The PROBLEM With Being Debt-Free?!

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[inspirationalnomad]

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Thank you for the Love & Support ✌

[davidlopez-rlsh]

I paid off both of my credit cards and my truck payment is next

[annetterogers]

Great points. With my experience of having no debt my score has gone down over the last 10 years.

[marytaz]

First, I’m sitting here enjoying my extra hot Starbucks latte. 😉 I came out of a marriage many years ago with a lot of debt (some property and some credit cards). I started paying everything down and when I came to a $0 balance, I cancelled the card. I thought canceling the card was a good thing, but it dropped my credit score. I managed to get through everything and now have 2 credit cards that I use for my expenses every month. I pay them off every month. I’m not debt free at the moment, but plan to be next year. I bought a new vehicle end of last year and should have that paid off before I retire July 2022. Having a good security nest egg has been very important.

[uzarski]

Way to go, we became debt free in NJ, last year great feeling

[mrderekholmberg]

Helpful info - thanks for sharing. I became debt free 18 months ago but keep two credit cards from the same company, use those cards for monthly purchases then pay those cards down to around $100 balance each month Those two cards are providing positive reporting to my reports.

[hopefulincalifornia]

Great video Sam!! It will be 90 degrees in Bakersfield today and high in Minnesota is 50 😂 😂

[arriagada]

Sammy if you like to buy now ? You may have to bring more cash $$$ up front (25%..or more as a down pay%) new buyers are paying higher prices( large downpayments) unless you like to wait till...??? Comprende..?? When people bring more cash $$$ the credit score may be a secondary BS....!!Banks look for cash $$ upfront before credit score...! Lol...

[CraftyLori]

I am debt free. What I do to keep my credit score high. Is I have two credit cards. I use them to pay for items, I pay them off each month. I don’t pay them off until I get the billing statement. I make sure i never over spend etc.

[NicoTNN]

Its so unfair though. So the credit reporting system basically secures income for financial institutions. They are negatively impacting consumers if you don't keep debt to pay institutions interest. I'm gonna keep striving for a no debt lifestyle anyways. I'll take that low score, since mines has never been spectacular anyways no matter what I do.

[coolhand]

Good morning Sam as always great video …. I have rent and a job but live very below my means I am like you No debt now and think hard about buying anything . As u stated on loads of your videos TAKE YOUR TIME … great words my man . Love and respect to you Sam ❤️keep up the good work . 🤘🤘🏴󠁧󠁢󠁳󠁣󠁴󠁿

[leisureblank]

I have a very good credit score, and the only debt I have is a credit card which I pay in full each month. I paid off mortgage 15 years ago, and have never paid interest on my credit cards and have been operating in the same manner my whole life, I don’t know what my credit score was years ago but now the cc company tells you what your score is. I am over 800, don’t feel the need to be a perfect 850. I am not concerned.

[lorraine]

Did not know that thanks good to know about the credit score mine is good.

[heartopen]

I will be graduating school 2022.
My loan is
What do you advice on how to pay this off?

[arriagada]

Sammy i do not have long terms loans (like 5 or more yrs never had one) the last short term loan was 2011 for my working van..my credit score now is 820...i bought a Honda gen with a cero % interest rate last yr...but that it..! Ass long as you paid "on time" you credit score should be positive moving forward..

[johnmaddern]

I have been offered credit by my Bank a few times which I decline, as I do not carry any debt. I think this may happen when your savings account shows a regular savings pattern and they try tempting you. Thanks Sam

[turfnsurf]

Use your credit card and pay it off each and every month. Problem solved.

[wuha]

I think with the Dave Ramsey approach, if you try to save up a 6-12 months emergency fund and save up for the next vehicle monthly (always buy used if possible) ahead of time, it's possible to get in a pattern of never needing debt. But that's assuming you have a good job and are very frugal and never experience a major job loss or health issue. It is one of the benefits of home ownership. If you have a large asset that's paid off then credit doesn't matter because you can always fall back on that asset for leverage. But if you don't have a major asset like a home I do think trying to maintain credit is a good thing even though Dave Ramsey mentions it doesn't matter. Personally if you can afford it I Think the best way to keep credit high is to have 1-2 credit cards that you pay off each pay check and you'll always have a good credit score as over time those cards will keep getting higher credit availability and your debt to available credit ratio will keep growing and keep boosting the score. Getting a car loan after that could dip your score because of the Debt to available credit ratio. Apparantly there are companies out there that do offer mortgages for those who have good income revenue streams without credit such as Churchhill mortgage etc. There are probably car loan companies similar but they would probably hit a higher interest rate. Great video!