Does your debt have you feeling constrained?

United States
February 27, 2011 10:04pm CST
My wife and I were married in April 2002 and by September 2007 with surmounting debt nearing $40K we said enough is enough. We happily became debt free (happier in our marriage too because of no more financial arguments) only 30 months from when we started and it was actually on our son's 4th birthday in March 2010. I want others to experience this great feeling of debt freedom and open this discussion of Questions and Answers to help you too meet this goal of no more debt. I will not only be helping you but you will also be helping me stay on track because we still have future financial goals of retirement and saving for son's college education. So, let's talk debt and hopefully our experience can help you reach your goals.
1 person likes this
5 responses
@34momma (13895)
• United States
28 Feb 11
I am super happy to say that i am debt free and have been since 2006. I don't owe anyone a dime. aside from my currently monthly bills of cell phone, cable, rent, and food. It's an amazing feeling to know i don't owe anyone any money
• United States
1 Mar 11
Yes, those are living expenses and far from loans with interest but some we can live without if we have too in order to reduce our debt (ie; cable, cell phone, internet, etc.). The "borrower is slave to the lender" and who really wants to live with that, I know I don't and my intention is to keep it that way. Congrats on staying out of debt and now it's simply time to take that money and go crazy saving.
1 person likes this
@34momma (13895)
• United States
1 Mar 11
i love watching my wonderful savings account just grow and grow!
• United States
2 Mar 11
I hope you are referring to nothing less than a money market savings account rather than the traditional savings account in order to earn higher interest on your money.
@jazel_juan (15767)
• Philippines
28 Feb 11
I know what you mean, i was into a lot of debt last 2009 and 2010, it was something so hard that it reached a point where me and my huby would argue often about it. I could totally admit that mostly is my fault, i tend to overspend and cannot budget wisely but currently ive been trying to learn that and is quite successful and hoping we will be able to finish all debt
• United States
1 Mar 11
I was just like you and it was funny when my wife and I first got married and she had thought that I had a lot of money because I was driving an SUV (car payment) and living in a house she had thought that I owned only to discover later that me and my little brother were renting. So, in essence, she was marrying into debt....that's "wedding bliss" for you. She, on the other hand, had credit cards but she always paid them off in full when her bills came due. Now, the tables have turned considerably and I think of credit cards as "the devil" and I do our home budget twice a month religiously and I know exactly where every penny is spent and I have to ask each "Presidential Bill" where are you going when it tries to go out the door. If you haven't started already, start a monthly or bi-monthly budget and adjust accordingly (ie; gas prices continue to rise) and stick with it because it sounds like you both are doing great. The key is to work on the budget plan together to avoid any future financial arguments.
@jazel_juan (15767)
• Philippines
1 Mar 11
Yes that monthly budgeting is quite difficult on my part, i do not know how to do it till now so i leave it into the hands of my husband but he still gives me the money so i could learn it..
• United States
1 Mar 11
Yes, it helps if you both know how much your monthly mortgage, sewer & water, electric, cable, gas, cell phones, and other living expenses are each month instead of when someone asks and you say "Well, my husband takes care of that".
• United States
3 Mar 11
I am currently in debt myself. I have two credit cards that I owe money on and am trying hard tp pay them off. I know it is hard be8ing in debt, but money has been so tight that my husband and I had to use credit cards just to keep things afloat. My husband is working parttime and I am unable to find work because of the bad economy. I attend graduate school and make some money online.
• India
28 Feb 11
I agree with your view becoming debt free is great relief. Even I find enormous joy when I clear any of bank loans. Its so nice feeling. Debt feeling constrained.
• United States
1 Mar 11
Yes, I too agree with your statement.......the feeling of knocking out each debt one by one is truly a great feeling of accomplishment. My goal is for debts never to return and saving for emergencies as often as I can to assure that they do not.
@dodo19 (33316)
• Beaconsfield, Quebec
28 Feb 11
Right now, my husband and I have a lot of student debt. We both do. It is true that it is 'good' debt, as it is a student debt, and we are also in Canada studying here as well, which isn't as bad. It would be worse had we gone to study elsewhere. But it still worries us. Neither one of us likes having debt, even if it is good debt. We really look forward to the day when we can say that we no longer have debt. It is going to be a while, we're going to have to work hard, and things will be tight for a while, but we do want to be completely out of debt and look forward to it.
• United States
1 Mar 11
I hate to state the facts but unfortunately "DEBT IS DEBT" and there is no such thing as "GOOD DEBT". After all the debtor is slave to the lender and I sure as hell don't want to be a slave, do you? There are a lot of financial counselors out there (no, I'm not one of them) the proclaim your statement and give false hope to those in debt to get further in debt by suggesting them to purchase real estate while rates are low, etc. and say such thing as "O.P.M." meaning Other People's Money aka the banks money to risk. Now you not only owe your existing debtors but you also have to keep up an mortgage payment and it's hard to do when you lose tenants and can't find replacement tenants in today's hard economic times. When you and your husband finish your studies, you should rent until you have tackled your student debts and then enjoy home ownership as a couple and begin a family by changing your "family tree" with no debt and financial freedom.