Is there any incentive to pay off your tractor early?

[daugen]

there is another consideration to the "debt free" scenario.
having some debt, my preference is 0 percent interest....is actually good for your credit rating. If you owe nothing long term and/or don't have credit accounts you pay off every month, there's not much for the credit companies to evaluate. Just because you have a million dollars and own your own home, you might not have a high credit rating.
You may say, who cares, I don't need to borrow money. Just be sure your credit rating stays above 720, or you may be getting charged more on your car insurance, your homeowners insurance and maybe even your propane bill if you aren't careful

 

[lennyzx11]

Thanks, now I feel cheap only scoring in the 830's. Maybe I should buy some more stuff. I used to buy things like cars and finance them then pay it all off three to six months later. Now I have no debt at all so that is probably dragging me down a bit. I think never missing a mortgage payment probably helps the most. Some action is better than no action.

And I was so proud of my 805 this year after 4 divorces through my past to recover from!
I have a near obsession of having to pay something off immediately if it gets put in a card.
Even with 0% interest, I'm always thinking back on hard times trying to pay everything off paycheck to paycheck.

 

[check]

Don't get the wrong idea, Dick. My employer puts in MORE than I do, and they invest the pension fund and generally make good money. (So much so that my pension will be MORE than my salary if I wait until the age of 12 to retire ( which I won't, as I have vowed to go out "feet first".). So I'm not sure where your term "socialistic nonsense" comes from.

Oops! Bad Keyboard. How about 12 six-packs, or 72?

I hate these tiny keyboards on the iphones!

 

[dickfoster]

And I was so proud of my 805 this year after 4 divorces through my past to recover from!
I have a near obsession of having to pay something off immediately if it gets put in a card.
Even with 0% interest, I'm always thinking back on hard times trying to pay everything off paycheck to paycheck.

For someone with a learning disability you're doing great. It took me only one divorce to learn my lesson. LOL

 

[Garandman]

Oh, but the borrower is servant to the lender. No matter who or what you owe, when you owe someone you're someone's slave.//

Millions and millions of dollars are made by borrowing money at a lower rate of interest than the return. For example, the return on initial investment on the company I started 28 years ago was 47,500%. Sorry, I don't feel the slightest bit enslaved.

I would agree that borrowing money for things you don't really need is never a good idea.

BTW, Apple has $231 Billion in cash: more than the US Treasury. It also has $80 Billion in debt.

Apple, Inc. Has Now Amassed Nearly $8 Billion in Debt -- The Motley Fool