Comments on: How Can A Person Be ‘Debt Free’ with a 300K Mortgage? http://blog.canadian-dream-free-at-45.com/2008/02/22/how-can-a-person-be-debt-free-with-a-300k-mortgage/ Wed, 08 Feb 2012 17:31:40 +0000 hourly 1 http://wordpress.org/?v=3.1 By: Irish http://blog.canadian-dream-free-at-45.com/2008/02/22/how-can-a-person-be-debt-free-with-a-300k-mortgage/comment-page-1/#comment-68097 Irish Mon, 16 May 2011 02:01:52 +0000 http://blog.canadian-dream-free-at-45.com/?p=348#comment-68097 No matter how Humble,,If your accomadation and your vehicle are PAID OFF..They are 100% yours, It is surprising how little it takes to live..You will have abounce in your step and a ready smile on your face ,I know "cause i just paid off my Condo and my 2 year old car..Life has a new and beautiful meaning.. No matter how Humble,,If your accomadation and your vehicle are PAID OFF..They are 100% yours, It is surprising how little it takes to live..You will have abounce in your step and a ready smile on your face ,I know “cause i just paid off my Condo and my 2 year old car..Life has a new and beautiful meaning..

]]> By: jimma http://blog.canadian-dream-free-at-45.com/2008/02/22/how-can-a-person-be-debt-free-with-a-300k-mortgage/comment-page-1/#comment-10795 jimma Fri, 19 Sep 2008 18:38:16 +0000 http://blog.canadian-dream-free-at-45.com/?p=348#comment-10795 If credit cards are the greatest source of bad debt, auto loans are a close second. You are upside down on the loan the second you drive off the dealership's lot and it's downhill from there. Too many people shrug off a car payment as a necessary evil. If credit cards are the greatest source of bad debt, auto loans are a close second. You are upside down on the loan the second you drive off the dealership’s lot and it’s downhill from there. Too many people shrug off a car payment as a necessary evil.

]]> By: Charlotte http://blog.canadian-dream-free-at-45.com/2008/02/22/how-can-a-person-be-debt-free-with-a-300k-mortgage/comment-page-1/#comment-3884 Charlotte Mon, 03 Mar 2008 21:37:24 +0000 http://blog.canadian-dream-free-at-45.com/?p=348#comment-3884 Here in the UK we call it Debt Free when you don't have any consumer debts and Mortgage Free when you don't have a loan on your house. So 2 different things entirely...I'm Debt Free after having been a Debt Free Wanabee for years and I am now working towards becoming Mortgage Free as well. Here in the UK we call it Debt Free when you don’t have any consumer debts and Mortgage Free when you don’t have a loan on your house. So 2 different things entirely…I’m Debt Free after having been a Debt Free Wanabee for years and I am now working towards becoming Mortgage Free as well.

]]> By: Carnival of Personal Finance #142 - The Homeless Edition — The Baglady http://blog.canadian-dream-free-at-45.com/2008/02/22/how-can-a-person-be-debt-free-with-a-300k-mortgage/comment-page-1/#comment-3869 Carnival of Personal Finance #142 - The Homeless Edition — The Baglady Mon, 03 Mar 2008 07:50:15 +0000 http://blog.canadian-dream-free-at-45.com/?p=348#comment-3869 [...] from Canadian Dream: Free at 45 rants in this article How Can A Person Be ‘Debt Free’ with a 300K Mortgage? I totally agree with this guy because I can’t believe how some people think that a mortgage [...] [...] from Canadian Dream: Free at 45 rants in this article How Can A Person Be ‘Debt Free’ with a 300K Mortgage? I totally agree with this guy because I can’t believe how some people think that a mortgage [...]

]]> By: Nimrod http://blog.canadian-dream-free-at-45.com/2008/02/22/how-can-a-person-be-debt-free-with-a-300k-mortgage/comment-page-1/#comment-3864 Nimrod Mon, 03 Mar 2008 04:19:05 +0000 http://blog.canadian-dream-free-at-45.com/?p=348#comment-3864 Its must be good and bad debt. I remember the feeling I had when my only debt was my mortgage and car lease. It felt very good. I've since killed off the mortgage and would call myself debt free now.. Yeah, I still have that car lease, but I could go pay it off if I wanted to, but I don't think it makes sense.. There may be a penalty involved, the interest rate is low and I can tax deduct it somewhat. Its must be good and bad debt. I remember the feeling I had when my only debt was my mortgage and car lease. It felt very good.

I’ve since killed off the mortgage and would call myself debt free now.. Yeah, I still have that car lease, but I could go pay it off if I wanted to, but I don’t think it makes sense.. There may be a penalty involved, the interest rate is low and I can tax deduct it somewhat.

