Are you COMPLETELY debt-free? | Personal Finance & Lifestyle | Yakezie Forums

Yep, totally debt-free!

I am debt free and staying debt free since I took birth  My OCAAT 'about' page has more details about it. I am also saving to buy our first home without mortgage.

Not debt free yet, but working on it!!

I have Auto and Credit Card debt that equal about $20,000, but am planning to cut it in half by the end of 2013 and I have a mortgage a bit north of $100,000 and currently am not focusing on it simply because the rate is around 4.25% and I believe I can earn a rate of return from my investments that can beat that.

Joe

Jasaglimbeni said:

I have Auto and Credit Card debt that equal about $20,000, but am planning to cut it in half by the end of 2013 and I have a mortgage a bit north of $100,000 and currently am not focusing on it simply because the rate is around 4.25% and I believe I can earn a rate of return from my investments that can beat that.

Joe

Joseph!

Glad you have a plan to cut your consumer debt in half. Have you heard of the Debt Movement that Jeff Rose put together? I just joined and I think you might be interested if you are planning paying down your debt a priority in 2013. Find out more below:

DebtMovement.com

You DONT want to be debt free.

There are financial reasons, see http://retirement-income.net/b…..test-idea/

and there are also risk reasons.  Example, say you own a home, no debt.  It is exposed to

–economic decline (lots of people walked away from mortgages and left the bank holding the bag in the last few years and you cannot do that when you bear 100% of the loss)

–earthquake (most people don't have insurance for that and again, it becomes the banks problem if they own most of your house)

–flood (most people don't have insurance for that and again, it becomes the banks problem if they own most of your house)

There is a book Missed Fortune 101 that discusses this (I don't agree with everything in the book but this part makes sense)

Post edited 7:13 am – August 26, 2013 by LaTisha @YoungFinances

Well Kept Wallet , this is really good information. :-)

I used to be debt free 2 years ago, as time passed and things went to worse situation. I got into a mess of debt. I took personal mortgage advice from a lot of brokers and now my credit score is in green.

The  litton loan servicing  is the broker who helped me with my mortgage and i still owe 80k to banks. Pls advice me some cool ways to get my credit score better.

Wish me luck i get debt free soon. :-)

I'm not quite debt free yet, but I'm almost there. We've shifted some major things around in our lives over the last 4 years in order to shoot for a debt-free life, and despite having two kids and a wife who stays home with them (the toughest job with the least pay, IMO) we are still on track to have our mortgage paid off early in 2015.

I like the article that MoneyReasons linked to, I'm looking forward to earning "second job" income without working more hours for it. My kids (and my wife) need those extra hours!

I am debt free. I did have a mortgage but sold it earlier this year when I got divorced (sold the day it was open for inspection and $10k above asking price, Australian property is all over the place and way expensive).

I have never really had a lot of debt. Did have $15,000 at one point when married. I am looking at investment properties next year (Australian tax system means you get tax breaks for investment properties, not your principle place of residence, so more sense to buy investments til I build up a portfolio).

LOVE being debt free. I do pay rent, but am investing more in other ways than I was with my mortgage plus I have been able to do some peer to peer lending which has been great and working well. 

We are close to paying off our debt and have done so by continually finding new ways to reduce our cost for traditional living expenses. We moved from a nice apartment to an older manufactured home and cut our rent in half. We have about 14,000 left on our combined student loan debt and it will be gone by March of 2014. We may also have the possibility that we may never have a mortgage. My wife is working on her masters of higher education and wants to get into working in a residence life department at a university. One of the perks of that type of work is that your living expenses are covered as long as you can handle living with college students. I think we can handle a whole lot of that if those expenses are covered.