Consumerism Commentary - Latest Comments in I am Debt Free as of Today!

Re: I am Debt Free as of Today!

fathersez — Thu, 25 Dec 2008 20:05:23 -0000

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!

Re: I am Debt Free as of Today!

Laura / No More Spending — Sun, 21 Dec 2008 15:23:04 -0000

Congratulations! What a great feeling :)

Re: I am Debt Free as of Today!

David — Fri, 19 Dec 2008 18:37:27 -0000

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.

Re: I am Debt Free as of Today!

Christine McCarthy — Fri, 19 Dec 2008 16:43:06 -0000

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!

Re: I am Debt Free as of Today!

Steve — Thu, 18 Dec 2008 16:07:22 -0000

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 :)

Re: I am Debt Free as of Today!

Single Ma — Wed, 17 Dec 2008 23:10:09 -0000

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

Re: I am Debt Free as of Today!

L. Marie Joseph — Wed, 17 Dec 2008 15:29:30 -0000

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

Re: I am Debt Free as of Today!

Chris — Tue, 16 Dec 2008 23:11:41 -0000

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!

Re: I am Debt Free as of Today!

Evan@MyJourneytoMillions — Tue, 16 Dec 2008 21:48:43 -0000

Flexo,

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

Re: I am Debt Free as of Today!

Denise T — Tue, 16 Dec 2008 20:58:42 -0000

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.

Re: I am Debt Free as of Today!

AG — Tue, 16 Dec 2008 20:15:58 -0000

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?

Re: I am Debt Free as of Today!

Doctor S — Tue, 16 Dec 2008 17:49:52 -0000

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

Re: I am Debt Free as of Today!

Chris — Tue, 16 Dec 2008 10:24:57 -0000

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.

Re: I am Debt Free as of Today!

Ron — Tue, 16 Dec 2008 07:33:40 -0000

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!

Re: I am Debt Free as of Today!

Harlan Landes — Tue, 16 Dec 2008 00:42:47 -0000

Thanks for all the supportive comments!

Re: I am Debt Free as of Today!

Jeff Rose — Tue, 16 Dec 2008 00:27:24 -0000

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!

Re: I am Debt Free as of Today!

Doobie — Mon, 15 Dec 2008 22:57:14 -0000

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.

Re: I am Debt Free as of Today!

UH2L — Mon, 15 Dec 2008 19:31:18 -0000

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.

Re: I am Debt Free as of Today!

SingleGuyMoney — Mon, 15 Dec 2008 18:59:30 -0000

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

Re: I am Debt Free as of Today!

klerg — Mon, 15 Dec 2008 15:50:46 -0000

YOU ARE DA MAN!!! Congrats bro!!

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

Re: I am Debt Free as of Today!

elisa@thrive — Mon, 15 Dec 2008 15:12:43 -0000

Flexo,

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

Re: I am Debt Free as of Today!

Patrick — Mon, 15 Dec 2008 14:57:43 -0000

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!

Re: I am Debt Free as of Today!

Bill M — Mon, 15 Dec 2008 13:58:57 -0000

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

Re: I am Debt Free as of Today!

Kyle — Mon, 15 Dec 2008 12:57:24 -0000

Congratulations! Did you dance a jig?

Re: I am Debt Free as of Today!

matt @ Thrive — Mon, 15 Dec 2008 12:36:01 -0000

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!