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Which One Are You?
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I am technically debt free due to my bonus finally being paid out and some shares that I am selling will all pay off my bank loan. Then I have a 0% credit card which I have covered by money stoozed in an ISA. So can I call myself debt free when my loan is paid off even though I have a 0% credit card and £3k stoozed ?:cool: Official DFW Nerd Club Member #37 Debt free Feb 07 :cool:0
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I am in the DAM category: dead and maggoty before by debts are paid off.
Debt free date 2042!!!0 -
tirednurse wrote:I am in the DAM category: dead and maggoty before by debts are paid off.
Debt free date 2042!!!
That a good one and definately being added to the list.If saved £2710 and only spent the interest (Based on a return of 5%), you would have enough money to pay your TV Licence every year. Saving you £7452.50 over a period of 55 years, based on you buying a license from the age of 20 until your 75 at a cost of £135.50.0 -
Bargain_Rzl wrote:Now hang on a minute - Technically Debt Free means that stoozing is counted as actual debt! That can't be right...
Rzl (slowly giving up stoozing so credit report is clean for mortgage application)
Well I would say that stoozing would mean you are technically debt-free, because you might have the money to pay the card off but until you do you still owe the money.
It doesn't mean its a bad position to be in, because if you don't pay interest on your debts, then your earning interest on your savings.If saved £2710 and only spent the interest (Based on a return of 5%), you would have enough money to pay your TV Licence every year. Saving you £7452.50 over a period of 55 years, based on you buying a license from the age of 20 until your 75 at a cost of £135.50.0 -
I'm Technically Debt Free cos I owe my mum £2k (0% interest, will be paid by Feb 07) and have a few thou stoozed, but could pay the stooz money back and use savings to repay my mum's loan tomorrow, if I chose!If you think you can do a thing or think you can't do a thing, you're right - Henry Ford0
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