Sunday, May 13, 2012

The new status symbol-debt free

I don’t know about you but I believe that in this economy the new status symbol is Debt Free. If you don’t have any debt-credit card, student loans, car loans, mortgages, home equity line of credit, co-signees etc you are in the elite club of people who don’t owe anybody any thing and that is to be truly free. If you have really reached this goal ( I have not yet and so do millions of fellow Americans and others), the high you will get is beyond your wildest imagination. No collection calls, no bills to pay, no worrying about budgeting every month, no worrying about repossession of your car or foreclosure of your house or worrying about getting hit on your credit score. Although on the down side, many lenders would hound you to take loans from them. I believe very few have achieved this status, even movie stars and athletes since it pays to be in debt in the U.S. since you can deduct mortgage and other expenses from your taxes. But I believe that who would not want to in this class of people where you are on the other side of the debt and people owe you money instead. Too exciting to comprehend I believe. But the one thing that this economic situation should teach us is to have as less debt on you as possible and don’t chase things which you don’t want it even if every else is running after it because that is also one secret of remaining debt free is to avoid frivolous spending and don’t follow the herd.

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