Are you debt free?

How can you be debt free and buy a new car at the same time. Alot of used cars are better than the new ones and will be paid off years sooner. Now you also have a new loan, that is not debt free even though you used it to pay off other things. A debt consolidaton program would of put you out of debt without getting a new loan to do it and a used car would have been paid off at the same time. So, in about 2-3 years you could of been out of debt with a good used car, now you are in debt with a new loan and maybe a new car for about 5-6 years, so you tell me was your ideal a good one?

all the best,
Luke

I agree with Luke, how can you be debt free when you just bought a new car? Aren't you making payments on that when, like Luke stated you should have bought a used one. Of course all of us here want to be debt free. don't you want to be debt free also?

ladybug

Let's see. A 5 year personal loan. A new car loan will be approximately 5 years. So......... in 5 years this person might be debt free. And, to the question, do we want to be debt free? Well, I would imagine so since that is why we are all members of this site. Huh. Debt free - 5 year loan and new car. Doesn't add up to me...........

I agree with everyone else. How in the world can you claim to be debt free, if you just took out a 5 year loan for a new car. I assume most of us will be debt free well before you are.

We are planning to become debt free and never plan to have another credit card again. Shouldn't be a problem after we settle! No one will want to give us one and that is fine with us. We are tired of the oppression of living like this and are finally going to do something about it.

Quote:

Well, honey, it sounds as though you have a "game plan". I do hope it works out for you. The key words in your post are "you don't plan on taking out any other loans". I hope everything works out for you and life is good!

domain-I think we all plan to be debt free or as damn close as we can come to it.

I am confused..so you are consolidating and buying a new car with the proceeds from this 5 yr loan? I saw the part about not having to worry since the payment "..comes out of your account" but you do have steady income right?

You can never be debt free in the type of a financial system that we live in. USA's estimated National debt: $ 9,021,660,421,703.67. The estimated population of the United States is 303,013,574
so each citizen's share of this debt is $29,773.13.

well, mine is really about 12,000 and thats it.

thanks,
Luke

Holy Crap! :shock:

Well....slowly, but surely, I'm paying off my debts. But..I DO agree with some of you.........how can someone be "debt free" if they owe payments, on a loan? A NEW car? Why not a GOOD, USED car? But,,,,does sound like you have a plan of action, for all of this. Good luck.

cannr, your funny. Every time I read "holy crap" I see the Pope taking a poop.

You're on a roll this morning, luke! Already smiling since reading your responses! Thank you! :D

LOL...you both wake me up!! Great way to start the morning!! When I started I had about 7K in debt...but that included all my ipdls too...in which most are now gone or paid way down...I'm waiting for my statement from my dmp to see where I stand this quarter...I am driving a car that is 9 years old but still running well...and paid for!! When I say debt free I mean it...I will do my best to pay off everything and not incur any more. I know at some point I will have to buy another car but hopefully I can put a huge down payment on a decent used one and not have to pay for soooo long!!! This is the first time in 20 years I have had a svaing account!!!!

First time in 20 years having a savings account. Morning, that is terrific. Yes I believe that soon you will be debt free. I am trying so hard to get rid of the debt that I have left. Unfortunately for me some of my debt is with the IRS. About 2000.00 that I am paying at 50.00 per month. I wish that one were finished. Some day it will be

Just keep paying and destroy the debt. I can imagine how it feels to wake up one morning and know that you dont owe money. No collection calls and letters, no negative accounts, no fees, nothing. Just a clear amex with 0 fees for emergencies and thats it!