How many of us are 100% debt free?

[Harlem]

I can say without any hesitation that I'm 100% debt free. A few months ago I was trapped in debts that moved in a cyclic way. I just couldn't overcome it. Now I have managed to be free and now I am quiet tension-free.

[JoeP]

We are 100% debt-free right now, theoretically speaking, but that is because we rent.

Having no mortgage yet having to throw money out the window every month on roof-over-your-head - that's hardly what I call debt-free. You owe to the landlord every month.

That being said, we are getting ready to buy a house in a few months and then hope to be almost debt-free in about 5-7 years by paying the house off.

Rent is not debt; you are paying for usage.

We got a couple financial statements and I showed my kids how those accounts made money without us doing anything. Having a sizable amount of money allows it to produce sizable gains. The lesson is that not having to service debt (as well as keeping expenses low) enables greater sums of money to be put to work for you.

[ThriftoRama]

Debt free except for mortgage.
Although, hubby and I were 100 percent house paid off and debt free until two years ago. We had two kids, and moved to a larger house in a much better school district. Now, only $70,000 to go until 100 percent debt free AGAIN!!!

[feh]

Debt free except for mortgage.

This is a contradiction in terms. If somebody has a mortgage, they are in debt.

Not trying to be critical of original poster. Just commenting on a phrase I commonly see that doesn't make any sense.

[theduc]

This is a contradiction in terms. If somebody has a mortgage, they are in debt.

Not trying to be critical of original poster. Just commenting on a phrase I commonly see that doesn't make any sense.

most use this as a point of major accomplishment... Home debt (mortgage) is commonly viewed differently than other debt as there are some tax benefits. we all know that a mortgage is still debt but some here have paid off loads of debt (credit cards/personal loans/auto loans/student loans/home equity loans/etc...)

also, most who are debt free other than the mortgage usually have a plan to aggressively pay off the mortgage.

plus, as other's have pointed out... If you rent rather than own a home (mortgage), you will sometimes be paying more money each month in rent than you would toward a mortgage... technically you would be "Debt Free" because you don't have a mortgage but at the same time you may be throwing money away each month.

[disneysteve]

If you rent rather than own a home (mortgage), you will sometimes be paying more money each month in rent than you would toward a mortgage... technically you would be "Debt Free" because you don't have a mortgage but at the same time you may be throwing money away each month.

I disagree with the blanket statement that renting is "throwing money away". Sometimes, as recent events have shown, buying a house can be throwing far more money away.

Sometimes renting is the most financially responsible decision. Other times buying makes more sense. It all depends on the situation. Despite government efforts to increase home ownership, the reality is that not everyone can or should be a homeowner.

[theduc]

I disagree with the blanket statement that renting is "throwing money away". Sometimes, as recent events have shown, buying a house can be throwing far more money away.

Sometimes renting is the most financially responsible decision. Other times buying makes more sense. It all depends on the situation. Despite government efforts to increase home ownership, the reality is that not everyone can or should be a homeowner.

This is why i said "you may be throwing money away" rather than "you are throwing money away". That way it's more of a quilt with holes in it rather than blanket statement...

[david100]

I have not taken any debit from any company but now i am thinking to get student debit.

[richinspirits]

ALMOST! I haven't posted here in a very long time, but am very nearly debt free, thanks in part to the wonderful advice in this forum! I got married last year, and, luckily, we are on the same page financially.

In March 2006 I added it all up and was in $51,000 of debt, mostly from college/grad school. I attacked this and also started saving aggressively. Now the only debt we have is about $18,000 on the mortgage of the house my husband had owned, which we live in. I have about $76,000 in various types of savings, and my husband has his own savings, too (though, yes, I do get that his finances are my finances now...just got Netflix, so we should have the "canceling the cable" discussion soon! )

I talk to so many young people, at work or wherever, who don't have the first clue about saving for their future, and I try to educate them whenever I can. It's so depressing to me that I would have to work at least as long as I've been alive (32 years) to collect Social Security (though who knows what it will look like then), so I know I need to take matters into my own hands!

[segmond]

Could be

Mortgage paid in full
Car paid in full
Don't have a credit card - finished paying off credit card debt last month.

Only student loan is left, I have twice the amount in savings. I rather hold on to the cash now and do some investments, at the end of the year. I'm going to pay it off in full with one check.

Zero contracts - not with cable, cell phone or anything. The only "bill" that is not optional and never will be is property tax.

[richardalpert]

major props to all of you guys who had worked hard to become 100% debt free!! you all are an inspiration to me!

[Petunia 100]

major props to all of you guys who had worked hard to become 100% debt free!! you all are an inspiration to me!

Richard Alpert, you have been a blacksmith since the 1860s, and you aren't debt free yet?

[richardalpert]

Richard Alpert, you have been a blacksmith since the 1860s, and you aren't debt free yet?

taking baby steps towards paying off those astronomical blacksmith school student loans!!

[elfen lied]

I am, and it does feel good. It definitely gives you more flexibility and freedom to plan and do other things.

[Rainbow Traveller]

Hundreds use his secret to gain 100% debt freedom and live the “good life.” You can too! In fact, his secret guarantees you will become debt free in as little as 3 - 5 years no matter your income or where you live! Best part: You can start shrinking your debt for FREE if you choose!