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s/o of s/o What do you consider "debt free"

I consider debt free where I have interest being charged for anything (house, cars, CCs, student loans etc). Some consider debt-free as being "no unsecured debt" as in, if it is secured, then it isn't really debt (ie: house payment and car loans don't count as real debt).

 

What do you consider debt free?

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Re: s/o of s/o What do you consider "debt free"

  • Debt-free, for us, would mean just the house note and student loan payments.  It would mean all credit cards have zero balance and that the car(s) is/are paid for.
  • We are trying to get down to just the house note and student loan. So we want to pay off both cars and the credit cars. As it stands one car will be paid off next spring.
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  • Debt free for me is nothing except house note.

    I consider credit cards, car payments, etc. all debt, but the house has equity in it so I consider that an investment as well.

    "If you can't say something nice, shut the hell up!"
    - Paula Deen to 104.1 KRBE's Producer Eric 9/17/2011
  • To me, debt-free is exactly that - no mortgage, no car payment, no student loans, etc.

  • IMO-all of them are debt including mortgage, student loans, car notes, and consumer debt.

    however i know a lot of people on MM say they are debt free minus their mortgage which i think is reasonable.

     

  • I won't call myself "debt free" until I am not paying interest on anything.  Currently the only debt we have is mortgage and a student loan...I feel like we'll be paying on these until I'm 90!  Although I am happy that our mortgage rate is low and that our student loan interest is less than the APR on our savings account, which is why we haven't rushed to pay off the loan.
  • image michellebelle:

    Debt free for me is nothing except house note.

    I consider credit cards, car payments, etc. all debt, but the house has equity in it so I consider that an investment as well.

    this

  • Ideally debt free would be exactly that, no house pmt, no car pmts etc.

    Right now though I would consider us debt free if we only had a mortgage payment. That's our goal. We'll set our sights on a mortgage pmt after we get everything else paid for. 

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  • image michellebelle:

    Debt free for me is nothing except house note.

    I consider credit cards, car payments, etc. all debt, but the house has equity in it so I consider that an investment as well.

    This

  • Truly debt free is having absolutely no debt, which would include house and car IMO. 

    The closest I can see us coming to debt free would be just the house and one car note.  We hope to always drive at least one car that is paid off to lessen the burden.  Someday we may get to a point where we can have zero car debt, but I think that given our professions we will always have the house payment. 

  • My opinion of debt free is the same as yours.
    "If I'm goin' down, I'm goin' down loud." -John Evans Tweet me
  • image almostjones:

    Truly debt free is having absolutely no debt, which would include house and car IMO. 

    The closest I can see us coming to debt free would be just the house and one car note.  We hope to always drive at least one car that is paid off to lessen the burden.  Someday we may get to a point where we can have zero car debt, but I think that given our professions we will always have the house payment. 

    You will have zero car debt some day.  When I was younger I always thought I would have a newer car all the time, but not having those car payments is nice!  It is a good feeling & I dread the day when we have to finance another car.  = (

  • No unsecured debt really but I would LOVE to have my car paid off.  I dont really consider my mortgage to truly be debt.  I figure you either pay a mortgage, rent, mooch off someone else, or you are at least paying property taxes anyways.
    image
    You have the right to remain silent. Anything you say will be misquoted and used against you. My Blog
  • image duchessII81:

    To me, debt-free is exactly that - no mortgage, no car payment, no student loans, etc.

    I agree--in Dave Ramsey's plan, baby step 2 is debt free except the house and baby step 6 is paying off the mortgage.

    DH & I have never owned a home, so when we are debt free--it will be in the truest sense of the word. After that, we'll fully fund our emergency fund and start saving for a house. Depending on our needs in the next few years, we will either wait and pay cash for a house or follow Dave's advice and do 20% down on a 15 yr, fixed rate mortgage.

    However, the thought of going into debt, even for an "investment" makes my stomach hurt after working so hard the past 4 years to be debt free...not sure I could do it.

  • At this very moment (we are in between closings)...WE'RE DEBT FREE (insert Dave Ramsey "Freedom" scream!)

