How many of us are 100% debt free?

[shiftins]

Almost there. I've got nothing besides revolving debt to build credit and my car (which I have enough cash on had to pay off but dont)

[snafu]

'nother hand raised. I've always paid CC balance when due. Paid off mortgage in 15 years because I was hugely aware of how amortization tables worked and resented the huge sums I was paying in interest. I found keeping two columns on m spread sheet, one for principal, 2nd in interest was a powerful motivator to pay down the mortgage as quickly as possible. [different county, different taxation, no interest deduction]

I was horrified at what ARM 80/20 would cost buyers.

[UnknownXV]

I am.

[Blessed]

In my perception nobody is debt free...

Can you explain this?

[sagremus]

Nope

[SnoopyCool]

We aren't, yet, but we are working on it

[rennigade]

Yes.

Also, who do people not consider a mortgage to be debt? If its still a bill you're paying off how can it not be debt?

I always ask myself that question. For some reason people hate to include their mortgage as debt. Very odd.

Im also debt free.

[Tharagleb]

Not me.

But I have a plan and a goal now. Because of this site my wife and I have been living on a budget for the past 2 months and are making good progress. I am using mint.com and I check everything daily. It is so much better being in charge of my finances instead of ignoring them and hoping that they work out.

[Tharagleb]

I always ask myself that question. For some reason people hate to include their mortgage as debt. Very odd.

Im also debt free.

I guess my feeling is that if you were renting then that is not a debt. But if you are buying a home it is more of an investment in property.

I am much more concerned about my unsecured debt than my secured debt.

[MakeAStash]

I suspect mortgages get special consideration by some because when they are at a rate less than inflation they are no-cost loans, even before the tax benefits. Some people carry one for that reason even though they could pay it off.

Depends also on how nitpicky one wants to be. Anyone who uses a credit card is not 100% debt free because they owe until the monthly statement arrives and is paid. Anyone who pays taxes when filing their annual tax return is not 100% debt free. Anyone who puts gas in their car before paying is not 100% debt free.

[Like2Plan]

I suspect mortgages get special consideration by some because when they are at a rate less than inflation they are no-cost loans, even before the tax benefits. Some people carry one for that reason even though they could pay it off.

Depends also on how nitpicky one wants to be. Anyone who uses a credit card is not 100% debt free because they owe until the monthly statement arrives and is paid. Anyone who pays taxes when filing their annual tax return is not 100% debt free. Anyone who puts gas in their car before paying is not 100% debt free.

I guess you could say the same thing for your water bill that arrives quarterly, your electricity bill, your property taxes and so on. That would pretty much eliminate everybody unless you don't own or rent property....

[Jimhassel]

I have my doubt if anyone is 100% debt free. Most people are in debt of some form or other.
Very difficult question really.

[feh]

I have my doubt if anyone is 100% debt free. Most people are in debt of some form or other.
Very difficult question really.

There are definitely people that are 100% debt free. It may be a small percentage, but they exist.

[JoeP]

There are definitely people that are 100% debt free. It may be a small percentage, but they exist.

True. There will be ongoing commitments in the form of paying for goods and services, but this is not debt.

We are working to be debt free in about 4 years. Just the mortgage remains at this point.

[YLTL_Dan]

Our mortgage is our only debt, but our house is under contract to be sold! We're going to travel for 9 months and then figure out what we want to do when we get back... we might have another mortgage but depending on where we move next we might be able to buy with cash!