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Are you debt-free? Has it made much difference to you?

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  • 28-02-2020 6:53pm
    #1
    [Deleted User]
    Posts: 14,344 ✭✭✭✭


    I'm sitting here with two loans hanging over me, one a bank loan that I probably didn't need, and the other the mortgage on the house.

    I yearn for the days when I'll look back and think of all this money owed and how much money I'd have in my ass pocket if I didn't have to pay them.


    And I wonder, has anyone here cleared the house/car/whatever loan? And avoided getting another loan again? Has it actually made much difference to you? Or is it one of those goals that, when you pay the final mortgage payment you just feel a tad underwhelmed and it makes no odds to you whatsoever?


    A fella that works with my brother finished his mortgage and immediately reduced his hours to part time and has claimed he just goes to work now for something to do and he'd never work a full time job again. I wonder is he legitimately happy with that, or after 6 months is he bored to death sitting around the house all day.


    What about ye folks on boards? Anyone made it there yet? Any advice or "inspo" as the girlz on facebook say?


«1345

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    #2
    Leg End Reject
    Registered Users Posts: 16,441 ✭✭✭✭Leg End Reject


    Thread needs Srameen.
    https://forumofgames.com/index.php

    >>> Staying Alive <<<



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    #3
    Better Than Christ
    Closed Accounts Posts: 1,135 ✭✭✭Better Than Christ


    I've never taken out a loan or a mortgage, so I've always been debt-free. I generally prefer to save, rather than borrow. Not sure I'll manage to do that when it comes to eventually buying a house. Unless there's another huge crash...


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    #4
    eviltwin
    Registered Users Posts: 17,495 ✭✭✭✭eviltwin


    My only loan is my mortgage and that's nearly paid so that will be my last loan. I'm just going to save the money for any big expense that might crop up.


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    #5
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    I'm now debt-free fortunately, and live within my means. Sleep better at night.


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    #6
    KWAG2019
    Closed Accounts Posts: 834 ✭✭✭KWAG2019


    Yes. First step was getting lucky years ago: had all the usual loans and mortgage. Spotted tracker option as the banks began throwing money at people. Consolidated all borrowing into new mortgage, got garden done and was still saving 200 a month on what I had been paying off. That made a huge difference especially in crash. Owe nothing now.

    Has that made a difference? Yes. Sense of satisfaction and conclusion. And I still say fcuk BoI and thank you Ulster Bank.


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    #7
    somefeen
    Registered Users Posts: 1,657 ✭✭✭somefeen


    I've never actually taken out a loan for anything.
    When I eventually do it will be for a house.

    Even though my financial situation still isn't ideal, not having to worry about making payments on things means I can walk out of a job anytime I like. At the moment I keep 3 months of expenses locked away and have actually just recently quit my job.


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    #8
    Boozybooze
    Banned (with Prison Access) Posts: 60 ✭✭Boozybooze


    I'm considering getting a mortgage in the next three months but as a single person think I'm just going to pack in my job, travel the world instead and work and just keep a deposit in savings if I do eventually settle down.

    Not sure my plan but it's too retire as early as I possible can and having big loans won't let that happen


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    #9
    Still waters
    Registered Users Posts: 1,166 ✭✭✭Still waters


    I have a mortgage, a bank loan and credit union loan, all small and easily managed but can be a pain in the arse at times, only a little over a year left on the 2 smaller loans, I'm building a shed next year so when the small loans are paid ill borrow a few bob to do that, i always found it easier to repay a loan than to save money, I've about 7 grand in savings so i borrow against that from credit union


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    #10
    RWCNT
    Registered Users Posts: 1,430 ✭✭✭RWCNT


    Just the mortgage. I don't really "feel" as though I'm in debt though.

    I need a place to live in and it's cheaper than what I paid before in rent, doesn't feel like something weighing me down.


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    #11
    Jim_Hodge
    Registered Users Posts: 10,484 ✭✭✭✭Jim_Hodge


    Now debt free as the mortgage is cleared. That let us save more and we could holiday or change the car without loans. Having the family all reared and flying the coop helped too.


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    #12
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    No debt at the moment, I’ve had loans in the past for cars etc and never bothered me at all as they were very manageable. Will soon be getting a decent enough sized mortgage for building our house. Looking forward to getting started with that and not really bothered about the mortgage debt.


