My divorce really took a hit on my finances and in turn my credit suffered some because of it. I'm just about back up to the 730-750 range again and it feels good to be relieved of that stress. One thing I can tell you from experience, if you are not clear about how debt/credit work together there are plenty of reputable sites to go to that will tell you the best way to get those back up quick. Also, don't ever sign up with any debt consolidation firms or anyone that says they can help get things off your credit. You have the power to do all that yourself and save the monthly fees. Things like know what a PFD (Pay for deletion) and Goodwill letters to help get things off your credit report.
For all those who say they are not in debt. You are in debt. If you are paying rent, you are in debt every month. For those who own non electric cars, you're paying 100-600/month in gas bills to survive. That is a debt you can't avoid assuming public transportation in your area is non existant. The only people who are truly not in debt here are people who own their house outright, have an electric car charged by solar panels and some sort of passive income like an investment property or annuity whos return covers property taxes. Also to keep 100% of your income and be free of governemnt tit especially in the time of disaster that takes out services, install rain catchers, solar water heaters and solar radiant heating. The reason why I'm into this is because we grew up broke, water always getting in the holes of my shoes, living in cheap hotels and barely making trips to college due to gas price increase exc. The only debt I'm burned out on paying is my sisters college, apartment and vehicle. Hopefully she will be done sometime soon and gets a freakin job.
Except for the normal expenses, I have been totally debt free for about 10 years. My home is paid for, I have a small place at the lake that I paid cash for 25 years ago (I sold my house in L.A. and moved to Northern CA....made a killing on the house so I could cash out on the cabin). My 2008 F150 and 2010 Taurus are paid for. I use a debit card and haven't used a credit card for the past 10 years. Life is good...and pressure free. Compared to the day when I owed my soul to Mastercard and Visa and Sears, Neiman Marcus, JC Penny's, and on and on.... My credit is probably shot...Use it or lose it...but I just have no need of credit. I can't come up with a single thing I need that I'd have to finance. Being debt free is probably one of the greatest feelings in life.
i filed for chapter 7 bankruptcy which is means tested so i was able to wipe out old credit cards debts and foreclose on a house that i was a victim of during the financial crisis debt free.
I've been living debt free since 1986. Of course I just turned 60 and have been steadily employed all of my adult life and a saver to boot. The past 8 years my saving and investing rate is at 42% of my income with a goal of retiring in 2 years and living happily ever after. Even years ago when I did have mortage , college, and car payments to make I followed Dad's advice which was, pay yourself first. In other words set aside a few dollars for your future each week regardless what your bills were. Thanks Dad!
You are a smart guy . I have been completely debt free for years but nowhere as long as your 27 years . I possess only one card and that is a debit card , -- so everything is cash . I feel very sorry for those who are not prepared for when the wipe out occurs and nearly as sorry for bond and equities holders who will be crucified also .
I'm about debt free. No credit cards, no car payments, etc. My house is payed off but I still pay on a piece of property I rent out, but I'm making 450 a month on that investment.
Did any of you 'debt free' people (myself included) read the thread on Homeland Security deeming (us) "potential terrorists" if we pay for our coffee and other 'small purchases' with cash, instead pf some sort of 'plastic'? WTF is happening to us? http://www.politicalforum.com/polit...paying-cash-coffee-sign-terrorist-intent.html
