how old were you when you became debt free?

[Like2Plan]

I was just reviewing my post from 5.5 years ago. We just financed a new car purchase a couple of weeks ago, so we are no longer debt free. (Debt Free--that didn't last long )

[disneysteve]

(Debt Free--that didn't last long )

I've never been debt free. Student loans, car loans, mortgage, HEL, another student loan, now a HELOC. I'm 53. One of these days, perhaps within the next 5 years, we may manage to be debt free for the first time in our adult lives.

[QuarterMillionMan]

Just this year in 2017 I wrote a $21,000 check to pay off my mortgage so at 51 yrs old I am literally for the first time in my lifetime as an adult debt free.

[Thrif-t]

Paid our house off 2 years ago, that was our last remaining debt. I was 48

[creditcardfree]

Age 42 (two years ago). But we don't own a home any longer. Too much moving around with the military. Have paid for four college semesters and one summer class for our daughter without loans so far.

[kork13]

Currently 31, and I don't expect to be debt free for at least the next 10 years. My only debts are a pair of 15-yr mortgages on the two houses we own -- one 5 years old, the second just 1 year in. At some point I'm sure I'll accelerate the payoff for one or both of them, but I'm not in a rush. My mortgages are fixed at only 2.75% and 2.375%, so I can easily invest my money and reasonably earn 2-3 times that (which I am doing).

Debt is a tool. It feels good to pay off debts, but if used appropriately, it's worth using. I will say, though, that I do look forward to eventually not having any debt payments to make. I'm just not overly stressed about the timeline of when that will happen.

[Like2Plan]

Debt is a tool. It feels good to pay off debts, but if used appropriately, it's worth using.

I agree. It made more sense to me to get a loan at 0% interest than to use savings that was earning 3-4% interest. Even so, I know it will feel great when the note is paid off.

[rennigade]

I was debt free for 6 years after I paid of student loans. Now back in debt with a mortgage for the next 15 years.

[Fishindude77]

We were free and clear of all debt at around age 45, then borrowed some when we bought our lake home at about age 48. Got tired of those payments after a couple years and went ahead and paid it off. 57 Now and no plans for any more heavy borrowing unless I get a sweet business opportunity.

[amarowsky]

I'm definitely not debt free at age 30.

Owe 58k (3.5%)on my residence,
9k(1.99%) on my car
13k(1.99%) on wifes car
45k (4.6%) investment property (Pays full mortgage + $200/mo surplus)

That being said, I have ~150k in taxable brokerage account. I could pay it all off, but I would be losing positive cash, by depleting investments.

Recently, I re-structured my investment property, so it'll be going down to 4%. And I have decided to aggressively pay that off (dialed back taxable investing). I like the idea of aggressively paying off anything w/ over 4% interest.

It just seems like it is too little of a benefit to pay off the house the more I look at it. For the past 5 months I have been paying a lot on top of primary residence, but it doesnt make since anymore. Especially because the investment house (shared w/ my brother) debt is being re-structured so instead of ME holding the mortgage in my name, we will split the debt&income and pay off house w/ our individual helocs. Now it is a clean, and organized pay off that we can handle individually.

Long story short, I could be debt free.... It just doesn't make since if my objective is to maximize my money's growth potential.

But for those who choose to not to leverage debt, I can totally understand the flip side. Being guaranteed to a rate of your interest rate %, is always still a very acceptable return! And burden off of your shoulders when paid off. I'll probably be there some day, but for now I'll take advantage of leveraging....

Note* I do HATE cars, and paying for them. They are easily the least rational piece of my debt. Even though they were bought used, w/ really low miles, and for much under MSRP (still had warranty).

[MonkeyMama]

I am sure many here are in that boat - having more cash/investments than they owe on their mortgage. I suppose we only need another few years to get there ourselves.

Yes, achieved this in the years since that post. (Could pay off house today and have about $200k left over).

Have had no reason to borrow otherwise, and still no plans to.

[scfr]

Don't remember exactly but it was right around age 39 or 40 when I last became debt free. I had debt for 8 years of my life, and don't expect to ever have any again.

[TexasHusker]

I believe I was debt free at age 15. I'm 51 now, and I have over $1 million in debt.

Isn't that awful? The older I get, the dumber I get!

[LivingAlmostLarge]

debt free for almost 2 years at age 37 and back in debt at age 39. Sold a house and had money in bank. Now a mortgage. We have more in our portfolio right now than the mortgage. But not quite in the taxable account alone. That will be a few more years. Then I guess we'd be "debt" free but meh until we sell this house and decide.

[Tabs]

I have been debt free like maybe 5 to 10 years ago? I don't remember exactly when, but I do know SA really helped turn me around, and I will always be forever grateful for that.

I wish I was financially responsible sooner, but I am glad that I am finally here so to speak.... Of course the challenge doesn't stop there, and it doesn't help that I am getting complacent about frugality.

But yeah, feels good.