No Debt!!!

I use my credit card but I have always paid each month's bill in full. So I have never had any credit card debt. I use the credit card to get the cash back. I have always done what you are talking about, if I can't afford something, I don't get it, but I just do it with a credit card because of the convenience and the cash back. The only debt I have ever had is mortgages on homes. I have even paid in full for the cars I have bought.

With utilities we use our credit card and then pay them off at the end of the month so we're getting basically free credit. With everything else we use cash. We have parked our car so we're walking places and saving money that way. We're also not eating out as much. Our plan is to live debt free and do special things with what we save like plan family vacations.

It is really nice to be free of debt. For me, if given the chance, of course i would always use cash to pay for every expenses... this is what we are trying to do too, but somehow sometimes we are just short on cash and need to use credit cards for grocery... however we have not been able to fully pay the credit card debt we had.. we are just rolling over the cash paying now and then paying again but in staggard... :D ha i know we would be able to finish it off soon...

I know it is hard living with debt because Randy and I are currently living in debt. I only have two credit cards that are in collections and I am going to try to negotiate and hope to pay them off. Randy and I are both in college right now so we have some student loans and I am working on paying those off. We will no longer have any credit cards and I am obtaining a copy of my credit reports to make sure that there are no surprises since yesterday we got a phone call saying that my husband's "wife" defaulted on a credit card. Randy's ex-wife apparently has not changed her name back to he maiden name after the divorce (the divorce happened in 2002)and therefore the collections people have been calling and expect us to pay for it. If anyone knows what to do please let me know.

I also imagine how my life would be without all these debts, and I can live free, and sleep much better than I am now. I am gradually paying off my debts, and I am trying my best to take care all of them from month to month. Now, I am still struggling, and attempt to make some extra money to pay them off. I hope someday all of us will report a good news on mylot, finally we get rid of our debts.

Most of the time, we are likened into a frog who was put in a cold water in a pot. The pot is being heated, fire under it. The frog seems comfortable even when it started to heat. At the last, it is too late for it to jump out of that pot. The same is true with many of us, including me. We feel comfortable with borrowed money, spending before we can earn. That is just normal, we thought. Until it stings and bite us before we are awakened from our folly. I admire and appreciate you for recognizing how good it would be if you don't have debts to pay. I believe that life would be better and wonderful. I am with you in that crusade - to be debt free. I am making some progress as I started my journey to eliminating debts this month. I want it and by God's grace, I can do it. Good day and I know good things will come to you and all those who will be debt free.

The debt we have was forced upon us by a stupid neighbor who purchased the property next door without getting a survey done and instead of getting the survey he insisted we had built a fence on his property. First the fence in question was there long before we bought our property and even longer before he bought his. It had been there 30 years or better. Who knows who put it up. But in the end it was found he was wrong. But we had to use a little used credit card to hire and attorney because he got an attorney and sued us to remove a fence we did not put up. He lost cost him $24,000 cost us $8,000 we still owe $2200 on our credit card left. We pay every month. We also owe the attoney $1200 left. As the credit card was not sufficent and if we used it again our interest would go from 9.5 % interest to 30% interest. We don't use credit cards except in emergency and thankfully we have not had one since the lawsuit. We only have the one credit card. We pay in cash for everything else. We do not have a lot of debt but we also have a below poverty level income and no medical insurance or dental. Because of the credit card debt can't get needed dental care until we pay the bill off. Got another year of payments at least unless we can sell items we don't need on Craigslist which we are hoping we can do. So no we seldom us credit cards and won't be using this one ever again. Once paid off we are cancelling it. We might get another from some one else for emergencies.

Never live life on credit because it would only accumulate. Before we know it, we have a mountain of it to clear. It might look little when we pay off little by little, but at the end of it, we have already paid off a huge sum of interest, when we can be better off using those money somehow else HOwever in life, it's not really possible not to live on credit, but what we can do is to minimize our debts if possible. If we really have to buy something, go for the shortest or mid period repayment method. In a way, we have to pay more but we save more in the long run as well. That's what i'm doing now, it may be hard in the initial months, but at least, i got what i wanted without leaving that much of debts to clear

hi baileycows. this is something that i worked on last year. i'm glad to share that at this point, i have zero debt. i was able to pay off my credit card and personal debts completely. i would occasionally carry a small amount of debt in my credit card but i would fully pay off that debt one time so i don't incur any interest charges. anyway, read somewhere that it only makes sense to pay off all debts first before starting a fund for savings. the interest charges would outweigh the actual value of the savings fund which beats the purpose of the savings fund in the first place. anyway, good luck in paying off your loans and debt baileycow. cheers and happy mylotting!!!

Someone once mentioned that a rich person is a person with no debts and I think this is so true. As for myself, I have still in the process of financing all the existing loans that I have now.

I completely agree with you.I will be happy when we no longer have any debt. We pay cash for all of the things we get except for really big purchases. We still have a car loan and my husband is about to get a business loan.

In here i use cash only, rarely i use credit. I think we will feel better if no debt. But unfortunately i still have debts with 2 guys in Korea. i am working hard to save money for paying debts also. I hope i could complete it in this year. Money is not easy to earn at all...

I also have debts and I have it minimized already. There was a time that I had been experiencing financial crisis. All the money that I earned just went to paying all the bills that I had. I had the same settled after two years. Now, I'm already comfortable with what I have and I hope I can already have my credit card cancelled. I could not ask for its stoppage because I still have to pay my debts. Hope it would be stopped soon.

Hi baileycows, It is so tempting to have any purchases through credit cards. I used to have it handy but when I receive my billing statement sometime last year with unexplainable charges that made me pay huge amount for almost 6 months, that made me save money for months just to have enough to pay that amount. I finally made my decision not to use it anymore in shopping except for transactions on grocery, pharmacy and other necessities. I already gave it to my wife for safekeeping, she has more control of herself when it comes to impulsive buying.

we always use cash for everything we buy and we don't have credit cards anymore. we got into trouble using credit cards some time back and we are paying them off now. cash is so much more simpler than credit. either you got it or you don't.

That is a great plan. And Suzy says to even save up for major purchases like appliances, car and the like. I pay cash now. I used to have several credit cards and got myself into a mess. Loans and debts are no fun and stay with you forever it seems like. Good luck in your endeavor.

I always used to use my credit card to pay for things, and then I would always forget about the things that I had bought and end up spending up a lot more than I should have done. I made the decision to stay out of debt completely last year, and if I couldn't afford it then I wouldn't get it, as simple as that. Although it was hard at the beginning, I found that it was definitely the best thing to do because now I don't have to worry about getting bills through, as I have already paid for everything that I was going to buy that month.

I prefer to pay in cash. I used to have a credit card back when I still had the impression that if I pay in card I can be more economical and practical. But that was proven to be otherwise as time pass by. It's good thing that I scrutinized my old statements, I found out that there are addition charges or shall I say hidden charges. Those additional charges, though small amount, can add up to a material amount that could be used for my family's expenses, sundries like gas,transportation and even food stuff.