What constitutes debt free living?
Being debt free relates to credit card debt and, to a certain degree, auto loan debt and student loan debt. In many states, like California for example, it’s a near impossibility to own your own home outright unless you are 75-years-old and the original note holder. Is debt free living a realistic goal in today’s consumer-based society? Absolutely. It is not a foregone conclusion that you need to incur and keep incurring debt in order to live in today’s society. What challenges stand in the way of this lifestyle? In many areas, the main challenge to living debt free is the high cost of housing. I know this is true for San Francisco. It takes a much larger bite out of your paycheck to pay for your rent or mortgage here than say Tucson, Corvallis or Las Cruces. Another challenge is when people use credit to supplement their incomes. It becomes a very vicious cycle. We are also a society that has gotten into immediate gratification. My parents’ generation would save to buy a television, a
Being debt free relates to credit card debt and, to a certain degree, auto loan debt and student loan debt. In many states, like California for example, it’s a near impossibility to own your own home outright unless you are 75-years-old and the original note holder. Is debt free living a realistic goal in today’s consumer-based society? Absolutely. It is not a foregone conclusion that you need to incur and keep incurring debt in order to live in today’s society. What challenges stand in the way of this lifestyle? In many areas, the main challenge to living debt free is the high cost of housing. I know this is true for San Francisco. It takes a much larger bite out of your paycheck to pay for your rent or mortgage here than say Tucson, Corvallis or Las Cruces. Another challenge is when people use credit to supplement their incomes. It becomes a very vicious cycle. We are also a society that has gotten into immediate gratification. My parents’ generation would save to buy a television, a
