DISQUS

KC · 1 year ago

Congrats! I know its a good feeling. Just think nothing but bills to pay now and those are generally for things you have yet to consume rather than the pesky credit card and loan debt that are for things you've already consumed! I'm sure at some point in the future you'll have a mortgage - which isn't all bad. I, myself, only pay a house note each month - its a great feeling having no other debt - you feel like you have way more freedom in this world.

Mr. ToughMoneyLove · 1 year ago

Congratulations Flexo. And absolutely that financial aid advisor was looking after his interest and those of the school, not you. There were probably financial incentives from the lender involved. The college student loan business is a racket through and through.

Prince of Thrift · 1 year ago

congratulations....I expect to be there this next year.

Josh · 1 year ago

Congrats man! I follow your blog all the time. I'm slowing paying down my student loans because that's all the debt I have besides my mortgage. When it's gone I will be SO excited!!!

Smithee · 1 year ago

Fireworks explosion!

Kate · 1 year ago

Congratulations! It's a great feeling, isn't it? I hope you can stay debt free for a while and then secure a reasonable mortgage, if you haven't saved enough cash to buy a home outright. The housing market will probably only continue to improve from a buyer's perspective.

Susan · 1 year ago

Congratulations! What a nice feeling that must be! Enjoy knowing that debt doesn't own you right now. Awesome. :)

Aya @ Thrive · 1 year ago

Congratulations Flexo! I wish I could be as debt-free as you! Rejoice! Rejoice! :)

CJ · 1 year ago

Congrats Flexo. That is absolutely awesome. I recently paid off all my debts except my mortgage and it feels great. I'm even hoping to have my mortgage taken care of within 5-6 years. Stories like yours inspire me and encourage me to keep working towards that goal.

Miss M · 1 year ago

Awesome, that's a huge accomplishment. I haven't finished paying off my student loan for similar reasons, but it should be paid off in January. I'm tired of the monthly payment. What do you plan to do with the extra money each month, roll it into savings? I paid off a car loan a few months ago and was so excited about having extra money to save and invest, of course life had to throw some big expenses my way instead.

matt @ Thrive · 1 year ago

Congrats, Flexo. I actually am a big fan of the "debt off" state, because even if it doesn't always make perfect economic state, I have to recognize that there is tremendous psychological costs associated with debt. I paid off my student loans, all $16,000, in one year by working 80 hours a week at two careers (psychologist and window system administrator). My friends thought I was nuts, given the interest rates at the time - they don't think I'm so nuts these days.

The psychological freedom that comes with being debt free is truly worthwhile, because even if you're just paying a bit of interest each month on your loan, you're still taking that hit every month. Prospect theory tells us that it is better to have one big loss than many small ones - that bleeding down feeling is terrible.

Once again, congrats Flexo!

Kyle · 1 year ago

Congratulations! Did you dance a jig?

Bill M · 1 year ago

That is awesome, by the end of the year I'll be on your team also...

Patrick · 1 year ago

Congrats, Flexo. I think being debt free is a big accomplishment. There are so many people who are not able to say that. It takes self control and the right mindset to avoid consumer debt - especially with all the media and advertisements prompting you to spend, spend, spend!

elisa@thrive · 1 year ago

Flexo,

Congratulations! I'll be joining the party in 13 years.
Are you going to throw a post-debt party?

klerg · 1 year ago

YOU ARE DA MAN!!! Congrats bro!!

My advise is now that your're out of debt, STAY out of debt.

SingleGuyMoney · 1 year ago

Congratulations on being debt free!!!! It must feel awesome.

UH2L · 1 year ago

Like KC, I'm also debt free, (except for my mortgage). The only problem is that I'm living in another city so I have rent to pay and the rent I'm receiving doesn't cover my mortgage. I do think mortgages are good from a tax perspective and now we're finding that they also minimize risk to some degree. I would have to do a comparison based on paper loss for paying cash versus my mortgage with interest losses net of mortgage interest tax deductions. I'm thinking that if I sold my house today, I would have lost more had I payed cash than with my loan.

Doobie · 1 year ago

You know, pretty soon all that profit's going to be aggravating and you'll be looking for some more debt to complain about. Factor in the current real estate market and that can only mean one thing: it's house-buying time, chum.

Jeff Rose · 1 year ago

That's got to be a good feeling. Remember like it was yesterday when I made my final credit card and student loans payments. Wow! Never felt more free in my life. Congrats!

Flexo · 1 year ago

Thanks for all the supportive comments!

Ron · 1 year ago

That is AWESOME! When I read the title I felt a sense of relief. I think I'll have everything paid off (sans mortgage) by late February. That will be $65,000 in three years ... paid off and GONE! I cannot wait!

Chris · 1 year ago

This is just great. I love hearing stories about people winning the way against debt, especially in such hard times. You're an encouragement to all of us.

Doctor S · 1 year ago

Congrats to you! One day I will achieve such feats!

AG · 1 year ago

I've been mulling doing this for some time...I have more than enough cash to pay off my 8k in student loans, but am concerned about how it will affect my credit score when I buy a house in the next few years. I know one factor in calculation is length of credit and my student loan is a solid 7 years longer than any other credit history I have. I'm nervous that my decision to save a few hundred bucks will end up costing me a few thousand on my mortgage. Any insight on how paying these off will affect your credit score?

Denise T · 1 year ago

I am happy for you. I am going through something similar. My only debt is my student loan. I have about $11,500 left, down from $40,000 in 2001. My degree is in a dead field (journalism), so it's extra frustrating to still have this debt hanging over me when it's not exactly landed me the professional life I had hoped for. That said, I've decided this is the year to pay it off. Ok, so I probably won't do it in one year, but I am hoping to make double payments all year, and then any extra money I make will go to the balance as well. Thanks for the story. I hope I am as successful as you are.

MyJourney · 1 year ago

Flexo,

That is GREAT! I feel like that is so far away for me. Have to keep chugging along.

Chris · 1 year ago

Congratulations! I can only imagine the feeling of elation I will have once I have paid off my student loans. Now that I'm in grad school it's even more pressure...hopefully it's worth it. Cheers!

Money · 1 year ago

I think it's easier to get out of debt than it is to STAY out of debt. Staying out of debt is harder for me than paying it off

Single Ma · 1 year ago

CONGRATULATIONS!! I know the feeling and it's GRRRRRREAT!!

Steve · 1 year ago

Congratz - that is great. What a wonderful feeling to be out of debt. This blog is a helpful place for folks who want to stay out of debt or get out of debt :)

money funk · 1 year ago

Congrats on eliminating your debt! And a student loan of all loans! :)

I cannot wait until that day! But, I have far to go as I just recieved my first bill in the mail. I am on the start of the student loan elimination journey.

Happy Holidays!

David · 1 year ago

Congratulations!

I hope to say the same thing in two years. I think I can pay off consumer debt this year, but I'll still have student loans after that.

Laura · 1 year ago

Congratulations! What a great feeling :)

fathersez · 12 months ago

Congratulations! Now you can truly walk with a spring in your step and a smile on your face.

A great way to start the New Year!