Resolution -- debt-free, anyone?

SnowPink · ‎09-20-2014

Anyone have a resolution this year to become debt-free? I won't be able to pay off my house this year, but definitely my credit card which I stupidly got after I paid off my student loans.

Mominohio · ‎08-08-2010

I have been a little sloppy with finances this past couple of years, and resolve to tie up some things as well.

We are way too far out from paying off the house, but we currently owe nothing on cars or any other large item. Just a couple of credit cards to pay off.

More than getting 'out of debt' (cause who ever really is, if you think about it) I want to redirect my spending. More savings, less stuff. Less impulse buying, even if I miss a great deal or something I could have used.

I'm opting to carry more cash, and not used checks and credit where it is easier to overspend. The shrinking stack in the wallet is a great reminder and more real picture of exactly what you are spending.

Qwackertoo · ‎03-11-2010

Debt free is great. We've only had the house paid off a few years so that is nice. Never did credit card debt except right out of high school and college.

But with two in college come this fall, only one now . .. we still manage to spend a good amount of money! Thank goodness for all the savings and the 529 accounts . . . reaping the benefits of prior sacrifices when we originally saved that money. They are the ones who truly benefit as they will graduate from college debt free and we've taught them the meaning and value of money since they were very young . . . they save most all money they receive either from working or Christmas & bday gifts with very few splurges with "their" money.

september · ‎03-09-2010

I don't have any credit card debt and won't be able to pay off the mortgage for a long time!

But I bought a new SUV this past summer, and financed half of it. It's a 4 year loan, but I've been making extra payments on it and hope to get it paid off before the vehicle is a year old.

croemer · ‎03-10-2010

We are debt free except for my husbands vehicle which is almost pd. off. We made this decision several years ago...made extra payment on cars and our home and paid them off.

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FrostyBabe · ‎03-09-2010

I've been debt free for 8 years and it's wonderful. Prior to that, the only debt I had was mortgage payments and I once financed a car over 12 months because they were offering 0% financing. I've never had any other type of debt.

Snowpuppy · ‎03-09-2010

Debt free doesn't mean bill free. You still have utilities, etc.

I only have one cc that has a small balance from the holidays, that will be paid off shortly. Vehicle is paid for. Do have a mortgage and looking for another home that I want to retire in.

Hope to find that and pay it off before I retire.

FUTURE · ‎04-11-2010

Yes! We have no CC debt, paid off my car after having it for 5 months this year, and I told hubby that for my birthday, I don't want a mortgage anymore.

That is the plan. I will be 34 this year, and will be beside myself having no mortgage. My parents and his parents still have one, so I never imagined at my age I wouldn't! We've been extremely blessed, and will hunker down tight for the next 6-8 months and try to get this thing paid off! We will have been here for 5 years, which I think is a great accomplishment. Now I'm just saying my prayers that we stay to the plan and are healthy and wise. We will still have hubby's school loans (not too much), and his car payment (0% interest, so it doesn't matter to us), and those will be next. After a VACATION!!!

MarthaStewardess · ‎03-09-2010

The only debt I have is a small mortgage. I do intend to pay that off early though. Twelve years ago when I thought I was going to lose my job I paid off whatever credit cards I had. Never really had a problem with credit cards, but when you sit and think about how much interest you pay with them, there really is an incentive to not carry a balance. Since then when I have used them, I have paid them off each month. My car is over thirteen years old, so no payment there either. It's nice just having a small mortgage (which is a lot less than what I would have to pay out if I rented an apartment) and just basic living expenses to pay. Glad I don't have credit card debt hanging around my neck. I feel very lucky and I know things can happen in life that can change all that, especially when you're single and you're the only one to depend on for paying bills.