 20, 2012


Money Reasons

Admin

posts 697

Jackie said:

We're debt free except for the house, but we'll be completely debt free VERY soon!  I can't wait to send in that last chunk to the mortgage!  We're literally counting down the days….

It's a great feeling!  Enjoy breaking your shackles of your last bit of debt!!!

6:01 am
August 25, 2012


30kto30million

Member

posts 7

Debt free here!! paid of 10k of debt in the last year.. Being completely debt free can definitely be a way to live if choose to make it your reality..

 

The biggest obstacle for buying in cash is being in an area that has low cost of housing .. your post on being mortgage free would be what any person in a big city would do since they save almost that much for down payments on homes.. so the question then becomes is it worth it to live in an expensive area and carry debt.. or in a smaller city/town and be able to be debt free..

I'm leaning to being where you can be debt free the fastest.. which will let you grow your wealth the fastest, or give you more financial freedom sooner..

Check out my Blog at http://www.30kto30million.com/

Cheers!

11:47 am
August 27, 2012


Jackie

Member

posts 664

Post edited 11:49 am – August 27, 2012 by Jackie


And we're now completely debt-free! :)

 

We paid off over $147K in debt. (Story is here: bit.ly/PMscjl )

MoneyCrush (Member Blog)
http://www.moneycrush.com • @moneycrush • Facebook

1:20 pm
August 31, 2012


evolvingPF

Durham, NC

Member

posts 50

I like to say we're sort of debt free.  I have some student loans in deferment and we have the money to pay them off saved/invested until after I graduate.  So net worth wise we have them balanced out but the accounts are still open at 0%.

 

BUT we don't own a house and we want to buy in southern California.  So we will definitely go into debt for that purchase.

12:10 pm
September 4, 2012


TB at BlueCollarWorkman

USA

Member

posts 81

Hahahhahahaha, lol, oh man you're a funny guy!! … oh wait, you're serious?

 

Jokes aside, nope, not debt free. My wife and me have only our mortgage left. Once we got the credit card debt handled, we realized that we could really dig into getting rid of that mortgage early too, and so we're scheduled to be debt-free in 5 years. We're pretty excited :-)

12:28 pm
September 7, 2012


WellKeptWallet

Member

posts 207

Jackie said:

And we're now completely debt-free! :)

 

We paid off over $147K in debt. (Story is here: bit.ly/PMscjl )

Jackie that is awesome! Congrats!!!

12:32 pm
September 7, 2012


WellKeptWallet

Member

posts 207

TB at BlueCollarWorkman said:

Hahahhahahaha, lol, oh man you're a funny guy!! … oh wait, you're serious?

 

Jokes aside, nope, not debt free. My wife and me have only our mortgage left. Once we got the credit card debt handled, we realized that we could really dig into getting rid of that mortgage early too, and so we're scheduled to be debt-free in 5 years. We're pretty excited :-)

I know what you mean, thinking about being completely debt-free can be difficult to grasp. It feels like I have been in debt since I was born, but really it has only been about 10 years or so. That is great to hear that you tackled your credit card debt and all you have left is a mortgage. We are in the same boat and we are on track to pay it off in about the same time as you guys. Want to race? :)

12:35 pm
September 7, 2012


WellKeptWallet

Member

posts 207

30kto30million said:

Debt free here!! paid of 10k of debt in the last year.. Being completely debt free can definitely be a way to live if choose to make it your reality..

 

The biggest obstacle for buying in cash is being in an area that has low cost of housing .. your post on being mortgage free would be what any person in a big city would do since they save almost that much for down payments on homes.. so the question then becomes is it worth it to live in an expensive area and carry debt.. or in a smaller city/town and be able to be debt free..

I'm leaning to being where you can be debt free the fastest.. which will let you grow your wealth the fastest, or give you more financial freedom sooner..

I LOVE the way you put that. The sooner you become debt-free, the faster you can grow wealth and obtain financial freedom. Well put.

9:05 am
September 8, 2012


rebuildbadcredit

Member

posts 6

Being debt free would be awesome but I'm an awful long way from it sadly….

 

Wife just graduated medical school and we have multiple houses.  8-10 years hopefully then I can be there.

Get Credit Repair Advice From:  http://www.rebuildbadcredit.net

9:37 am
September 8, 2012


JT_McGee

Member

posts 723

I'm debt free. Hope to stay that way through undergrad, and graduate with cash in the bank. Feels good! Cool

JT McGee – MoneyMamba

URL: MoneyMamba.com 

Twitter: @JT_McGee

Recent Post: Are We Halfway Through Our Lost Decade? (4 Charts Inside)

3:51 am
September 9, 2012


First Gen American

Member

posts 86

I am debt free too and that includes 2 homes as well. I definitely go though stages. First I became debt free when I paid off student loan debt. Then again when we paid off our homes. Now I am considering going back into debt to buy more real estate. With each step, hopefully more wealth is being built. I hate debt but it enabled me to get educated and purchase housing. I am not afraid to take it on again as long as the debt to income ratio has plenty of buffer built in for emergency situations like job loss, illness, etc. I would never want the amount of debt we have handicap us from life choices or changes. For example, even though one of our homes is worth less than We paid for it, it doesnt really matter because we put a big downpayment on it and we're never upside down in our mortgage.

I do have a comment on living in high cost of living areas though. They are expensive not only because they are cool, but also because that's where the good paying jobs and opportunities are. Most of my friends who got laid off in 08 and 09, moved to Boston, San Fran, and LA for jobs. These are super expensive areas, but were also more recession proof than other parts of the country.


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