When your savings are more than your credit card balance, can you call yourself debt free?

Ogden
Ogden Posts: 32 Forumite
in Debt-free wannabe
If so, I’m on the home straight!
Nearly debt free
«1

Comments

  • tacpot12
    tacpot12 Posts: 7,943 Forumite
    First Anniversary Name Dropper First Post
    It's certainly a milestone when you have a positive net-worth! Well done.
    The comments I post are my personal opinion. While I try to check everything is correct before posting, I can and do make mistakes, so always try to check official information sources before relying on my posts.
  • Ogden
    Ogden Posts: 32 Forumite
    I!!!8217;m not counting house value / mortgage. Just interest free credit card / savings
    Nearly debt free
  • stoozie1
    stoozie1 Posts: 656 Forumite
    You could call it stoozing :)

    I make 5% on my (0%) credit card debt amount.
    Save 12 k in 2018 challenge member #79
    Target 2018: 24k Jan 2018- £560 April £2670
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    First Anniversary First Post Debt-free and Proud!
    edited 31 March 2018 at 10:32AM
    If the interest charged on your Credit Card debt is greater than the interest earned on your savings, I'd call it daft, not debt free.
  • poppasmurf_bewdley
    poppasmurf_bewdley Posts: 5,909 Forumite
    Name Dropper First Post First Anniversary
    If you have a debt, then you have debt. So you cannot claim to be debt free.

    Similar to having 10 percent of your body being covered in spots - you cannot claim to be spot free because 90 percent of your body is spot free.
    "There are not enough superlatives in the English language to describe a 'Princess Coronation' locomotive in full cry. We shall never see their like again". O S Nock
  • determined_new_ms
    determined_new_ms Posts: 7,825 Forumite
    Name Dropper First Post First Anniversary
    poppasmurf_bewdley wrote: »
    If you have a debt, then you have debt. So you cannot claim to be debt free.

    Similar to having 10 percent of your body being covered in spots - you cannot claim to be spot free because 90 percent of your body is spot free.

    This is a terrible analogy! :rotfl:

    op it's your life, you make the rules
    DF as at 30/12/16
    Womblng 2020:
    NSD Jan 2/18 YTD: 2
  • norsefox
    norsefox Posts: 197 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    poppasmurf_bewdley wrote: »
    If you have a debt, then you have debt. So you cannot claim to be debt free.

    Similar to having 10 percent of your body being covered in spots - you cannot claim to be spot free because 90 percent of your body is spot free.

    What a truly awful analogy.
  • Ogden
    Ogden Posts: 32 Forumite
    There’s no interest charged on my interest free credit card.
    Nearly debt free
  • datlex
    datlex Posts: 2,239 Forumite
    Name Dropper First Anniversary Combo Breaker First Post
    OP I presume your signature is incorrect? As last time checked £105 is less than £1700 :-)
    Paid off the last of my unsecured debts in 2016. Then saved up and bought a property. Current aim is to pay off my mortgage as early as possible. Currently over paying every month. Mortgage due to be paid off in 2036 hoping to get it paid off much earlier. Set up my own bespoke spreadsheet to manage my money.
  • Ogden
    Ogden Posts: 32 Forumite
    Yep
    You’re not wrong
    Nearly debt free
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