Getting Into A Debt Free Zone.
By Andrew O
@creationhub (3066)
Malaysia
July 25, 2011 1:51am CST
I realized that even after donkey years of working, and nearing retiring age, one can still be in debt. The last thing anyone of us would want is to dump off all our provident fund savings to pay off all our mortgages, loans, etc, etc.
What would you do if you are nearing retirement age and still have lots of debts to clear?
2 people like this
2 responses
@yspmyl (3435)
• Malaysia
25 Jul 11
I will probably try to settle all my debt before retire. Once my permanent monthly income stop, there is no way for me to continue paying a lot of money for the loan or any others debt. So, planning will be essential to keep us debt free when retired. Normally mortgages loan can be settle within few years if you keep pumping money into it to pay off the principal instead of just pay the monthly installment. That is how I did with my 1st house. I manage to paid off my 2st house within 9 years instead of 30 years.
@creationhub (3066)
• Malaysia
26 Jul 11
You did the right things. Most people will want to enjoy first. Retiring in bliss is what all of us really desire. I trust for myself that by mid of next year, I want to be debt free. It does not mean I am rich but rather not having any monster of a debt hanging around my neck.
Imagine when we get into a debt free zone, we will not feel any financial pressure. Even doing new businesses will be exciting. Again, not necessary to be rich physically,but be debt free.
@KrauseHome (36447)
• United States
29 Jul 11
Personally in today's day and age it is hard to stay clear of Debts, etc. unless you are making a good income, and you have no Health issues, and are able to keep on top of payments and loans as well. When you continue to see things downgrade all the time when it comes to Earnings, medical, etc. it becomes quite hard but in the end all you can do is Pray and Trust god to get you thru.
1 person likes this
@creationhub (3066)
• Malaysia
1 Aug 11
True, it is always hard to stay out of debt. However, we need to take measures to address this monster. For me, it means taking on a medical insurance, do a savings plan and so on.
Everything and anything that will enable me to reach another 3 years and I will be debt free.
