Debt-free

To further protect your online security, active links from Q&A has been disabled!

Is anyone trying to live debt free? I mean really trying. No using credit cards, paying off your house early, etc. I'm not doing it but maybe I should. Is it even possible?

Best Answer

I have been living debt free for about 3 months now. I last used my credit card to pay for my state inspection and to buy my parent's anniversary gift. It's a great feeling because I can mainly use the money for me now and to save for the future. Believe me, it is possible. But I only use my card for emergencies. I know my parent's anniversary gift does not sound like an emergency, but I was on International Star Registry and named a star after them. It was a good price for everything you get, and I know they will love it. This gift will last FOREVER.

Does anybody have a Debt-free plan account from bank of america? How does it show up on the Credit REport? anyone?

Best Answer

I don't have a Debt-Free plan account from Bank of America, however, the account is actually a credit line through the bank, and will appear on your credit report as such.

I am one credit card away from being consumer debt free!! Can you congatulate me? You can share your personal experiences as well.. Thank you Thank you!

Best Answer

Whoop! You are awesome! Kudos, hugs, smiles, etc... We are quickly approaching debt-freedom, too. We have been using Dave Ramsey's "Total Money Makeover". He doesn't just talk about getting out of debt, but also about how to manage your money better in general. I am soooo looking forward to the absolute last payment. Recently, we made the last pymt on a certain student loans. I make a point to deliver them in person in cash. I take pics for my scrap book, dance around, etc. It is a blast & I always end up crying from joy. People look at me like I'm nuts, but I look at it like this: I may be nuts, but I'm not broke! You are an inspiration to all those people who get on here & whine about how they'll always be in debt & how can they fix their credit so they can borrow again & blah, blah, blah. I don't know about you, but once I'm done w/debt, I will NEVER go back. A million congratulations! Woohoo!

Why do people seems to worship being debt free in a world where everything is so expensive? Even the most accurate budgets have debt .Even on christian radio shows they have talks about debt free lives, but what if the debt free life is not possible for those on one income and even for those who arent spending money carelessly? Does being debt free actually bring happiness that these debt free consultants claim they do? It almost seems by the way these people talk that being free solves every problem and answers every prayer, somehow I dont think so. What is your take on this?

Best Answer

"Owe nothing to anyone except to love one another, for he who loves his neighbor has fulfilled the law." (Romans 13:8) I think there is some biblical validity to this, see the verse above. As for how expensive everything is, I feel you sister. I know what a challenge it is to be debt free. I can't even imagine what it would be like to live in one middle class level income with, say, a family of four (or more!). I will say that my husband and I just paid off our credit cards and it does feel awesome. Now we are putting all of that money towards the other loans we have left (my car and his student debt) and we should be debt free soon... that is until we buy a house. We live *very* modestly, I think --- eating out maybe once a week, rarely buying little things like magazines or coffees when we are out. I cook almost everything we eat at home. But, since we have paid off the bulk of our debt, we have been able to take more liberties with how we spend and that is so liberating. So, yes, I would say that it feels as good as they say. Best of luck to you dear sister in the Lord. (And by the way, I always love your questions. So thought provoking and honest!)

I'm a big fan of talk radio host Dave Ramsey (www.daveramsey.com). He teaches to get out of personal debt and stay out. The key to building wealth. Yet 90%+ people get in debt and never get out and those same people have little to show for it in retirement. Are you living a debt-free lifestyle? If not, what is keeping you from making that commitment?

Best Answer

Yes, I am living a debt free life. To answer you question. Most people are conditioned to live a debt filled life. Most get themselves so deeply indebted that they feel that it is impossible to ever get out of debt. That coupled with the main element of our society, instant satisfaction, makes it virtually impossible to feel the freedom of a debt free life. Our government, business, economy does not support debt free living. GOOD QUESTION.