Is There A Downside To Paying Off Debt?

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[texdevildog]

The worst part of being debt free is that when we get our paychecks, we get to keep all the money without making any debt payments. The cash keeps piling up.

[LLopez-sxjr]

The biggest risk is living in debt up to your eyeballs, having no savings and living paycheck to paycheck.

[FnVRGaming]

I'd argue, not wanting to spend money isn't a "trauma response" but a safety mechanism. A worthy trait to adapt to this world

[mateoboschify]

I’m about 90 days away from paying my house off. My wife and I are 41. I am excited to have an inconclusive credit score and no bills whatsoever. I am already thinking about when I want to retire and it’s very motivating.

[jimv]

For me the downside of paying off debt and having money....you look at your current job and work in general differently. When in debt you accept the fact that you HAVE TO work to pay the bills so you keep your head down and just do your job...when I reached Baby step 7 and had F-U money.... pointless meeting became unbearable, bad leadership drove me crazy....even just having to work 40 hours a week in general when you realize you no longer need the money as bad before....changes things and changes YOU! Having money is still great, but it WILL change

[JustinCase]

Finally...having credit cards while travelling internationally can be more than useful and needed! Just pay off your cc as you go and make your life much easier.

[Mansour]

Thank you for being there MYSTICFLIP when I wanted you I was lost in this new world that I was hassled to start with ....you not only guided me along the way but you also showed me the proper way....whatever little I have been able to achieve in life is because of you today I want to thank you for being there and showing me the proper way of doing thing for me you are my best guide as you truly showed me the way to life....once again, I would like to tell you a heartfelt thanks for being there.

[theresahaskew]

The scam WE Need to realize is your Credit Score Should Not go Down When you pay off debt

[PeterJames]

Thank you for mentioning Gummy Bears of America. Representing GBA has been a long and thankless job which is as neglected a calling as it has been a noble one, and I feel deep appreciation for your having mentioned us. :)

[christinehopping]

Those are great points, John and Rachel.

[jameschaves]

I’ve been watching Dave Ramsey for years and I’m determined he’s going to die on that hill. There’s nothing wrong with having a credit card as long as you are disciplined enough to pay it off in full.

[philipgerry]

It helps when shopping in gift shops to visualize the item boxed in the basement/closet with past purchased junk.

[SeattlePioneer]

I last had some debt in 1997. That's when I finished paying off the mortgage on my home, after twelve years. I also had bought a rental property on a mortgage in 1986, which I paid off BEFORE 1997. And then there was the second rental house I bought in 1987 ----for cash. I still have that rental house and have been depositing the rent check in my checking account each month in full for 36 years now, in addition to having no rent to pay myself.

I have a credit card which I find convenient, and pay off each month in full.

Still if another opportunity comes along to buy stocks or rental real estate at very cheap prices, I hope I'd buy. It might be worthwhile to take out a loan to do that.

I am a highly disciplined person when it comes to money and spending. I have been TOO risk averse in buying stocks from time to time.

Still, it's hard to go bankrupt if you have no debt. Using debt more often likely would have increased my net worth beyond the several million dollars I have accumulated.

[DynAmerican]

The downside is, life absolutely sucks while you’re paying it off

[minimatemasterworks]

Good to know I should pick up a cc for international travel. Haven't had one in 43 years of life, but I may have to if I travel out of the country.

[benclark]

I have that trauma response with spending money. It sucks. I feel bad about buying things that ill enjoy.

[ericshang]

You have to admit, in a debt driven economy, debt free is a bit of nomad of society.

[lesg]

I never had any problems buying a home with no credit. At the time my 1st car and 1st home were cash. My second home had a mortgage for 3 yrs. My 2nd and third cars were cash payments as well

[matthewcrowley]

I have been out of debt for years (have always lived beneath my means, and in general avoided debt). I do find occasionally a challenge in spending money on something I know I can afford (can easily buy without going into debt and not endangering my savings & investments) but just sometimes having a bit of actually doing it.

[heyearle]

I did Baby steps -Thank-You Dave. I’M DEBT FREE!