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“I’m debt free…

“I’m debt free…

except for the mortgage, my student loan, and our car payment.”

How many times do you hear a statement like that? While it’s absolutely wonderful to be free from credit card debt, personal loans, and payday loans, owing money on other loans is not being “debt free”. Maybe you’re ok with that — millions of people are, and that’s fine. What matters is how you feel about it, and there’s no doubt about it — it is a big accomplishment to get out of some of the most common types of debt.

But personally I can’t wait for the day I can say “I’m debt free.” Period. And I’ve only got $51,324.16 to go ’til I don’t owe anything to anyone anywhere. That’s my goal, and I will meet it.

To me being debt free means freedom. Freedom of choice. Freedom from stress. So I’m getting excited about this. Maybe I will post a graph or something here too to keep track of my progress. (I’ve already got paper graphs posted here at home.)

View Comments (4)
  • This post really made me smile! I love how people seem to think that those loans “don’t count”.

    And you are so right. Debt traps us into the rat race of working for someone else. It robs us of our future and our choices.

    I mean, who on earth came up with the concept that it’s ok to spend today with the hopes that you will be able to earn tomorrow!

    Keep up the crusade!

  • Congrats! I love the feeling of no debt (other than my mortgage)! Unfortunately, I have much more to go than $51k! I agree with your assessment that no debt equals freedom. Good luck on your journey!

  • I’m debt-free. The only “exception” is that I don’t own a house, so sometime in the next two years, I’m going to be in debt.

    I must learn to say, “My only debt is my home mortgage”, not “I’m debt-free, except…” (I’m hoping that never again will a car loan exist, but that’s depending on how long my car really lasts, compared to how long I want it to last.)

  • I am $5000.- away from being debt-free. I could pay off that amount right now by dipping into my savings. I will have to compare my car loan rate to my savings interest rate and see if that makes sense.
    Of course, I rent, and pay alimony, so once that ends, I will buy a house, and then I will have a mortgage. In the meantime, I am saving up so that debt will be minimal.

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