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20 great reasons to become debt-free

Posted Jan 14 2009, 01:24 PM by Karen Datko
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"NCN" at No Credit Needed has been debt-free for three years. Now a friend of his has taken up the challenge. By way of inspiration, NCN penned "20 things that rock about being debt-free."

We have a friend who has decided to do the same thing, and we're going to share NCN's 20 reasons with him. Hopefully freedom from debt is catching on.

Honestly, don't these sound attractive? No more credit card fees and finance charges, and who cares if the credit card companies increase their rates. Plus, NCN no longer dreads opening the mail. Interest, after all, is something he earns, not something he pays.

He can make big plans, buy nicer things for his wife, serve as a role model for his kids, and donate time and money to help others. Financial security is real, and his peace of mind has immeasurable value. (Notice we didn't say "is priceless"?)

Read his entire post to see all 20. But this is essential: He's also learned how not to go back into debt. He writes: "I am now acutely aware of the value of a dollar. In the past, if I could make payments, I could afford it. Now, if I can't pay for it, I can't afford it. This basic shift in thought has radically changed my life."

Need more inspiration or feel the urge to be creative? Take up Frugal Dad's challenge to explain why you hate debt in five words or less. NCN wrote, "Limits freedom, binds to past." "It robs my children," wrote DoodlesPlace.

Related reading:

The worst kind of debt: Charging the groceries

You can live without borrowing money

9 money rules to live by

How we paid off $30,000 of debt

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Comments

 

"Debt riddles me with fees"... There is my two cents... Ha ha ha! And it's still 5 words or less.

DannyCalifornia (Posted 01.15.09 2:21 AM ) Report Abuse

this is my goal for 2009!!!!

hallelujah (Posted 01.15.09 3:19 AM ) Report Abuse

SUBTRACTING!!!!

LU (Posted 01.15.09 3:41 AM ) Report Abuse

Attend Dave Ramsey's Financial Peace University for a principled and proven way to get out of debt for good. We are down to only the house payment after having over $50,000 in credit card bills. Look it up, there's a class somewhere near you.

Lew Benton (Posted 01.15.09 5:49 AM ) Report Abuse

I agree with Lew. My husband and I have been using Financial Peace University by Dave Ramsey for a few years now. We will be debt free except for our home in June 15th this year. Not only have we been able to pay off debt, but by listening to Dave Ramsey, we have made better financial decisions that at last count about a year ago, has saved us at least another $50,000.

nphaskell (Posted 01.15.09 6:34 AM ) Report Abuse

Another stupid article from MSN, go figure... Who needs any reason to be debt free?

The best reason is so we don`t spend money in our economy and force a lot of the garbage retailers out of business... I`m doing my part...

Meee (Posted 01.15.09 6:56 AM ) Report Abuse

Living within your means is not a new idea folks.  I was brought up that way.  No one in my immediate family has any debt.  Homes, vehicles maybe old but all paid for.   People routinely pay more for a vehicle than I paid for my house 13 years ago.  That's just insane, one accident and that money is down the drain.  How did this country's values get so far from where we started?  I'll never understand it.  

gardenqueen (Posted 01.15.09 7:04 AM ) Report Abuse

It took this financial down-turn to wake up most of us in the "Babay Boom" and "post Baby Boom" generations to learn what prior generations of the GREAT DEPRESSION had learned and tried to preach to us all along...now I get it grandmom!

freeatlast (Posted 01.15.09 7:27 AM ) Report Abuse

Paid off credit cards,etc. 10 years ago! What a relief! Self discipline has relieved us of soooo much stress. Besides we're not making some fat cat rich off of rediculous finance charges. Nothing wrong with having "things", but not living for them! Debt is what got our country in so much trouble in the first place! If you can't afford it, learn to live without it! You can!

Tim (Posted 01.15.09 7:36 AM ) Report Abuse

I had $69,000 unsecured debt in 2008 now it is down to $6,800!!!  I am working this out.  the credit card company went up 18.84 % on what I had left.  I hit the ceiling and I called them on that.  I have worked hard to get out of this debt.  Believe it or not it was Citi Bank, which is in deep doo doo!  They lowered it to 11.24%.  I had 1.99% before all this mess.  Anyway I plan to be debt free by the end of 2009 and I want to stay debt free.  It is no joke to carry that load.  My home and car are paid for so I know I can do it. It was hard in all that debt.  I had no money to spend just paying credit cards. I vowed never to let myself get this low again.  

tadpole (Posted 01.15.09 7:39 AM ) Report Abuse

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