]]> By: linklings, getting caught up a bit edition -- brip blap http://blog.canadian-dream-free-at-45.com/2008/02/22/how-can-a-person-be-debt-free-with-a-300k-mortgage/comment-page-1/#comment-3757 linklings, getting caught up a bit edition -- brip blap Wed, 27 Feb 2008 12:15:24 +0000 http://blog.canadian-dream-free-at-45.com/?p=348#comment-3757 [...] How Can A Person Be ‘Debt Free’ with a 300K Mortgage? [...] [...] How Can A Person Be ‘Debt Free’ with a 300K Mortgage? [...]

]]> By: Canadian Dream http://blog.canadian-dream-free-at-45.com/2008/02/22/how-can-a-person-be-debt-free-with-a-300k-mortgage/comment-page-1/#comment-3756 Canadian Dream Wed, 27 Feb 2008 12:08:03 +0000 http://blog.canadian-dream-free-at-45.com/?p=348#comment-3756 FM, You have a point. When paying rent you have an inflation growing liability every month forever. It sucks, but depending where you live it might be a better option than buying a home. Everyone else, Thanks for the feedback! Tim FM,

You have a point. When paying rent you have an inflation growing liability every month forever. It sucks, but depending where you live it might be a better option than buying a home.

Everyone else,

Thanks for the feedback!

Tim

]]> By: Brip Blap http://blog.canadian-dream-free-at-45.com/2008/02/22/how-can-a-person-be-debt-free-with-a-300k-mortgage/comment-page-1/#comment-3745 Brip Blap Wed, 27 Feb 2008 02:52:52 +0000 http://blog.canadian-dream-free-at-45.com/?p=348#comment-3745 Thank you! Thank you! This is a statement that bugs me all the time - I am debt free! Chances are good you aren't, if you own a home. I never say I'm debt free even though I have only had one non-mortgage debt in my whole life for a car loan 10 years ago (long ago paid). That mortgage is "my credit card debt" and I will celebrate being debt-free the day it's paid off - not sooner. Thank you! Thank you! This is a statement that bugs me all the time – I am debt free! Chances are good you aren’t, if you own a home. I never say I’m debt free even though I have only had one non-mortgage debt in my whole life for a car loan 10 years ago (long ago paid). That mortgage is “my credit card debt” and I will celebrate being debt-free the day it’s paid off – not sooner.

]]> By: Wooly Woman http://blog.canadian-dream-free-at-45.com/2008/02/22/how-can-a-person-be-debt-free-with-a-300k-mortgage/comment-page-1/#comment-3716 Wooly Woman Tue, 26 Feb 2008 15:29:15 +0000 http://blog.canadian-dream-free-at-45.com/?p=348#comment-3716 I agree with you, but am guilty of this myself (and probably will be in the future). It is a milestone to be consumer debt free. I'll try and remember to make this distinction when we get there :)) I should add, that when I saw my annual mortgage statement and realized I had paid $12k on interest, I nearly fainted. I could have used that $12k somewhere else! It is a financial burden, but one that often is ignored. I agree with you, but am guilty of this myself (and probably will be in the future). It is a milestone to be consumer debt free. I’ll try and remember to make this distinction when we get there :) )

I should add, that when I saw my annual mortgage statement and realized I had paid $12k on interest, I nearly fainted. I could have used that $12k somewhere else! It is a financial burden, but one that often is ignored.

]]> By: Fiscal Musings http://blog.canadian-dream-free-at-45.com/2008/02/22/how-can-a-person-be-debt-free-with-a-300k-mortgage/comment-page-1/#comment-3686 Fiscal Musings Mon, 25 Feb 2008 03:00:39 +0000 http://blog.canadian-dream-free-at-45.com/?p=348#comment-3686 Obviously you're not debt free (in the true sense) if you've got a mortgage. You mention though, that it's easy to be debt free sooner if you rent instead. That's one way to look at it, but you've got to live somewhere so you're always going to be paying rent, which could be considered a never ending debt (using the term very loosely). While you may not actually be debt free with a mortgage, at least at some point you'll be rid of the mortgage/rent payment when the home is paid off. Obviously you’re not debt free (in the true sense) if you’ve got a mortgage. You mention though, that it’s easy to be debt free sooner if you rent instead. That’s one way to look at it, but you’ve got to live somewhere so you’re always going to be paying rent, which could be considered a never ending debt (using the term very loosely). While you may not actually be debt free with a mortgage, at least at some point you’ll be rid of the mortgage/rent payment when the home is paid off.

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