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Mortgage free in 2 months - what does this mean?

Hi All

Wil be mortgage free on 1 March 2014 when last payment is made - yayy! Was telling a friend how pleased I'd be when that date came round and she said " Wow - now whatever happens with the economy and all that, you'll always have somewhere to live that no-one can take away from you."

This got me thinking; is what she said right? Does this mean I can run up bills and owe lots of money to gas/electric/council tax, etc and spend, spend, spend and I'll never have to worry about anything ever again?? Or is it not that simple?

What do you think?
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