What is your "Debt Free Date"

TripleR · Dec 23, 2011

Ours was May 2007, way ahead of what we thought it wold ever be and have not bought anything on credit since then, but we are pretty old, so being in debt at our age would be a bear.

I feel sorry for the younger folks as it is going to be harder for them to get debt free the way things are going with the economy and more and more places going to a solely self funded pension plan; won't even go into SS.

RobertN · Dec 23, 2011

Ours was ten years ago. Sold some stock, paid everything off. Job aint like it used to be, but we do not have the bills anymore either.

Well, I take that back; it is amazing, you pay everything off, and then see the other parts; insurance, taxes ect that still eat up the income.

300UGUY · Dec 23, 2011

We paid everything off about 2001. My wife really drove it more than me. I really didn't think much about paying off the mortgage, but after we did it, I'm glad we did. Not so much a financial issue, it just gives you a sense of freedom!

300UGUY · Dec 23, 2011

TripleR said:
Ours was May 2007, way ahead of what we thought it wold ever be and have not bought anything on credit since then, but we are pretty old, so being in debt at our age would be a bear.

I feel sorry for the younger folks as it is going to be harder for them to get debt free the way things are going with the economy and more and more places going to a solely self funded pension plan; won't even go into SS.

And with wages as low as they are, I don't see how they can really accumulate enough to ever retire. The idea of retirement might as well not exist for a lot of folks.

RickB · Dec 23, 2011

twinjayhawks said:
I did some research on the internet on Percentage of Americans with Mortgages... I am not sure if this is correct but it's probably close:

1999 62% with Mortgages
2011 90% estimated with Mortgages

My father told me when he was a kid it was very rare for anyone to have a mortgage (1940's). I know he grew up in a rural area so that probably changes as you move to the cities.

Bottom line... I think with the way the economy is today and where it seems to be headed that being debt free is the only option. Our Debt free day is 1/1/18 if I don't pay any extra with the payments. I hope to make that date 1/1/15 if everything goes right. My debt is just for my land since I have built our home with cash.

What is your opinion on this and what is your "Debt Free Date"?

I think the info you gathered in your "internet research" is bogus. Nowhere near 90% of Americans own their own homes, not even 90% of households come close. So it is HIGHLY improbable that 90% of Americans have mortgages. Maybe 90% OF THOSE THAT OWN HOMES have mortgages??

grsthegreat · Dec 23, 2011

The wife and I became debt free in 2007. Man, is it a great feeling not to owe anyone anything. No car loans, no home loans, no tractor loans.

Its such a weight off of the shoulders.

bearcreek paul · Dec 23, 2011

We had refinanced in 05 to a 15 year.Shooting for 2015 to be debt free and retire.Sooner with any luck.

twinjayhawks · Dec 23, 2011

RickB said:
I think the info you gathered in your "internet research" is bogus. Nowhere near 90% of Americans own their own homes, not even 90% of households come close. So it is HIGHLY improbable that 90% of Americans have mortgages. Maybe 90% OF THOSE THAT OWN HOMES have mortgages??

Sorry, I meant 90% of those people that own homes will have mortgages.

TripleR · Dec 23, 2011

300UGUY said:
And with wages as low as they are, I don't see how they can really accumulate enough to ever retire. The idea of retirement might as well not exist for a lot of folks.

Sadly, I think you are right; my older brother and I were discussing it today as we both have children with no real retirement plan that will allow them to retire as we did. We help them as much as we can, but there is only so much to go around.