Would you? Be debt free vs. living in debt?

[Kroze]

What would you rather choose? Living debt free vs. Living with debt but have a better quality of life (I.E. better house & car)

I'm siding with living debt free right now and considering getting rid of my brand new 2010 car in favor of a used car that I'm going to pay cash for. With the money saved, i can put it toward my house and pay it off in a couple of years.

After that, i'm completely debt free!!

It's pretty tempting...

 

[amdhunter]

I am pretty debt free now (owe 300 dollars total in debt to my name...) but I can't wait until the Winter is over so I can drop $$$ towards the purchase of a new vehicle.

So I vote better quality of life + debt.

 

[HappyPuppy]

Kiddies like you crack me up.

 

[mesthead21]

Is this serious? I would rather be debt free

 

[Kroze]

Kiddies like you crack me up.

Elitist pricks like you are never happy.

 

[amdhunter]

Kiddies like you crack me up.

Like who?

 

[Slapstick]

I'm dept free and love every minute of it. Not worrying about money is the only way to go, great sense of freedom. The money I save not paying interest allows to buy everything I need and most of what I want and I find that things I want I enjoy more if I have wait a little and save up for them.

 

[Kroze]

I love the feeling of being debt free. It's just so much better to wake and not having to worry about making enough money to pay your bills, job security, or not making enough altogether.

Somehow i managed to get myself into debt again and i'm regreting it. I'm going to try and sell my car and get a used one that i will pay cash for.

 

[Red Squirrel]

Debt free. I owe about 10k or so in two loans (~5k left in construction loan + 5k furniture interest free till sept 2010) and while I could go ahead and take longer to pay them off, my main goal is to pay both of those off.

The fact that all the spare money after that will be money I can use for anything I want, will be a great feeling. It also gives me a better sense of security as if I lose my job I have less things to worry about as far as money I owe. Worse case scenario I could sell the house and move back with my parents. My goal is to accumulate an emergency fund though which would give me a few months to get another job if something happened. With only the mortgage, I will also make bigger payments once I have a decent emergency fund accumulated. I'm sure I can turn this 25 year mortgage into like, 15 years if I'm smart about it.

I keep forgetting I will need to buy a new car eventually though, but I might get used again so I can buy it cash. Some people see a car as a status symbol, I see it as a tool to get me to work every day.

 

[rgwalt]

What would you rather choose? Living debt free vs. Living with debt but have a better quality of life (I.E. better house & car)

I'm siding with living debt free right now and considering getting rid of my brand new 2010 car in favor of a used car that I'm going to pay cash for. With the money saved, i can put it toward my house and pay it off in a couple of years.

After that, i'm completely debt free!!

It's pretty tempting...

Did you pay cash for the brand new car? Do you realize that you will take a hit of at least $1K by selling the 2010? Then you will buy used (aka somebody else's problems), and put the money saved towards your house. The thing is that your interest payments on the house are tax deductable, so the Feds are picking up a portion of your interest. Plus, the debt in your house is a good hedge against inflation and is a very secure form of debt.

I guess what I'm trying to say is weigh your options on this one... make sure you don't take a financial hit by selling the new car just to try to pay off your house sooner.

 

[amdhunter]

Some people see a car as a status symbol, I see it as a tool to get me to work every day.

And some people, like me, just like to drive.

 

[Pliablemoose]

Elitist pricks like you are never happy.

 

[HappyPuppy]

Wait! What? Did I unzip your panties and lay bare your androgenous nethers for all else to see? What a fucking goof! Your mama can't get her fat ankles into combat boots and Akhbar the tent make told her to go hither cause there wasn't enough material in all of the Middle East to make her a dress.

 

[Pliablemoose]

Wait! What? Did I unzip your panties and lay bare your androgenous nethers for all else to see? What a fucking goof! Your mama can't get her fat ankles into combat boots and Akhbar the tent make told her to go hither cause there wasn't enough material in all of the Middle East to make her a dress.

You have impugned my dear 80 year old mother for the last time sir, I challenge you to the manly contest of fisticuffs.

 

[HappyPuppy]

You have impugned my dear 80 year old mother for the last time sir, I challenge you to the manly contest of fisticuffs.

Yo mama need scaffolding built on her crotch to delve the depths of her depravity. Even with climbing ropes, carabiners and ice picks experienced mountain climbers are fearful when gazing on her gaping maw.

 

[Pliablemoose]

Yo mama need scaffolding built on her crotch to delve the depths of her depravity. Even with climbing ropes, carabiners and ice picks experienced mountain climbers are fearful when gazing on her gaping maw.

Well, you're a Californian, hell man you may as well have an ambiguous sexual orientation.

 

[HappyPuppy]

Well, you're a Californian, hell man you may as well have an ambiguous sexual orientation.

I take offense to your banal use of the interrogative 'ambiguous'. My sexual proclivities are not the object of this conversation, although your genetic origin is suspect.

 

[irishScott]

Debt free, so going into debt as a last resort remains an option say... during an emergency or zombie apocalypse or something.

 

[Pliablemoose]

I take offense to your banal use of the interrogative 'ambiguous'. My sexual proclivities are not the object of this conversation, although your genetic origin is suspect.

Happy Puppy hates Peruvian boobies.

 

[herrjimbo]

Happy Puppy hates Peruvian boobies.

not to mention the dictionary has to definitely be put away.

 

[DaWhim]

there are good debts and bad debts. ie, good debts = student loan, you can ever write $2500 student loan interests off your taxes. bad debts will be like credit card. most people only think of debts = bad.

I don't mind living in good debts and I am doing my best to keep my student loans there as long as possible.

 

[RedCOMET]

Well i'm DEBT FREE but have bad credit. I have a good quality of life at the moment, but it woudld be a hell of a lot better if i c ould get a credit card. b/c good credit means i can get a better house loand in the future. and also reduce or eliminate any deposits i might be required to pay on utilities and the like.

edit:
I have no college, car, etc loans to pay back. No debt or outstanding loans what so ever.

 

[SparkyJJO]

Debt free. I have student loans and a car loan right now but the car loan is almost paid (around 7 months left) and I'm paying the student loans as fast as I can without making myself totally broke.

Yes, I have a credit card, yes, I use it, but I pay that off every month. I never carry a balance on a credit card. I use it more for convenience (gas pump, online, etc) and also helps me keep better records as to what I'm buying.

 

[Svnla]

Debt free FTW.

Did Benjamin Franklin or someone like that said something about being in debt is like living in a shackle?

I am glad that I never being in debt in my life (paid off student loan years ago, pay cash for the new vehicle, pay off all CCs before due date, never carried balances, etc.) and I like to keep it that way.

 

[dFshadow]

Of course I'd rather be debt free but I don't have a job and I need to live so out of necessity I am living in debt