By Darla Youngblood
According the the Federal Reserve, 23 percent of Americans are debt free. I believe working towards becoming debt free is a very good goal for everyone to work towards. Think about how it would feel to live a debt free life! You would have more money for important things like family vacations or taking your family to do more activities together that make wonderful memories! And we are always setting an example for our children and grandchildren. What legacy do you want to leave to them? Wouldn’t becoming debt free be an amazing example to leave for your children and grandchildren to remember you by?
In my twenties I had 3 credit cards. Two department store cards each with a 300 dollar limit. The other was a major credit card with a 500 dollar limit. It didn’t take long to run all 3 up to their limit! I worked hard paid all three off and made the mistake of running all 3 up to their limits a second time. Again I worked hard and paid all 3 off and this time realized how hard it is to pay them off I canceled all 3 of them and used my debit card or cash since then. I can’t even begin to tell you how much freedom there is in paying for everything in cash or using a debit card. I own everything I have. I’m not paying someone else plus interest on anything I own. Paying cash for Christmas is especially rewarding not having a huge credit card bill to pay on starting a new year!
Dave Ramsey has a 7 baby step process of becoming debt free. Go on his website. Read the articles on there of all kinds of ways to save money and follow his instructions on how to become debt free! Work with someone close to you if it’s a spouse or if you are single maybe a close friend you trust. My son and daughter in law followed Dave’s baby steps and are now debt free except their mortgage on the house they recently bought. It can be done!
What are your goals, what do you want to accomplish for yourself and your family? Wouldn’t becoming debt free get you closer to those goals?
For me at my age I like renting a one bedroom apartment. It’s just me and my two sweet fur babies! I’d rather spend my money on travel than to put into a mortgage. I’m not saying it’s bad to own a house at all! If you can afford it it’s a great investment! But I’m also saying if you can’t afford a house there is nothing wrong with renting either. Do what is best for your life not anyone else’s life! Don’t compare yourself ever to others! God made each of us uniquely beautiful people! Do what makes you happy and comfortable! Think about becoming debt free and what that means to you personally!