Comments on: 5 Great Reasons to Have Less Debt

By: Mrs. PT

Mrs. PT — Thu, 01 Jan 1970 00:00:00 +0000

@Brad

That is fantastic that you are going to school debt free. That is exactly how we are attacking my masters (not borrowing any money either).

But…just a reminder that personal finance is just that — personal. What may be right for you is not necessarily the right path for another.

While I agree that living debt free is the way to go (and we also aspire to be completely debt free), it is not fair to assume that all that borrow money for college are “going blindly into debt in the hopes of securing a job”.

I could continue with accounts of why taking out a student loan was the best situation for me or even for some of those close to me, but the point is that you’ve got to do the best for your situation.

I applaud you, Brad, for working hard to not need to rely on loans, but I also would hope that you could keep an open mind for those who it was the best choice for.

By: MK

MK — Thu, 01 Jan 1970 00:00:00 +0000

“Debt makes you do things you don’t want to do and work at jobs you hate.” – I can’t agree with that statement more. So there is another good thing about being debt free, you don’t have to do those things you don’t want to do or work at a job you hate. That’ll be the day!

By: Brad Chaffee

Brad Chaffee — Thu, 01 Jan 1970 00:00:00 +0000

Great post PT, and very true! I agree with all of them although #2 concerns me. I do understand the need to have a credit score if your career depends on it, but it seems as though the system in place is set up to keep us going in circles. To get rid of most of our debt but not ALL of it, so that we may keep a respectable credit score, is incentive to keep borrowing. Guess who developed that plan. LOL

It seems pretty unfair to tell someone that the only way they can work for you is by being a good borrower, which is all the credit score says about someone. I guess the freedom to choose is only meant for certain activities. My FICO score can hit zero baby! We are not borrowing another dime ever, and yes that includes our next house.

PT, I just wanted to say I am enjoying your blog very much! Very good info! Glad I subscribed!

Oh yeah, my debt freedom, which is only $3100 away (wife’s student loans), will allow me to start the process of starting my business. Very excited! I would also have to very respectfully disagree with Mrs. PT, about student loans. Going blindly into debt in the hopes of securing a job upon graduation is a bit risky. I think there is another way, and I am currently going to school debt free.

By: TStrump

TStrump — Thu, 01 Jan 1970 00:00:00 +0000

Having debt is a pain. I should know – I racked up a bit while traveling extensively the past 3 years.
Debt makes you do things you don’t want to do and work at jobs you hate.
Thanks!

By: Christopher Holdheide

Christopher Holdheide — Thu, 01 Jan 1970 00:00:00 +0000

PT,
I currently in the process of taking over the family business and with all the extra expense I will be taking on from that I wish I had more of my personal expenses paid off.

This in turn would give me more money to work with and more options to take advantage of.

The thing I would have to say that would help the best is that I would have to worry about were my money is coming from and if I would have eough to pay the bills off every month.

By: MoneyEnergy

MoneyEnergy — Thu, 01 Jan 1970 00:00:00 +0000

Yep, I agree…. though #2 on the improved credit score always confuses me…. because it seems as if the CC companies want to keep us confused about what will actually improve the score. I’ve heard both extremes of having higher limits and not using the full limit, or keeping lower limits, or even trying to max out your limit, etc. And worse, I’ve heard from some who pay their debts off in full each month that their score actually goes down! It doesn’t make any sense. Aside from not making any late payments, I’m not actually sure what really improves your credit score.

By: How to get out of debt

How to get out of debt — Thu, 01 Jan 1970 00:00:00 +0000

Number 3 should really be Number 1. I can’t emphasise enough the peace of mind you get when you are debt free. You sleep better at night, you behave in a more confident way at work. It’s because you have more options – most of your income is yours to do with as you please instead of going to pay debt; You don’t have to put up with a bad job if you are debt free, you can move even if it means taking a temporary pay cut. And so on.

By: Jeb

Jeb — Thu, 01 Jan 1970 00:00:00 +0000

Very true article. It’s never fun paying the man. I’ve got a question about student loans next time I see you. Want to get your opinion.

By: Mrs. PT

Mrs. PT — Thu, 01 Jan 1970 00:00:00 +0000

Let the record show that your “debt from college” are student loans (as is mine)…not some pizza you bought your sophomore year.

Maybe it could be argued that debt is debt, but I think student loans are a respectable hurdle that we are finally attacking for good!

All in good time, right?