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    #13
    Leg End Reject
    Registered Users Posts: 16,441 ✭✭✭✭Leg End Reject


    RWCNT wrote: »
    Just the mortgage. I don't really "feel" as though I'm in debt though.

    I need a place to live in and it's cheaper than what I paid before in rent, doesn't feel like something weighing me down.

    The security is worth it too, no need to worry about eviction or paying rent when older.

    Mortgage and small loan (will be cleared soon) for me, credit card if needed too. I'm also better at repaying debt than saving. Debt doesn't bother me once it's manageable.
    https://forumofgames.com/index.php

    >>> Staying Alive <<<



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    #14
    [Deleted User]
    Posts: 21,679 ✭✭✭✭ [Deleted User]


    Jim_Hodge wrote: »
    Now debt free as the mortgage is cleared. That let us save more and we could holiday or change the car without loans. Having the family all reared and flying the coop helped too.

    Welcome back :p


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    #15
    Leg End Reject
    Registered Users Posts: 16,441 ✭✭✭✭Leg End Reject


    [Deleted User] wrote: »
    Welcome back :p

    :D
    https://forumofgames.com/index.php

    >>> Staying Alive <<<



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    #16
    Ubbquittious
    Registered Users Posts: 6,188 ✭✭✭Ubbquittious


    Never took out loans for anything


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    #17
    adox
    Registered Users Posts: 19,017 ✭✭✭✭adox


    Debt free the last three years or so as paid off my only debt, my mortgage 13 years early.

    It’s great to know that we have no debt and the house is ours but in practical terms I don’t see any real day to day difference as I put what was the mortgage payment into my pension fund high was badly neglected up until then.


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    #18
    Pac1Man
    Registered Users Posts: 4,394 ✭✭✭Pac1Man


    [Deleted User] wrote: »
    Welcome back :p

    FFS, that's not him is it?


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    #19
    Canyon86
    Registered Users Posts: 1,223 ✭✭✭Canyon86


    Loan and a credit card approx 3 k left hopefully clear this by the end of the year


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    #20
    anewme
    Registered Users Posts: 11,869 ✭✭✭✭anewme


    Have a mortgage and last year borrowed to refurb the house after 10 years.

    Both run concurrently will be paid off in about 6 years.

    Think paying off will be an anti climax, same as when I got the keys of the house.

    Remember signing the deeds on the quays, been handed two keys, standing in an empty shell thinking "is this it?"


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    #21
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    KKV wrote: »
    I'm sitting here with two loans hanging over me, one a bank loan that I probably didn't need, and the other the mortgage on the house.

    I yearn for the days when I'll look back and think of all this money owed and how much money I'd have in my ass pocket if I didn't have to pay them.


    And I wonder, has anyone here cleared the house/car/whatever loan? And avoided getting another loan again? Has it actually made much difference to you? Or is it one of those goals that, when you pay the final mortgage payment you just feel a tad underwhelmed and it makes no odds to you whatsoever?


    A fella that works with my brother finished his mortgage and immediately reduced his hours to part time and has claimed he just goes to work now for something to do and he'd never work a full time job again. I wonder is he legitimately happy with that, or after 6 months is he bored to death sitting around the house all day.


    What about ye folks on boards? Anyone made it there yet? Any advice or "inspo" as the girlz on facebook say?

    Yep! I have found that being debt free lifts multiple millstones from round your neck. There again, I’m 66 now! I’ve had mortgages, car loans, etc most of my adult life but those days are gone. It puts a subtle but real perspective on the future. Since formally retiring, I have on taken a role that’s 3 days/week because I ((am stupid and arrogant enough to believe) can still “add value” given my experience.

    And I am thoroughly enjoying it. I have time now on my four day “weekend” to do things I have put on the back burner for too long, simple things, as well as little projects, and my head isn’t full of work related issues and problems.

    There’s no doubt that I am extremely lucky, and I recognise and am grateful for that.

    So, yes, there is a reward at the end of all the struggling and worrying. But I still remember how I felt when, back in the 80s, I went off to Switzerland for a meeting lasting two days. When I went out, the mortgage rate was an already eye-watering 6%. When I came back, it was 16%.

    But, with luck, a following wind and crossing fingers, it comes good.

    And, no, I assure you I am not smug!


