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I became sick about 3 years ago, and WITH insurance I've still aquired about $80,000 in medical debt. I'm only 24. thats the only debt I have.. Unfortunatly I don't ever see myself being able to buy a house at this point.
None. No debt whatsoever. Made it a point to live within my means and pay everything off, then pay cash for everything afterwards. Yes, there were some years we lived in less than desirable neighhborhoods, smaller & older houses, drove old cars, did without some things we wanted.
We still live in a small 130 year old house (which we modernized), drive older cars, fly an older airplane, and ski on 20 year old skiis, etc.
We still work hard to get the most fun per dollar possible and don't need to impress the neighbors ... who all pretty much live the same lifestyle we do, although it's all they choose to afford, too.
Um, a lot of people don't like to publicly talk about their debt just like they don't care to discuss how much money they make.
You're exactly right. It's easy for people to say that they are debt-free, but not many are going to come out and talk about the tens of thousands of dollars they owe on credit cards. The reality is that most people in America have debt outside of their homes and vehicles.
We have CCs, and pay them off each month, so we incur no interest.
That is the best...let your money earn the 30 days interest and then pay off the CC before you incur the finance charge. Use their money free for 30 days!!!!
I understand 'debt-free', but if someone says they are; then obviously they have no debt. No mortgage, no car loans, no student loans, no CC balances.
I see a distinction between 'personal debt' and 'business debt'.
'Personal debt' is just that, debt incurred for your lifestyle [mortgage, car, education, CCs].
'Business debt' are debts that are incurred to operate a business, and that you expect to pay off using other folk's money [they pay you for a good or service, and those funds pay the debt].
All debt is debt. But some debts you must earn money each month to pay the usury charges on. While other debts are paid using money that other folks earned, their sweat goes into the usury charges.
Obviously you can't say that you are 'debt free' if you still have: a mortgage, a car loan, student loans, or they maintain CC balances.
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