Getting out of Debt

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  • April 16, 2010 12:30 pm at 12:30 pm #591562
    ZachKessin
    Member

    Has anyone else out there eliminated all debt (not including a house) from their lives? My wife and I are a few months away from this goal and was wondering who else around here has managed to become debt free? Or who are working on it now?

    April 16, 2010 1:58 pm at 1:58 pm #683030
    SJSinNYC
    Member

    We just made sure never to get in debt. Our only debt is our mortgage.

    Good luck on your goal!

    April 16, 2010 2:30 pm at 2:30 pm #683031
    anon for this
    Participant

    We have both mortgage debt & educational loans, but that’s all.

    SJS, that is great that you were able to avoid educational debt. I was able to get scholarships & grants for college/ grad school, plus I worked some, but my husband has student loans.

    Good luck on paying off that debt Zach.

    April 16, 2010 2:40 pm at 2:40 pm #683032
    ZachKessin
    Member

    Once we get out of debt the plan is to build an emergency fund, they work on saving for a down payment. That might take a while

    April 16, 2010 2:46 pm at 2:46 pm #683033
    WolfishMusings
    Participant

    FWIW, Dave Ramsey recommends that you have a small emergency fund first ($1000 or so — you’ll have to translate to NIS). By having the fund, you won’t need to turn to credit for the odd emergency that crops up every now and again.

    Of course, you still have to at least pay the minimum while you’re building up the small emergency fund.

    The Wolf

    April 16, 2010 3:04 pm at 3:04 pm #683034
    ZachKessin
    Member

    We have that, sort of. Right now we are actually mid emergency so we are just making payments and not trying to do anything more that we have to.

    Of course Israeli credit cards work somewhat differently anyway.

    I have become a regular Dave Ramsey listener via his Podcast!

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