Is anyone completely debt free?

[Ima saver]

Is anyone on this forum completely debt free? No credit card debt, no car debt, no mortgage, no student loans; no debt of any kind?

[cschin4]

We are debt free except one car loan we took out last year at 4%. We could have just paid for the car, but I thought it was a better deal to just take the 4% rate rather than fork over alot of cash. We paid off our mortgage last year. And, we always pay the cc in full each month. Student loans are long gone.

[Ima saver]

Good for you!

[kealina]

we don't have any debt at all but that's because we don't have enough money saved to start a mortgage yet... we're looking forward to the day when we can begin building equity but we are saving aggressively for now and hoping that hawaii prices begin dropping or at least leveling out... maybe in 5 or 10 years? in the meantime we will continue to avoid consumer debt.. it's possible we may have student loans if i go to grad school or DH goes back to school...

[Ima saver]

Well it is good that you have no debt!

[Fillanzea]

I am, but I also don't have any assets to speak of; I live with my parents and drive a van that my parents paid off a long time ago.

[Ima saver]

I don't have a mortgage or credit card debt. I do owe on a piece of property and on my car.

[WellManicuredMan]

I am completely debt free

[veronak]

Wow completely debt free I don't even know what that feels like...lol But I am counting down to the day I am with about $3000.00 in debt including student loans i should be debt free by the end of the year.

[disneysteve]

I'm not debt-free, but we have savings equal to about 3 times our mortgage balance, so I could pay it off tomorrow if I wanted to. It just doesn't make sense to do so since our investments earn a whole lot more than the interest we pay on the mortgage. I'm in no hurry to prepay the mortgage because of that.

[Broken Arrow]

*sob*

[boefixepa]

Just the house with the second. No consumer debt, car loans, or student loans.....the time will come, but it's still a long road ahead...I'm just happy to have a positive net worth!

[LuxLiving]

No. We could be, but The Hubster prefers we have the large emergency fund rather than payoff the house. I'm working on him as the EF money earns less than we pay on mortgage interest. We could pay the mortgage off and still have a hefty little emerg-fund. No CCs, no car loans, no student loans, no second mortgages, etc. Debt free other than mortgage.

SOB? I dunno who you're calling....

Chin up - it takes awhile to get there.

"I have learned, that if one advances confidently in the
direction of his dreams, and endeavours to live the life he has
imagined, he will meet with a success unexpected in common hours." ~Henry David Thoreau

[Ima saver]

That is my goal. I hope to pay off the land when our spec. house sells. Then it will just be the car. I have the money to pay the car off, but if I do, I am afraid he will want a new car!!

[debtfreeme]

my mom is!

[pyotr]

I agree with poster above - it makes sense to keep a mortgage both as a long-term investment and to act as a partial tax shelter. I have now only a mortgage debt which is shrinking a bit too rapidly (we had a 15yr loan) - we are in the market for a bigger house so I can roll over the equity of our current house into a larger investment home so I could benefit from the mortgage interest deductions off our taxes as well as hopefully enjoying the rising housing market values in our current town over the next couple of decades.

[shelbylovesmelby]

Not me! I probably won't ever be til atleast the kids are out of the house & I'm working full time again.

Though the IL's & my Aunt are.... *sigh* must be nice!

[disneysteve]

Originally Posted by pyotr

to act as a partial tax shelter.

benefit from the mortgage interest deductions off our taxes.

It does not make sense to keep a mortgage just to take the deduction. Why pay $1,000 interest to deduct $250 on your taxes? That deduction isn't saving you anything. It is COSTING you $750.

The reason I keep my mortgage is because my interest is 5.875% and several of my mutual fund accounts are earning 15-25% annual returns. It would be senseless to pull money out of those accounts to prepay the mortgage.

[MonkeyMama]

No, not 100% debt free, but I have never had much debt to speak of. Have gotten through without auto loans or school loans, credit card debt, etc. I have a pretty debt-free philosophy. My first debt was a mortgage at 22, and I have a small loan now, but interest is only 2% and the cash in the bank is making more. I had the cash to pay it, just chose not to, otherwise wouldn't have made the purchase. I just don't really look at debt as an option.

I have no interest in keeping the mortgage longer than 15 years. That is about my comfort level... But barring the unforeseen and catastrophic of course... IF my investments start doing better than I may change my tune, but I Am working on that. : ) In the meantime I do not mind the substantial tax write-offs and the $200k+ equity I have today.

[MonkeyMama]

P.S. Kudos to those entirely debt-free. What an accomplishment!!