When will you call yourself debt free?

ZTD

postingalwaysposting wrote: »

oh and i just wanna show off my new light bulb momment smilie

Cuuuuute...

oops_a_daisy

I declared myself debt free when I paid off all of my overdrafts, c cards and loans even though I had savings about half way through my debtfreedomness that could have paid off some of the debt - but as it was all on 0% by then I also wanted to build up a 'rainy day' fund.
Although I have changed my signature and posted on the roll of honour I have actually still got a mortgage to pay off so perhaps I should change my signature to Debt free apart from the £55k that I owe the mortgage company

Gemmzie

After credit cards and loans

Mortgages and student loans are a different kettle of fish

lz544w

I shall consider myself debt-free when all the DCAs are paid off, and when the deeds to the house are back in the solicitor's strong room.

katepnlo

I don't count my mortgage, as a young family i know that will be along way off not having one.
I will be debt free when my cc are paid off. without looking at my paper work that will be in about 6 weeks time maybe even sooner as there is a chance we will earn a bit more cash to throw at it so maybe even a months time.i am so excited!
kate

roswell

I have read this thread with interest, I would say that debt free is a 3 stage affair.

1) unsecured.
2) secured.
3) Mortgage.

I would say number 3 is the lowest priority to repay ASAP but I would advise once you achieve stage 1 you shouldnt give up you should keep your eye on your goals so that you have the flexability of not NEEDING every penny out your wages.

hypno06

I will consider myself to be debt free for DFW purposes when all I have remaining to pay is my mortgage.

If I had a car loan, I would include that as a debt that I needed to be clear before I called myself debt free.

When I get to being "debt free" I will be overpaying my mortgage, because it is currently on interest only so I need to get cracking with the capital which I can't do while I am paying out to credit cards and loans etc.

Lemon_Tree

Seems like i'm like quite a few people. i will consider myself debt free when all i have left is my mortgage. But i've already decided that i will over pay it once the loans are paid off as i won't be used to the money anyway.

postingalwaysposting

well i am debt free... again :rolleyes: just got to wait for payments to clear :T

Karmacat

I'd consider myself partly debt free once the loan is paid off - I'd have done that last year from savings, but purposely haven't as my accountant told me it was more tax efficient not to pay it off and claim the tax loss. That leaves me with two mortgages, on the house I live in and on an investment property in France. And *that* leaves me with an interesting problem: I also have a 0% credit card deal with Capital One till next January. Do I overpay on my mortgage because thats at the highest rate? Or do I overpay on the 0% credit card, because that will have the biggest effect on my cash flow? I know this isn't really a thread to ask questions on, but its something I've been puzzling about.

I'd consider myself fully debt free once I only have the mortgages, *and* the French mortgage was self sustaining from income from the investment property it finances (and it *isn't self sustaining at the moment, grrr). And to be really picky about it, I should only consider myself debt free once I've paid off enough from my English mortgage to take account of the shortfall in my endowment policy (more grrrrr).