Post Reply  
 
 
Thread Tools Search this Thread
28-02-2020, 17:53   #1
KKV
Registered User
 
KKV's Avatar
 
Join Date: Jan 2008
Posts: 13,849
Send a message via MSN to KKV
Are you debt-free? Has it made much difference to you?

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?
KKV is offline  
Thanks from:
Advertisement
28-02-2020, 18:01   #3
 
Join Date: Oct 2019
Posts: 1,096
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...
Better Than Christ is offline  
28-02-2020, 18:10   #4
eviltwin
Registered User
 
Join Date: Sep 2009
Posts: 16,901
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.
eviltwin is offline  
28-02-2020, 18:11   #5
Berties_Horse
Registered User
 
Berties_Horse's Avatar
 
Join Date: Aug 2010
Posts: 3,979
I'm now debt-free fortunately, and live within my means. Sleep better at night.
Berties_Horse is offline  
Advertisement
28-02-2020, 18:15   #6
 
Join Date: Oct 2019
Posts: 826
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.
KWAG2019 is offline  
(3) thanks from:
28-02-2020, 18:18   #7
somefeen
Registered User
 
Join Date: Aug 2011
Posts: 1,617
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.
somefeen is offline  
28-02-2020, 18:21   #8
Boozybooze
Banned
 
Boozybooze's Avatar
 
Join Date: Feb 2020
Posts: 56
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
Boozybooze is offline  
Thanks from:
28-02-2020, 18:23   #9
Still waters
Registered User
 
Still waters's Avatar
 
Join Date: Dec 2018
Posts: 1,147
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
Still waters is offline  
Advertisement
28-02-2020, 18:27   #10
RWCNT
Registered User
 
Join Date: Oct 2010
Posts: 1,360
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.
RWCNT is offline  
28-02-2020, 18:30   #11
Jim_Hodge
Registered User
 
Jim_Hodge's Avatar
 
Join Date: Feb 2020
Posts: 2,666
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.
Jim_Hodge is offline  
28-02-2020, 18:33   #12
 
Join Date: Sep 2007
Posts: 24,414
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.
Cyrus Slow Stingray is offline  
28-02-2020, 18:47   #13
Leg End Reject
Registered User
 
Leg End Reject's Avatar
 
Join Date: Jul 2019
Posts: 6,621
Quote:
Originally Posted by RWCNT View Post
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.
Leg End Reject is offline  
Thanks from:
28-02-2020, 18:56   #14
 
Join Date: Feb 2015
Posts: 19,653
Quote:
Originally Posted by Jim_Hodge View Post
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
Persepoly is offline  
28-02-2020, 18:57   #15
Leg End Reject
Registered User
 
Leg End Reject's Avatar
 
Join Date: Jul 2019
Posts: 6,621
Quote:
Originally Posted by Persepoly View Post
Welcome back
Leg End Reject is offline  
(3) thanks from:
Post Reply

Quick Reply
Message:
Remove Text Formatting
Bold
Italic
Underline

Insert Image
Wrap [QUOTE] tags around selected text
 
Decrease Size
Increase Size
Please sign up or log in to join the discussion

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Share Tweet