Could you live 10 years without taking debt?

[avatar4321]

Well, could you?

[Mr. P]

Well, could you?

Yes.

[retiredman]

as long as Uncle Sam continued to honor his contract with military retirees, yes, I could.

[Yurt]

you all own your house outright?

[retiredman]

you all own your house outright?


in about a year we will...and we have savings that far exceed our mortgage principal.

[Mr. P]

you all own your house outright?

I think a clear definition of "debt" is needed.

If you rent is that debt? If you charge but pay the balance each month is that debt? It's not what I consider debt but more the cost of living.

[April15]

I think a clear definition of "debt" is needed.

If you rent is that debt? If you charge but pay the balance each month is that debt? It's not what I consider debt but more the cost of living.I agree that the term debt needs to be clarified.

[Gaffer]

Yes, and I have.

[PostmodernProphet]

if I use my credit card but pay the balance off each month, and Iusing debt?.....

[PostmodernProphet]

you all own your house outright?
yes and no.....original loan is paid off, but I put mortgage on house to buy rental house....

[mundame]

Yes, and I have already, certainly for the last ten years.

House paid off, no credit cards AT ALL (all this "just for emergencies" nonsense: it's amazing how well greenback dollars work for that), no car loans, nothing.

I simply figured it out: credit is good for the banks, awful for the individual. Debt is BAD! I stopped using credit and never looked back, and it's wonderful. I love it.

There's a guy on the new Fox business channel that has a daily hour-long program promoting getting totally out of debt. I think that's great. People need to get with that program soonest; debt and the whole set of attitudes about mortgaging your future to current wants is crippling this country's citizens.


And, obviously, our entire economy.

[Trigg]

I'm looking forward to the day I can live debt free.

We've only lived in our house 10yrs so we have a while before it is paid off. We have no credit card debt though, I think that is the most important thing.

With the national average (credit debt) being somewhere around $13,000, people need to start taking a long hard look at the things they need vs want.

[mundame]

if I use my credit card but pay the balance off each month, and Iusing debt?.....


Yes.

1) You depend on it for "emergencies," and sometimes that is not paid off in a month. Emergencies tend to be in the eye of the beholder.

2) Even if you are borrowing only a few days, it's borrowing. Debit cards take the money right out of your account, so it has to be in there. Great discipline.


Debt tends to be an attitude. Being WILLING to borrow from someone else for current consumption.

[Mr. P]

Yes.

1) You depend on it for "emergencies," and sometimes that is not paid off in a month. Emergencies tend to be in the eye of the beholder.

2) Even if you are borrowing only a few days, it's borrowing. Debit cards take the money right out of your account, so it has to be in there. Great discipline.


Debt tends to be an attitude. Being WILLING to borrow from someone else for current consumption.

I don't disagree with you really, however there is another angle I subscribe to.

I treat my credit card as a charge card not a credit card. I have the money to make the purchase but the card gives me some positives and convenience.

I get a statement every month with a clear accounting of where the money went. I am able to hold that money in the bank for the month and benefit (slightly) from accumulated interest...(float)

[Abbey Marie]

We could not pay off our whole mortgage so the answer is "no" right out of the gate.

Also, our daughter is of to college next year. 'Nuff said.

[theHawk]

Other than my mortgage, everything I own is paid off. I pay off credit card debt every month so I pay no interest. I "could" live without the mortgage by just renting, but thats dumb. I plan on paying off my 30 year mortgage within five years though.

[MtnBiker]

Well, could you?

Yes!

[CockySOB]

I'll let you know in about 2 years when I hit the 10 yr mark for being debt free. No credit cards, no loans, no promissory notes, nothing!

It's really not difficult to attain. All one must do is prioritize one's life and determine the difference between "needs" and "wants." Of course that also means getting rid of the mentality that you are entitled to "stuff" just for breathing and taking up space.

[mundame]

Wow! Several of you here are going to ride out whatever economic troubles are coming in good form. I'm pleased to see so many people debt-free or nearly so. Maybe this country is making progress on this problem.

Maybe that's because this is a conservative forum, but I'm not sure of that.