    At 1pm this afternoon, we go back to being debt free except the house, with the goal to pay it off in 2 to 3 years.

    Finley Anne ~ 11.9.2008
    image
    So Tasty, So Yummy
  • image PAGAS:

    At this very moment (we are in between closings)...WE'RE DEBT FREE (insert Dave Ramsey "Freedom" scream!)

    At 1pm this afternoon, we go back to being debt free except the house, with the goal to pay it off in 2 to 3 years.

     

    LOL, congrats!!!

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  • Truly debt-free means just that - not owing any $ on anything.  I can deal with just having the mortgage, though, and working to pay that off as quickly as possible.

    We have no car debt and our plan is to never have another car note.  Neither one of us needs a brand-new car until we can pay for one outright.  That's how we look at it...

    image
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  • To me, everything but the house mortgage is debt.  The reason why I dont' include the house is because I have a pretty good amount of equity in it, and so if worst comes to worst, I would sell it at a lower price and still come out with money. 
    Lisa. mommy to Emmy and Ally image
  • Everything else but the house is what I consider to be debt free.  We have the house payment and one car payment (almost done) and that is all! 
  • I consider debt free to be free of any kind of debt, mortgage included.  I don't see how DH and I will be like that anytime soon so I'd just settle for having only the mortgage.  It's funny because just last night DH and I sat down and decided that we can be debt free (except for my very low interest student loan and mortgage) by June.  God that will be nice if it happens!
  • image KNJepp:

    Truly debt-free means just that - not owing any $ on anything.  I can deal with just having the mortgage, though, and working to pay that off as quickly as possible.

    We have no car debt and our plan is to never have another car note.  Neither one of us needs a brand-new car until we can pay for one outright.  That's how we look at it...

    This is us exactly. After not having a car note I realized how awesome it is. 

    image
  • For us - no CC debt.  Cars & house are ok, but our own peace of mind would be no cc (mostly DHs school).

    ETA - debt free is really debt free.  But right now for us, we are aiming for no CC payment and then to pay off both cars leaving us with only a house note.

  • image pook:
    image almostjones:

    Truly debt free is having absolutely no debt, which would include house and car IMO. 

    The closest I can see us coming to debt free would be just the house and one car note.  We hope to always drive at least one car that is paid off to lessen the burden.  Someday we may get to a point where we can have zero car debt, but I think that given our professions we will always have the house payment. 

    You will have zero car debt some day.  When I was younger I always thought I would have a newer car all the time, but not having those car payments is nice!  It is a good feeling & I dread the day when we have to finance another car.  = (

    I hope you're right.  It feels like such a waste every month. 

  • image duchessII81:

    To me, debt-free is exactly that - no mortgage, no car payment, no student loans, etc.

    I agree..  Owe absolutly nothing to anyone... 

  • Debt free for me would be house only and maybe 1 car payment. But I would need all of our student loans paid off, all credit cards, etc. gone.

    I hope to be there in 2 years but DH's student loans will make that hard.

  • Debt-free, to me, means to owe nobody anything. But I consider a house note "good debt." I also consider school loans as "good debt." As long as you're doing your best to pay those 2 off, you're free and clear in my book.

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  • No debt.

    Debt free = I am not indebted to anyone/anything financially (interest free or not.)

     

     

  • image michellebelle:

    Debt free for me is nothing except house note.

    I consider credit cards, car payments, etc. all debt, but the house has equity in it so I consider that an investment as well.

    This

  • image bpaullo:
    image duchessII81:

    To me, debt-free is exactly that - no mortgage, no car payment, no student loans, etc.

    I agree..  Owe absolutly nothing to anyone... 

    This.

    [IMG]http://i43.tinypic.com/fxqg3l.jpg[/IMG]
  • DH and I like new cars so we accept that some car debt will be there forever...or until we get over the need for new cars.  We feel that anything other than a car note or mortgage is debt (ie: credit cards, student loans, etc.).  Ideally we won't have car notes or a mortgage, but right now we're more focused on saving money for the future and we'll deal with a car note and a mortgage.
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