Has anyone here ever become debt free?

[NHartphotog]

Originally Posted by jazzlover

Finally, and this is a sore point that many people refuse to acknowledge or discuss: The singularly most financially expensive thing most people can do is to have children. If you want debt-free financial independence, you may have to seriously consider if you have children at all, when you have them if you do, and how many you have. Whatever wonderful joys children may bring, they also bring a massive financial burden that must be borne if parents are to be considered even remotely responsible.

This is an excellent point. Choose your wife very carefully, since the vast majority of women buy into the myth that they can never be happy without children, and if she thinks that way you'll end up with them no matter what you both intellectually decide. Unfortunately, having kids is much easier than working full-time the way workers are treated nowadays, and it seems to be the only excuse for not working that society approves of.

Of all the things we did to achieve debt freedom (paying one entire net salary directly to mortgage principal until it was gone, camping for our once-a-year vacation, keeping cars until they literally fall apart after 200,000 miles, and largely avoiding even visiting Department stores or malls), probably the fact that we skipped having children has saved us the most money. It also was the best lifestyle choice we made, since neither of us enjoys children, and early retirement is a must given our insanely stressful careers and the insane hours we have to put in (with zero compensation for overtime).

[mistygrl092]

Yup, I will be paying off the last of CC debt shortly (but have another card with 18 months no interest, which I will pay off before it comes due). Otherwise, house is paid for, car is paid for. Technically, I could have all debt paid off today.

Downside is I am 51 and unemployed.

Upside for you is you are 29 and youth is on your side.

[texdav]

Bascailly I have never been in dbet because as I see it if i payofff the creit card with money I already have its zero debt at the end of month and in fact I earn money back. The only debt i have had is car paymjents that are very resonable. Roght now i have one of two cars I owe on but the interest rate is lower than what my savngs account even pays me.Just having the credit avialable at lower rates is worth it to me and havig credit card is easier to deal with than carrying cash plus the money back. I ahve even run into mnay thongs where you either have a crdit card or you are outthe door. To each his own is what I say.

[NJBest]

Originally Posted by mideast

Have the government take more taxes than necessary out of your pay check. If you can afford an extra $50 x 26 payperiod = $1300 at the end of the year to go to debt relief. I am in a higher tax bracket and I am getting back $16,000. That's right Sixteen grand. All that goes to pay off all my credit card debt. By next week the only bill I will have is my mortgage payment.

Talk about bad advice. Why would you give the IRS a free loan and pay interest on your debt until the beginning of next year? It's best to just take in the extra money on your paycheck and decide whether it makes sense to invest it or pay towards your debt.

[debtmonger]

I relate debt to being overweight. It didn't just happen overnight and you won't reduce it overnight. It is a constant battle. Being debt free just takes a load off of your back. It is well worth all the sacrifices and effort. The feeling of being debt free is fantastic.