Are you debt free?
By Mirita
@Mirita (2668)
United States
September 4, 2007 10:39am CST
Well, I got a personal loan for 5 years ,and I'm going
to consolidate all my debts and buy a new car. My goal is to be debt free and stay away from the tentation of credit cards. I think is best to live within your means instead of above your means. What do you guys think? Are you guys planning on becoming debt free too?
2 people like this
5 responses
@walkinthecloudz (233)
• Pakistan
7 Sep 07
debt free...ah what a good word it is. i also really want to debt free.. i took a loan for five years and still two years to go. i am really fed up by this. when will i be able to pay my debts off...
@pismeof (855)
• United States
4 Sep 07
Mirita, I think that if you plan on purchasing a new car ,You'd be better off getting the car loan separately.The interest rate on a new car loan is far less than that of a personal loan.The personal loan will end up costing an additional year or two just to pay the extra interest
@Mirita (2668)
• United States
5 Sep 07
Well, the interest rate is only 6.9% and it allows me to pay all my debts, get myself a car and still have some money left for my business. I'll have only one payment to make every month for 5 years. The payments will be deducted from my checking account
,and I will have such a relief.
@redyellowblackdog (10629)
• United States
4 Sep 07
I have not paid anyone interest in years. The amount of money you save by not borrowing money is much more than people imagine.
I advise anyone who asks to not borrow money except for a business venture where you expect the business to pay for the interest with its profits or to buy a house. Need a car? Save your money and buy a used car that you can afford.
1 person likes this
@bintil (86)
• Indonesia
4 Sep 07
my dad has a hard time dealing with his debt, he used to work for the government with good salary, now he's retiring but he still got his bad habit overspending money.
he had sold our 2 houses and 2 cars, and last week he succeeded selling our whole asset, and lie about it.
Luckily i have my own job, but I cant stand watching my dad doing it over and over again. I just dont want him drowning in debt.
and that is why i never trust credit cards :) i'd rather pay everything by cash.
@Mirita (2668)
• United States
4 Sep 07
Thank God that you have your own job and is sad that your Dad is putting his family in this situation. I think that overspending can become a serious problem.
Well, is good that you pay everything by cash ,so you don't have to worry about being in debt.
@elshaddai123 (3981)
• Kottayam, India
4 Sep 07
A debt free man is a carefree man.As Confucius the Chinese
said better do not take credit.
1 person likes this
