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SQUEEKY2's avatar

At what age do you see yourself totally out of debt?

Asked by SQUEEKY2 (5707 points ) June 20th, 2014

Today we just finished paying off the house.
We are totally out of debt, no mortgage, no vehicle debt, no credit card debt, and just started into my fifties, what age do you see yourself out of debt?

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34 Answers

SQUEEKY2's avatar

Want to join us for a mortgage burning party?

ibstubro's avatar

GOOD FOR YOU! @SQUEEKY2.

I have been there, my man, and it feels GOOD.

I know a lot of people can’t do it, but I know a lot don’t try.

Congrats.

Mimishu1995's avatar

@SQUEEKY2 Sure, why not?

Congratulation for getting rid of your big burden!

talljasperman's avatar

I have 5k left on my student loan. Congratulation’s on owning you own home outright.

syz's avatar

Probably just before I die.

dxs's avatar

If I go to a public college soon, I should be set with school loans. I hope to not own a living place, a credit card or a vehicle. They’ve never appealed to me.

filmfann's avatar

At 49, I was fully out of debt. Paying off the house made me so relieved.
About 4 years later, we bought a retirement house. That will be paid off very soon (we expect in September). Now that I am retired, this will be an enormous relief.

Seek's avatar

Unless I hit the lottery, it’s probably never going to happen.

Seaofclouds's avatar

Considering I’m still in school (and racking up student loans), not for a long time. We have been working on paying off our debt one thing at a time and have been doing well. We paid off my truck a few years ago and my husband’s truck earlier this year. We try to keep our credit card debt to a minimum by paying it off as we go, but there is a small balance still waiting to be paid off. Other than that, it’s just our house and student loans.

RealEyesRealizeRealLies's avatar

<<< 51yrs old. Completely debt free.

Congrats on your achievement @SQUEEKY2. Great example for everyone.

Enjoy!

Adagio's avatar

I don’t own a house but instead have a long-term rental arrangement, so I don’t have a mortgage, and I don’t have any other debt. Congratulations @SQUEEKY2 that must feel damn good!

Symbeline's avatar

When I’m dead.

zenvelo's avatar

I was out of debt when I was 45. Then my ex went whacko, and between her spending and the cost of the divorce, I may never be debt free until after the life insurance comes in.

Dan_Lyons's avatar

Totally out of debt. Haha. As if such a condition actually exists.

MollyMcGuire's avatar

I’ve had no debt since 2002, before I took early retirement in 2004.

livelaughlove21's avatar

Really old, if it ever happens. I’ve got $20K in student loans, we only bought our first home two years ago, and I don’t like driving old cars.

downtide's avatar

My mortgage will be paid off by the end of this year but we will be getting another loan for a new car this year. We replace the car every 5 years on average, so I guess we will carry on that way until we decide to give up the car altogether.

elbanditoroso's avatar

I could be, tomorrow, if I wanted. But I would rather pay off my mortgage and my car over time, than reduce my savings by such a large amount.

Debt isn’t inherently evil; it’s how how you manage it that counts.

CWMcCall's avatar

4 years ago I don’t owe anyone a dime.

Coloma's avatar

Heh…the irony. I was debt free forever, until this economy tanked and I lost my work and savings between 2010 and 2013. Oh, the good old days, no debt, a nice nest egg, and now, complete reversal, no nest egg and 15k in debt. Oh well…it could be worse, but 15k might as well be 50k for me right now. My credit is stellar, but for how long is anyones guess. It is hard and scary times for me right now.

BeenThereSaidThat's avatar

We have been out of debt for ten years. The only debt we ever had was a mortgage. we always paid off our credit cards in full, paid cash for cars which we kept for years. New last much longer than used. we also always put money aside and did not feel the need to keep up with the Jones’s by charging things that we couldn’t afford. The Jones’s who are our age, are still working and in debt while we are retired for a while now and free to do what we want.

Our two grown children caught on and also run their lives pretty much debt free. You learn by example.

cookieman's avatar

What age will I die?

tedibear's avatar

About 60. I am 50 now. Our cars will be paid off in the next four years, and the house in the next ten. Unless something unforeseen happens, that is.

muppetish's avatar

I’m almost 25 and currently debt free. Let’s see how long I can make that last, though. I anticipate some difficult years ahead of me.

My fiance, however, has quite a pile of student loans. Oy. I’ll be helping them pay those off for a long time.

Paradox25's avatar

The problem is you’re never out of debt. I own my vehicles, house and owe no loans. However, you never really own your property because of taxes, and the law can easily seize your property for the most retarded offenses.

You still have to deliberately put yourself in debt by some means in order to build your credit up, and the cost of living isn’t cheap. The dollar does not go as far anymore, and bills aren’t $20 a month anymore. The only way to truly be out of debt would be to completely live away from the social structure grid.

ibstubro's avatar

I think there’s a distinct difference between debt, or owing, and the cost of living. Living has it’s costs, debt is credit against a future gain?

jonsblond's avatar

My husband and I will never be out of debt as long as we have medical needs. We’ve already been through a bankruptcy before the age of 40 partly due to medical bills. I don’t see our health getting any better as we get older.

Oh yeah, and student loans. Those aren’t going away any time soon.

We rent our home, own a used vehicle and have no credit cards, so there’s no problem there.

Paradox25's avatar

@ibstubro Everything I’ve mentioned would qualifiy for placing someone in debt, at least the technical definition of it, except for the civil and criminal forfeiture of your assets. Realistically you never truly own something.

ibstubro's avatar

Good to see you here, @jonsblond. I hope you’re doing well! Perhaps Obamacare can ease your medical needs in IL?

Oh, I agree, @Paradox25. I constantly tell people that we own nothing…we’re the stewards of things for a brief period of time. Buying and selling antiques is a melancholy line of work for me.

jonsblond's avatar

thank you @ibstubro Only if Obamacare was free. I don’t see how I can afford all the tests that I need.

Paradox25's avatar

@jonsblond I can’t afford Obamacare at this time, so I’m going to have to take the penalty. I’m currently living off of money that I had tapped into from my IRA, and I have money in a 401k from a former employer that I can thankfully tap into. With no persistent income coming in for me outside of the occasional temp job, I need my money just to eat, pay my basic bills, vehicle/home insurance, gas money, food/care for my pets, etc. Even fifty dollars a month is huge for me right now.

I consider myself to be lucky in the sense I own my truck and house, and have no real debt. I consider myself to be lucky enough to land an eight dollar an hour job not too far from me, a seasonal job with no benefits. It is four months of work though. Yeah, I have an Associate’s Degree in electronics, two trade certificates, 17 years of field experience, and a good and productive employment record and I can’t land even a mediocre job, let alone something in my field. I’m glad I have no children to support, but I feel bad for families in worse situations than me.

talljasperman's avatar

I saved $10 this month, It would take 50 months to pay my student loan off.

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