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    #22
    Cupatae
    Banned (with Prison Access) Posts: 1,915 ✭✭✭Cupatae


    No debt, decent savings and mostly spend money on stuff that could make me more money, up skill/training, travelled a nice bit, had very good jobs that would allow a comfortable living but i always lived in...rougher places and saved the money as i was never one for the frills,

    The one major advantage to me is savings + no debt + decent skill level mean ur never chained to a job, you can stand up to bosses that talk down to people, where as ive seen people with mortgages/debt that have got chewed up by higher ups (alot of the time in the wrong) and had to take it out of fear of losing a job.

    Its a nice feeling being financially steady and not having to worry about whats around the corner in that sense.


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    #23
    L1011
    Moderators, Business & Finance Moderators, Motoring & Transport Moderators, Society & Culture Moderators Posts: 67,832 Mod ✭✭✭✭L1011


    Did a drastic cost cutting job so I could clear the credit card a few years ago after realising how much it was costing me. What's ironic (and deliberate by the bank) is that now its cleared every month I've been given a 'fancier' card with significantly lower interest! Had term loans, also gone.

    Cut my mortgage term in December and if my partner gets an expected promotion in April it'll be cut again. Outstanding amount is already less than 1x household income thankfully

    Would go back in to debt again for that specific purpose, if looking to move to a bigger/closer to the city property but I want the existing one gone ASAP.
    anewme wrote: »
    Remember signing the deeds on the quays, been handed two keys, standing in an empty shell thinking "is this it?"

    Two keys? TWO keys? Luxury!

    I got one with a manky white keyring and advice to change the locks!


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    #24
    Jim_Hodge
    Registered Users Posts: 10,484 ✭✭✭✭Jim_Hodge


    Deleted User wrote: »
    Welcome back :p

    I'm missing something here because I don't get it. Back to being debt free?


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    #25
    gipi
    Registered Users Posts: 2,875 ✭✭✭gipi


    Moved house last year, cleared the mortgage as part of the move, which allowed me to retire early at the end of last year.

    After 34 years paying mortgages on various homes, it was and is a nice feeling to finally own my 4 walls and roof!


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    #26
    Jim_Hodge
    Registered Users Posts: 10,484 ✭✭✭✭Jim_Hodge


    adox wrote: »
    Debt free the last three years or so as paid off my only debt, my mortgage 13 years early.

    It’s great to know that we have no debt and the house is ours but in practical terms I don’t see any real day to day difference as I put what was the mortgage payment into my pension fund high was badly neglected up until then.

    At least you will hopefully only gain from that. We saw a difference because the second and youngest child finished uni at the same time, so it was spare cash.


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    #27
    Rufeo
    Closed Accounts Posts: 503 ✭✭✭Rufeo


    Debt free, no mortgage or family. Going to London in a few weeks to live.

    I think staying put in one place would drive me bananas.


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    #28
    WildWater
    Registered Users Posts: 721 ✭✭✭WildWater


    I paid my own way through college and to do so, in final year, I took out a loan. I use to hitchhike home every weekend. Work Friday night, Saturday and Saturday night. Hitch back on the Sunday. First thing Monday morning it was into the bank to lodge my payment (no online banking those days). It was so painful. I kept every one of the lodgement slips (for years) to remind myself just how painful it was to pay it back.

    It was a great life lesson and the resolutions I made on the back of it have served me very well in the years since. Will be mortgage free before this year is out and certainly looking forward to that.


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    #29
    LimeFruitGum
    Registered Users Posts: 1,001 ✭✭✭LimeFruitGum


    Just the mortgage these days, but clearing & closing off the credit card a few years ago made such a big difference to me at the time.


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    #30
    RedXIV
    Registered Users Posts: 8,407 ✭✭✭RedXIV


    I've a bank loan, owe a little bit on the credit card and am saving up for a mortgage deposit :)

    I'll be in debt for donkeys years :D


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    #31
    JustAThought
    Registered Users Posts: 5,323 ✭✭✭JustAThought


    Having no debts and being able to manage comfortably is one of the greatest gifts - people take so much for granted the mental head space you can have from not having a niggling calculator running day and night at the back of their head - it gives you peace, options and freedom. I doubt any car upgrade or extra set of suits or extensions could make you that happy and calm.


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